Karpus Management provides portfolio management for individuals and small businesses and portfolio management for institutions.
Karpus Management reports 1,859 clients. They include 967 individual clients, 729 high-net-worth individuals, and 75 corporations and other businesses. Of its assets, 100.0% ($4.3B across 2,337 accounts) are managed with discretion. A wrap fee program the firm both sponsors and manages holds $276M. Of its clients, 1% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 52% | 10% |
| High-net-worth individuals | 39% | 61% |
| Pension and profit-sharing plans | 2% | 12% |
| Charitable organizations | 2% | 4% |
| State or municipal government entities | <1% | 2% |
| Other client typesCorporations and other businesses | 4% | 11% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 967 | $418M | 9.7% | $432K |
| High-net-worth individuals | 729 | $2.64B | 61.4% | $3.62M |
| Pension and profit-sharing plans | 43 | $528M | 12.3% | $12.3M |
| Charitable organizations | 44 | $165M | 3.9% | $3.76M |
| State or municipal government entities | Fewer than 5 | $66.4M | 1.5% | $66.4M |
| Corporations and other businesses | 75 | $481M | 11.2% | $6.42M |
| Total | 1,859 | $4.3B | 100% | — |
- Clients
- 967
- Regulatory AUM
- $418M
- AUM share
- 9.7%
- Avg. per client
- $432K
- Clients
- 729
- Regulatory AUM
- $2.64B
- AUM share
- 61.4%
- Avg. per client
- $3.62M
- Clients
- 43
- Regulatory AUM
- $528M
- AUM share
- 12.3%
- Avg. per client
- $12.3M
- Clients
- 44
- Regulatory AUM
- $165M
- AUM share
- 3.9%
- Avg. per client
- $3.76M
- Clients
- Fewer than 5
- Regulatory AUM
- $66.4M
- AUM share
- 1.5%
- Avg. per client
- $66.4M
- Clients
- 75
- Regulatory AUM
- $481M
- AUM share
- 11.2%
- Avg. per client
- $6.42M
Total
- Clients
- 1,859
- Regulatory AUM
- $4.3B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
Karpus Management is paid through a percentage of assets under management. The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure.
City of London Investment Group PLC owns 75% or more of Karpus Management and is in turn owned by George Karpus (25–50%). The leadership team of Karpus Management includes President Daniel Lippincott and Chief Compliance Officer Jodi Hedberg. It has 35 employees, 21 of them in advisory roles.
Staff
- 35 employees
- 21 in advisory functions
- 7 state-registered reps
- 7 soliciting firms
- Owns 75% or more of Karpus Management Inc
City of London Investment Group PLC
Control person · since October 2020
- Owns 25% to 50% of City of London Investment Group PLC
George Karpus
Control person · since October 2020
Karpus Management’s regulatory assets went from $4.09B (February 2022) to $4.3B (September 2026); clients rose from 1,746 to 1,859 and employees fell from 37 to 35.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Sep 2026September 2026 | $4.3B | 1,859 | 35 | 1 |
| Jul 2025July 2025 | $3.95B | 1,755 | 38 | 1 |
| Apr 2024April 2024 | $3.55B | 1,766 | 39 | 2 |
| Feb 2022February 2022 | $4.09B | 1,746 | 37 | 2 |
Besides its headquarters, Karpus Management has 0 offices, with 1 listed address in 1 state.
New York · 1 listed address
- 183 Sully'S Trail, PittsfordHQ
Other business names
Karpus Management has reported 1 other business name to the SEC.
- Karpus Investment Management
Contact and registration details
- Legal name
- Karpus Management Inc
- Headquarters
- 183 Sully'S Trail, Pittsford, NY 14534
- Website
- karpus.com
- Phone
- 585-586-4680
- @karpus-investment-management
- SEC file
- 801-29607
- Structure
- New York corporation
- Fiscal year end
- June
Karpus Management’s named custodian for separately managed accounts is US Bancorp National Association ($3.11B). Karpus Management does not have custody of client assets.
- US Bancorp National AssociationUS Bancorp National Association · Cincinnati, OH · $3.11B100%
At year end, Karpus Management’s separately managed accounts were mostly in funds (79%) and stocks (19%). Its reported 13F holdings for the quarter ended 30 June 2026 total $3.48B across 233 positions; the largest are Vanguard Index Fds S&P 500 ETF SH (7.2%), Blackrock Muniholdings Fund Inc. (6.8%) and Vanguard BD Index FD Inc. Long Term Bond (4.2%).
What the accounts hold
- Stocks19%
- Funds79%
- Cash2%
How many clients does Karpus Management have?
Karpus Management has 1,859 clients and manages $4.3 billion for them, as of September 2026. They include 967 individual clients, 729 high-net-worth individuals, and 75 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 September 2026
What services does Karpus Management offer?
Karpus Management 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
Which custodians does Karpus Management use?
Karpus Management’s separately managed account assets are held at US Bancorp National Association (Cincinnati, OH), with $3.11B. 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 September 2026
How many financial advisors does Karpus Management have?
Karpus Management has 7 investment adviser representatives registered with state securities authorities, out of 35 employees, and 21 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 Karpus Management invest in?
At the end of its last fiscal year, Karpus Management’s separately managed accounts held 79% registered funds (mutual funds, ETFs, BDCs), 19% exchange-traded equities and 2% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Karpus Management?
Karpus Management is owned through a holding company by George Karpus. Its direct owner is City of London Investment Group PLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 24 September 2026
How does Karpus Management get paid?
Karpus 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
How do I contact Karpus Management?
Karpus Management’s main office is at 183 Sully'S Trail, Pittsford, NY 14534. Its phone number is 585-586-4680. Its website is karpus.com.