{"url":"https://nivawealth.com/firms/investment-management-associates-110900","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/110900","regulatoryAum":809975042,"crd":"110900","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"8078860","suffix":null,"lastName":"Eckart","firstName":"Robert","middleName":"Leon"},{"crd":"4392655","suffix":null,"lastName":"KATSENELSON","firstName":"VITALIY","middleName":"N"},{"crd":"6525767","suffix":null,"lastName":"Pearo","firstName":"Cyrus","middleName":null}],"total":3,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-06-21","regulatoryAum":212874113,"clients":181,"employees":6,"offices":1},{"filedOn":"2022-05-19","regulatoryAum":322954619,"clients":250,"employees":6,"offices":1},{"filedOn":"2023-05-24","regulatoryAum":417612028,"clients":299,"employees":6,"offices":1},{"filedOn":"2024-06-06","regulatoryAum":515382593,"clients":316,"employees":3,"offices":1},{"filedOn":"2025-07-02","regulatoryAum":572704969,"clients":335,"employees":6,"offices":1},{"filedOn":"2026-05-26","regulatoryAum":809975042,"clients":383,"employees":8,"offices":1}],"secFileNumber":"801-117982","legalName":"Investment Management Associates, Inc.","displayName":"Investment Management Associates","slug":"investment-management-associates-110900","website":"https://imausa.com/","classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"linkedinUrl":"https://www.linkedin.com/company/ima-investment-management-associates/","founded":"1979","organization":"Colorado corporation","fiscalYearEnd":"February","headquarters":{"street":"5690 DTC Boulevard, Suite 140w","city":"Greenwood Village","state":"CO","stateName":"Colorado","country":"United States","postalCode":"80111-3232"},"tradeNames":["Ima"],"registration":{"secApproved":"23 January 2020","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":1917903.2186666667,"staff":{"employees":8,"advisory":4,"brokerDealerReps":0,"insuranceAgents":0,"promoters":1},"aum":{"regulatory":809975042,"discretionary":794945505,"discretionaryAccounts":632,"nonDiscretionary":15029537,"nonDiscretionaryAccounts":42,"wrapProgram":null,"nonUsClientsPct":6,"nonAumClients":2},"clientTypes":[{"label":"Individuals (other than HNW)","clients":115,"regulatoryAum":159057431},{"label":"High-net-worth individuals","clients":260,"regulatoryAum":560156276},{"label":"Charitable organizations","clients":1,"fewerThan5":true,"regulatoryAum":4438328},{"label":"Corporations and other businesses","clients":7,"regulatoryAum":86323007}],"feePrograms":[{"role":"main","program":"Investment management fees","feeBasis":"range","fee_tiers":null,"sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1046157","versionId":1046157,"ratePeriod":"not_stated","fee_billing":"advance","submittedOn":"2026-05-26","documentName":"ADV PART 2A","fee_rate_low":1,"fee_rate_high":1.5,"fee_negotiable":true,"minimum_account":null,"feeMinimumPeriod":null,"fee_minimum_annual":null},{"role":"other","program":"Consulting services","summary":"Consulting on Assets Under Advisement in certain accounts is an annual fee of 1% to 1.5%, negotiated case by case.","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1046157","versionId":1046157,"submittedOn":"2026-05-26","documentName":"ADV PART 2A"}],"brochureCoverage":{"scope":"sec_inventory","status":"reviewed","checkedAt":"2026-10-22T06:13:24.844388+00:00","documents":[{"name":"ADV PART 2A","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1046157","versionId":1046157,"submittedOn":"2026-05-26"}]},"custodians":[{"name":"Charles Schwab & Co., Inc.","shortName":"Charles Schwab","location":"Westlake, TX","smaAssets":506340082},{"name":"Fidelity Brokerage Services LLC","shortName":"Fidelity","location":"Smithfield, RI","smaAssets":297356029}],"custodyNote":"Investment Management Associates has custody of $12.2M in client assets for 5 clients.","leadership":[{"name":"Vitaliy Katsenelson","title":"CEO, Chief Compliance Officer","crd":"4392655"}],"ownership":[{"label":"Vitaliy Katsenelson","detail":"Ceo, chief compliance officer in the 75% or more ownership band and a control person, since April 2017."}],"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"Colorado","offices":1,"addresses":[{"street":"5690 DTC Boulevard, Suite 140w","city":"Greenwood Village","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"303-796-8333","stateRegisteredReps":3,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Other"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"Exchange-traded equity securities","percent":80},{"label":"U.S. government/agency bonds","percent":1},{"label":"Derivatives","percent":1},{"label":"Cash and cash equivalents","percent":18}],"privateFunds":0},"sources":{"adv1FilingDate":"26 May 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/110900/PDF/110900.pdf","brochureDate":"26 May 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1046157","iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-22","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Investment Management Associates have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Investment Management Associates offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does Investment Management Associates charge?","answer":"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","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Investment Management Associates use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Investment Management Associates have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Investment Management Associates invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Investment Management Associates?","answer":"Investment Management Associates’ direct owner is Vitaliy Katsenelson (75% or more).","source":"Form ADV Part 1A, Schedules A and B, filed 26 May 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Investment Management Associates get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Is Investment Management Associates registered with the SEC?","answer":"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","sourceRef":{"doc":"adv1","section":"identity"}},{"question":"How do I contact Investment Management Associates?","answer":"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.","source":"Form ADV Part 1A, Item 1.F, filed 26 May 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":{"url":"https://nivawealth.com/firms/investment-management-associates-110900/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-03","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/52024/000005202426000004/0000052024-26-000004-index.html","totalValue":487393740,"positionCount":31,"top10Share":0.6369624566782495,"top10":[{"issuer":"MOLINA HEALTHCARE INC","titleOfClass":"COM","cusip":"60855R100","value":52660005,"shares":230258,"shareType":"SH","priorValue":31079162,"priorShares":233152},{"issuer":"ISHARES TR","titleOfClass":"20 YR TR BD ETF","cusip":"464287432","value":38301344,"shares":443200,"shareType":"SH","putCall":"Put","priorValue":39920745,"priorShares":460500},{"issuer":"UBER TECHNOLOGIES INC","titleOfClass":"COM","cusip":"90353T100","value":35055689,"shares":485805,"shareType":"SH","priorValue":35518027,"priorShares":493786},{"issuer":"INVESCO QQQ TR","titleOfClass":"UNIT SER 1","cusip":"46090E103","value":33800760,"shares":45900,"shareType":"SH","putCall":"Put"},{"issuer":"HUNTINGTON INGALLS INDS INC","titleOfClass":"COM","cusip":"446413106","value":32125873,"shares":114780,"shareType":"SH","priorValue":43702658,"priorShares":115037},{"issuer":"TRIUMPH FINANCIAL INC","titleOfClass":"COM","cusip":"89679E300","value":27002370,"shares":353851,"shareType":"SH","priorValue":21119759,"priorShares":354002},{"issuer":"BLACK STONE MINERALS L P","titleOfClass":"COM UNIT","cusip":"09225M101","value":25819124,"shares":1848184,"shareType":"SH","priorValue":28743148,"priorShares":1901002},{"issuer":"KONINKLIJKE PHILIPS N V","titleOfClass":"NY REGIS SHS NEW","cusip":"500472303","value":23366517,"shares":859379,"shareType":"SH","priorValue":14111192,"priorShares":515007},{"issuer":"ISHARES TR","titleOfClass":"ISHARES SEMICDTR","cusip":"464287523","value":21593612,"shares":33700,"shareType":"SH","putCall":"Put"},{"issuer":"PHILIP MORRIS INTL INC","titleOfClass":"COM","cusip":"718172109","value":20726220,"shares":114566,"shareType":"SH","priorValue":19804101,"priorShares":119778}],"positionsListed":31,"positions":[{"issuer":"MOLINA HEALTHCARE INC","titleOfClass":"COM","cusip":"60855R100","value":52660005,"shares":230258,"shareType":"SH","priorValue":31079162,"priorShares":233152},{"issuer":"ISHARES TR","titleOfClass":"20 YR TR BD ETF","cusip":"464287432","value":38301344,"shares":443200,"shareType":"SH","putCall":"Put","priorValue":39920745,"priorShares":460500},{"issuer":"UBER TECHNOLOGIES INC","titleOfClass":"COM","cusip":"90353T100","value":35055689,"shares":485805,"shareType":"SH","priorValue":35518027,"priorShares":493786},{"issuer":"INVESCO QQQ TR","titleOfClass":"UNIT SER 1","cusip":"46090E103","value":33800760,"shares":45900,"shareType":"SH","putCall":"Put"},{"issuer":"HUNTINGTON INGALLS INDS INC","titleOfClass":"COM","cusip":"446413106","value":32125873,"shares":114780,"shareType":"SH","priorValue":43702658,"priorShares":115037},{"issuer":"TRIUMPH FINANCIAL INC","titleOfClass":"COM","cusip":"89679E300","value":27002370,"shares":353851,"shareType":"SH","priorValue":21119759,"priorShares":354002},{"issuer":"BLACK STONE MINERALS L P","titleOfClass":"COM UNIT","cusip":"09225M101","value":25819124,"shares":1848184,"shareType":"SH","priorValue":28743148,"priorShares":1901002},{"issuer":"KONINKLIJKE PHILIPS N V","titleOfClass":"NY REGIS SHS NEW","cusip":"500472303","value":23366517,"shares":859379,"shareType":"SH","priorValue":14111192,"priorShares":515007},{"issuer":"ISHARES TR","titleOfClass":"ISHARES SEMICDTR","cusip":"464287523","value":21593612,"shares":33700,"shareType":"SH","putCall":"Put"},{"issuer":"PHILIP MORRIS INTL INC","titleOfClass":"COM","cusip":"718172109","value":20726220,"shares":114566,"shareType":"SH","priorValue":19804101,"priorShares":119778},{"issuer":"WORLD GOLD TR","titleOfClass":"SPDR GLD MINIS","cusip":"98149E303","value":19521118,"shares":245796,"shareType":"SH"},{"issuer":"ENTERPRISE PRODS PARTNERS L","titleOfClass":"COM","cusip":"293792107","value":19296832,"shares":524941,"shareType":"SH","priorValue":20396416,"priorShares":539017},{"issuer":"BAXTER INTL INC","titleOfClass":"COM","cusip":"071813109","value":19205970,"shares":900843,"shareType":"SH","priorValue":13086041,"priorShares":778931},{"issuer":"BRITISH AMERN TOB PLC","titleOfClass":"SPONSORED ADR","cusip":"110448107","value":16826934,"shares":272457,"shareType":"SH","priorValue":26319251,"priorShares":450133},{"issuer":"NU HLDGS LTD","titleOfClass":"ORD SHS CL A","cusip":"G6683N103","value":16780400,"shares":1256018,"shareType":"SH","priorValue":15427876,"priorShares":1073617},{"issuer":"LIBERTY BROADBAND CORP","titleOfClass":"COM SER C","cusip":"530307305","value":15842204,"shares":476314,"shareType":"SH","priorValue":23501166,"priorShares":467220},{"issuer":"INNOVEX INTERNATIONAL INC","titleOfClass":"COM","cusip":"457651107","value":15005042,"shares":605042,"shareType":"SH","priorValue":15407309,"priorShares":631706},{"issuer":"CANADIAN NAT RES LTD MED TER","titleOfClass":"COM","cusip":"136385101","value":13824993,"shares":350000,"shareType":"SH","priorValue":17585188,"priorShares":360870},{"issuer":"WISE GROUP PLC","titleOfClass":"ORD SHS CLASS A","cusip":"G9723Y105","value":11619110,"shares":975576,"shareType":"SH"},{"issuer":"SOLVENTUM CORP","titleOfClass":"COM SHS","cusip":"83444M101","value":8132922,"shares":105417,"shareType":"SH","priorValue":7660017,"priorShares":117305},{"issuer":"MCKESSON CORP","titleOfClass":"COM","cusip":"58155Q103","value":8083267,"shares":10698,"shareType":"SH","priorValue":9498876,"priorShares":10977},{"issuer":"ISHARES TR","titleOfClass":"TRUST ISHARE 0-1","cusip":"464288679","value":4510488,"shares":40874,"shareType":"SH","priorValue":3886999,"priorShares":35212},{"issuer":"CACI INTL INC","titleOfClass":"CL A","cusip":"127190304","value":3430904,"shares":7406,"shareType":"SH","priorValue":4224238,"priorShares":7767},{"issuer":"ARS PHARMACEUTICALS INC","titleOfClass":"COM","cusip":"82835W108","value":2991663,"shares":373491,"shareType":"SH","priorValue":2883364,"priorShares":359074},{"issuer":"BERKSHIRE HATHAWAY INC DEL","titleOfClass":"CL B NEW","cusip":"084670702","value":416324,"shares":832,"shareType":"SH","priorValue":456198,"priorShares":952},{"issuer":"DIAGEO PLC","titleOfClass":"SPON ADR NEW","cusip":"25243Q205","value":328031,"shares":4081,"shareType":"SH"},{"issuer":"VANECK ETF TRUST","titleOfClass":"GOLD MINERS ETF","cusip":"92189F106","value":264075,"shares":3500,"shareType":"SH","priorValue":321195,"priorShares":3500},{"issuer":"AMAZON COM INC","titleOfClass":"COM","cusip":"023135106","value":238340,"shares":1000,"shareType":"SH","priorValue":208270,"priorShares":1000},{"issuer":"SCHWAB STRATEGIC TR","titleOfClass":"US DIVIDEND EQ","cusip":"808524797","value":223429,"shares":7046,"shareType":"SH"},{"issuer":"NVIDIA CORPORATION","titleOfClass":"COM","cusip":"67066G104","value":200090,"shares":1000,"shareType":"SH","priorValue":174400,"priorShares":1000},{"issuer":"NVIDIA CORPORATION","titleOfClass":"COM","cusip":"67066G104","value":200090,"shares":1000,"shareType":"SH","putCall":"Put","priorValue":174400,"priorShares":1000}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}