Investment Management Associates provides portfolio management for individuals and small businesses and portfolio management for institutions.
Investment Management Associates reports 383 clients. They include 260 high-net-worth individuals, 115 individual clients, and 7 corporations and other businesses. Of its assets, 98.1% ($795M across 632 accounts) are managed with discretion; $15M across 42 accounts are not. Of its clients, 6% are outside the U.S. It advised 2 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 30% | 20% |
| High-net-worth individuals | 68% | 69% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | 2% | 11% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 115 | $159M | 19.6% | $1.38M |
| High-net-worth individuals | 260 | $560M | 69.2% | $2.15M |
| Charitable organizations | Fewer than 5 | $4.44M | 0.5% | $4.44M |
| Corporations and other businesses | 7 | $86.3M | 10.7% | $12.3M |
| Total | 383 | $810M | 100% | — |
- Clients
- 115
- Regulatory AUM
- $159M
- AUM share
- 19.6%
- Avg. per client
- $1.38M
- Clients
- 260
- Regulatory AUM
- $560M
- AUM share
- 69.2%
- Avg. per client
- $2.15M
- Clients
- Fewer than 5
- Regulatory AUM
- $4.44M
- AUM share
- 0.5%
- Avg. per client
- $4.44M
- Clients
- 7
- Regulatory AUM
- $86.3M
- AUM share
- 10.7%
- Avg. per client
- $12.3M
Total
- Clients
- 383
- Regulatory AUM
- $810M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 6%
- Clients advised without assets under management last fiscal year
- 2
- Private funds advised
- 0
Investment Management Associates charges 1.00%–1.50% for its Investment management fees. The brochure does not state whether the rate is annual. The fee is billed in advance and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Consulting services
- Consulting on Assets Under Advisement in certain accounts is an annual fee of 1% to 1.5%, negotiated case by case.
Vitaliy Katsenelson owns 75% or more of Investment Management Associates. The leadership team of Investment Management Associates includes Chief Compliance Officer Vitaliy Katsenelson. It has 8 employees, 4 of them in advisory roles.
Leadership
- Vitaliy KatsenelsonCEO, Chief Compliance Officer
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 8 employees
- 4 in advisory functions
- 3 state-registered reps
- 1 soliciting firm
- Owns 75% or more of Investment Management Associates, Inc.
Vitaliy Katsenelson
Control person · since April 2017
Investment Management Associates’ regulatory assets grew 3.8× from $213M (June 2021) to $810M (May 2026); clients rose from 181 to 383 and employees from 6 to 8.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| May 2026 | $810M | 383 | 8 | 1 |
| July 2025 | $573M | 335 | 6 | 1 |
| June 2024 | $515M | 316 | 3 | 1 |
| May 2023 | $418M | 299 | 6 | 1 |
| May 2022 | $323M | 250 | 6 | 1 |
| June 2021 | $213M | 181 | 6 | 1 |
Besides its headquarters, Investment Management Associates has 0 offices, with 1 listed address in Colorado.
Colorado · 1 listed address
- 5690 DTC Boulevard, Suite 140w, Greenwood VillageHQ
Other business names
Investment Management Associates has reported 1 other business name to the SEC.
- Ima
Contact and registration details
- Legal name
- Investment Management Associates, Inc.
- Headquarters
- 5690 DTC Boulevard, Suite 140w, Greenwood Village, CO 80111-3232
- Website
- imausa.com
- Phone
- 303-796-8333
- SEC file
- 801-117982
- Founded
- 1979
- Structure
- Colorado corporation
- Fiscal year end
- February
Investment Management Associates uses Charles Schwab ($506M, 63%) and Fidelity ($297M, 37%) as custodians for its separately managed accounts. Investment Management Associates has custody of $12.2M in client assets for 5 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $506M63%
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $297M37%
At year end, Investment Management Associates’ separately managed accounts were mostly in stocks (80%) and cash (18%). Its reported 13F holdings for the quarter ended 30 June 2026 total $487M across 31 positions; the largest are Molina Healthcare Inc. (10.8%), iShares TR (put option) (7.9%) and Uber Technologies Inc. (7.2%).
What the accounts hold
- Stocks80%
- Bonds1%
- Cash18%
- Other1%
- Derivatives1%
Reported 13F holdings
- $487M
- Reported 13F value
- 31
- Positions
- 63.7%
- In the 10 largest
- +16.1%
- Value vs. prior quarter
- Molina Healthcare Inc.10.8%
- iShares TR · 20 YR TR BD ETFPut7.9%
- Uber Technologies Inc.7.2%
- Invesco Qqq TR · Unit Ser 1Put6.9%
- Huntington Ingalls Inds Inc.6.6%
- Triumph Financial Inc.5.5%
- Black Stone Minerals L P · Com Unit5.3%
- Koninklijke Philips N V · NY Regis Shs New4.8%
- iShares TR · iShares SemicdtrPut4.4%
- Philip Morris Intl Inc.4.3%
Together, the ten largest are 63.7% of reported value.
How many clients does Investment Management Associates have?
Investment Management Associates has 383 clients and manages $810 million for them, as of May 2026. They include 260 high-net-worth individuals, 115 individual clients, and 7 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 26 May 2026
What services does Investment Management Associates offer?
Investment Management Associates provides portfolio management for individuals and small businesses and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Investment Management Associates charge?
Investment Management Associates charges 1.00%–1.50% for its Investment management fees. The brochure does not state whether the rate is annual. The fee is billed in advance and is negotiable.
Source: ADV PART 2A, filed 26 May 2026
Which custodians does Investment Management Associates use?
Investment Management Associates’ separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $506M and Fidelity Brokerage Services LLC (Smithfield, RI), with $297M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 26 May 2026
How many financial advisors does Investment Management Associates have?
Investment Management Associates has 3 investment adviser representatives registered with state securities authorities, out of 8 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or 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 Investment Management Associates invest in?
At the end of its last fiscal year, Investment Management Associates’ separately managed accounts held 80% exchange-traded equities, 18% cash and equivalents, 1% U.S. government and agency bonds and 1% derivatives.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Investment Management Associates?
Investment Management Associates’ direct owner is Vitaliy Katsenelson (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 26 May 2026
How does Investment Management Associates get paid?
Investment Management Associates is paid through a percentage of assets under management and other compensation. 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
Is Investment Management Associates registered with the SEC?
Yes, Investment Management Associates has been registered with the SEC as an investment adviser since 23 January 2020. Its CRD number is 110900 and its SEC file number is 801-117982.
Source: Form ADV Part 1A, Item 1, filed 26 May 2026; IAPD firm record
How do I contact Investment Management Associates?
Investment Management Associates’ main office is at 5690 DTC Boulevard, Suite 140w, Greenwood Village, CO 80111-3232. Its phone number is 303-796-8333. Its website is imausa.com.