Income Research + Management: AUM & Ownership

Clients

Income Research + Management serves 937 clients, 454 of them high-net-worth individuals. The average client has about $139 million with the firm, and high-net-worth clients hold 4% of its $130.7 billion in assets.

Regulatory assets by client type

High-net-worth individuals454 clients4%
Investment companies12 clients5%
Pooled investment vehicles32 clients19%
Pension and profit-sharing plans118 clients19%
Charitable organizations165 clients20%
OtherState or municipal government entities, Insurance companies, Corporations and other businesses, Banking or thrift institutions34%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
High-net-worth individuals	454	$5,079,706,430	3.9%	$11.2M
Banking or thrift institutions	Not reported	$117,732,145	0.1%	—
Investment companies	12	$5,977,073,991	4.6%	$498.1M
Pooled investment vehicles	32	$24,676,562,905	18.9%	$771.1M
Pension and profit-sharing plans	118	$24,396,020,772	18.7%	$206.7M
Charitable organizations	165	$25,842,296,499	19.8%	$156.6M
State or municipal government entities	44	$17,813,859,500	13.6%	$404.9M
Insurance companies	92	$21,948,251,140	16.8%	$238.6M
Corporations and other businesses	20	$4,801,883,548	3.7%	$240.1M
Total	937	$130,653,386,930	100%	$139.4M

High-net-worth individuals

Clients: 454
Regulatory AUM: $5,079,706,430
Share: 3.9%
Avg. per client: $11.2M

Banking or thrift institutions

Clients: Not reported
Regulatory AUM: $117,732,145
Share: 0.1%
Avg. per client: —

Investment companies

Clients: 12
Regulatory AUM: $5,977,073,991
Share: 4.6%
Avg. per client: $498.1M

Pooled investment vehicles

Clients: 32
Regulatory AUM: $24,676,562,905
Share: 18.9%
Avg. per client: $771.1M

Pension and profit-sharing plans

Clients: 118
Regulatory AUM: $24,396,020,772
Share: 18.7%
Avg. per client: $206.7M

Charitable organizations

Clients: 165
Regulatory AUM: $25,842,296,499
Share: 19.8%
Avg. per client: $156.6M

State or municipal government entities

Clients: 44
Regulatory AUM: $17,813,859,500
Share: 13.6%
Avg. per client: $404.9M

Insurance companies

Clients: 92
Regulatory AUM: $21,948,251,140
Share: 16.8%
Avg. per client: $238.6M

Corporations and other businesses

Clients: 20
Regulatory AUM: $4,801,883,548
Share: 3.7%
Avg. per client: $240.1M

Total

Clients: 937
Regulatory AUM: $130,653,386,930
Share: 100%
Avg. per client: $139.4M

What it does

Income Research + Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets.

Income Research + Management provided financial planning to 0 clients last fiscal year and advises 15 private funds.

99.6% of assets ($130.11B across 1,556 accounts) are managed with discretion; $539.0M across 3 accounts are not. 3% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Bonds84%
- Investment grade corporate bonds42%
- U.S. government and agency bonds35%
- State and local bonds7%
Cash1%
Other13%
- Other is primarily comprised of asset-backed securities, commercial mortgage-backed securities, and non-agency residential mortgage backed securities.13%

Filed values cover 98%. The neutral 2% gap has no reported category.

Custodians

Income Research + Management’s client accounts are held mainly at The Bank of New York Mellon, with 23% of managed assets, and The Northern Trust, with 21%. Income Research + Management has custody of $13.65B for 15 clients.

Managed account assets by custodian

The Northern TrustThe Northern Trust Company · Chicago, IL · $27.63B21%
State Street Bank and TrustState Street Bank and Trust Company · Boston, MA · $15.88B12%
The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $30.65B23%
All other custodians$56.50B43%

Ownership and leadership

John A. Sommers, JR. Revocable Trust of 1995 owns 25% to 50% of Income Research + Management, and William O'Malley is its CEO.

Who owns the firm

Income Research + Management· the adviser

John A. Sommers, JR. Revocable Trust of 1995
Control person · since June 1995
Owns 25% to 50% of Income Research + Management
William O'Malley
Control person · since March 2025
Owns 10% to 25% of Income Research + Management
John A. Sommers Revocable Trust of 2020
Control person · since January 2025
Owns 5% to 10% of Income Research + Management
John Sommers JR.
Trustee of John A. Sommers, JR. Family Trust DTD 07/31/2006 · Control person · since August 2011
Robert Sommers
Trustee of Robert F. Sommers Revocable Trust of 1995 · Control person · since December 2006
Kenneth Sommers
Trustee of Kenneth T. Sommers Family Trust DTD 07/31/2006 · Control person · since August 2011

Leadership

William O'Malley
Chief Executive Officer, Director
Erinn King
President
Meghan Driscoll
Chief Financial Officer, Co-Head of Client Team
Mark D'Alfonso
Chief Operating Officer
Richard Kizik
Chief Compliance Officer
Matthew Cannata
General Counsel, Secretary
Massimo Desantis
Senior Portfolio Manager, Co-Director of Portfolio Management
Deborah Goldstein
Director
James Gubitosi
Co-Chief Investment Officer
Sarah Kilpatrick
Chief of Staff
William Lawrence
Director
Michael Miles
Director
William O'Neill
Senior Portfolio Manager, Co-Director of Portfolio Management
Michael Sheldon
Co-Chief Investment Officer
John Sommers JR.
Executive Chair, Director
Elizabeth Taylor
Director
Dune Thorne
Director

Staff

218 employees
63 in advisory functions
5 broker-dealer reps
1 soliciting firm

Reported holdings

Income Research + Management’s reported 13F holdings total $184.5M across 30 positions, and the ten largest make up 51.6% of it.

$184.5M
Reported 13F value: 30
Positions: 51.6%
In the 10 largest: +9.4%
Value vs. prior quarter

Ten largest positions, share of reported value

Bofa Fin LLC · Mtnf 0.600% 5/25.8%
Euronet Worldwide Inc. · Note 0.750% 3/15.6%
Uber Technologies Inc. · Note 0.875%12/05.5%
Alliant Energy Corp. · Note 3.250% 5/35.4%
WEC Energy Group Inc. · Note 3.375% 6/05.2%
Capital Southwest Corp. · Note 5.125%11/15.2%
Southern CO · Note 3.250% 6/15.1%
Block Inc. · Note 0.250%11/04.8%
ON Semiconductor Corp. · Note 0.500% 3/04.7%
Akamai Technologies Inc. · Note 0.375% 9/04.2%

Together, the ten largest are 51.6% of reported value.

The 30 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 24 July 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $184.5M is not its $130.65B in regulatory assets and does not represent any individual client's portfolio.

Fees

Income Research + Management is paid through a percentage of assets under management.

Income Research + Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Income Research + Management has 0 offices, with 1 listed address in 1 state.

Listed office addresses by state

Massachusetts · 1 listed address

115 Federal Street, 22nd Floor, BostonHQ

Registration details

Legal name: Income Research + Management
Headquarters: 115 Federal Street, 22nd Floor, Boston, MA 02110-1884
Phone: 617-330-9333
Website: www.incomeresearch.com
SEC file: 801-29482
Structure: Delaware corporation
Fiscal year end: December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Income Research + Management have?

Income Research + Management has 937 clients and manages $130.7 billion for them, as of August 2026. They include 454 high-net-worth individuals, 165 charitable organizations and 118 pension and profit-sharing plans.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 August 2026

What services does Income Research + Management offer?

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Income Research + Management use?

Income Research + Management’s separately managed account assets are held at The Bank of New York Mellon (New York, NY), with $30,646,807,664, The Northern Trust Company (Chicago, IL), with $27,630,741,586 and State Street Bank and Trust Company (Boston, MA), with $15,878,386,604. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 August 2026

How many financial advisors does Income Research + Management have?

Income Research + Management has 0 investment adviser representatives registered with state securities authorities, out of 218 employees, and 63 perform investment advisory functions. 5 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Income Research + Management invest in?

At the end of its last fiscal year, Income Research + Management’s separately managed accounts held 42% investment grade corporate bonds, 35% U.S. government and agency bonds, 13% other is primarily comprised of asset-backed securities, commercial mortgage-backed securities, and non-agency residential mortgage backed securities., 7% state and local bonds and 1% cash and equivalents. It advises 15 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Income Research + Management?

Income Research + Management’s direct owners are John A. Sommers, JR. Revocable Trust of 1995, William O'Malley and John A. Sommers Revocable Trust of 2020, each holding 50% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 24 August 2026

How does Income Research + Management get paid?

Income Research + Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file