Penobscot Investment Management provides portfolio management for individuals and small businesses and portfolio management for institutions.
Penobscot Investment Management reports 562 clients. They include 317 high-net-worth individuals, 231 individual clients, and 8 corporations and other businesses. Of its assets, 99.8% ($1.63B across 842 accounts) are managed with discretion; $4.03M across 3 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 41% | 6% |
| High-net-worth individuals | 56% | 84% |
| Pension and profit-sharing plans | Fewer than 5 | <1% |
| Charitable organizations | 1% | 3% |
| Corporations and other businesses | 1% | 6% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 231 | $104M | 6.4% | $452K |
| High-net-worth individuals | 317 | $1.37B | 83.8% | $4.32M |
| Pension and profit-sharing plans | Fewer than 5 | $7.79M | 0.5% | — |
| Charitable organizations | 6 | $51.9M | 3.2% | $8.64M |
| Corporations and other businesses | 8 | $102M | 6.2% | $12.7M |
| Total | 562 | $1.64B | 100% | — |
- Clients
- 231
- Regulatory AUM
- $104M
- AUM share
- 6.4%
- Avg. per client
- $452K
- Clients
- 317
- Regulatory AUM
- $1.37B
- AUM share
- 83.8%
- Avg. per client
- $4.32M
- Clients
- Fewer than 5
- Regulatory AUM
- $7.79M
- AUM share
- 0.5%
- Avg. per client
- —
- Clients
- 6
- Regulatory AUM
- $51.9M
- AUM share
- 3.2%
- Avg. per client
- $8.64M
- Clients
- 8
- Regulatory AUM
- $102M
- AUM share
- 6.2%
- Avg. per client
- $12.7M
Total
- Clients
- 562
- Regulatory AUM
- $1.64B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Penobscot Investment Management charges 0.60%–1.00% a year for its Standard Fee. The fee is billed in arrears and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Serving as trustee
- When Penobscot serves as trustee, the annual management fee is 1.25% for $0 to $1,000,000, 1.05% for $1,000,000.01 to $1,999,999.99, and 0.85% for $2,000,000 and above.
Eugene Clapp owns 25% to 50% of Penobscot Investment Management. The leadership team of Penobscot Investment Management includes President Daniel Ford and Chief Compliance Officer Kristin Nicholson. It has 14 employees, 8 of them in advisory roles.
Leadership
- Daniel FordPresident & Director
- Kristin NicholsonChief Compliance Officer
- Christopher ChildsDirector
- Eugene ClappDirector & Treasurer
- Douglas HartDirector & Secretary
- Colleen MacphersonDirector
Investment adviser representatives
8 representatives listed in the SEC register as of 9 October 2026.
- Christopher Alcorn Childs
- Eugene Howard Clapp III
- Eugene H Clapp IV
- Daniel Bailey Ford III
- Douglas Edward Hart
- Charles Fairweather Kane JR.
- Colleen Barry Mac Pherson
- Jonathan Reid Phillips
Staff
- 14 employees
- 8 in advisory functions
- 8 state-registered reps
- 1 soliciting firm
- Owns 25% to 50% of Penobscot Investment Management Company, Inc.
Eugene Clapp
Control person · since February 2019
- Owns 25% to 50% of Penobscot Investment Management Company, Inc.
Douglas Hart
Control person · since February 2019
- Owns 10% to 25% of Penobscot Investment Management Company, Inc.
Daniel Ford
Control person · since February 2019
- Owns 5% to 10% of Penobscot Investment Management Company, Inc.
Colleen Macpherson
Control person · since January 2023
Penobscot Investment Management’s regulatory assets grew 2.3× from $717M (March 2021) to $1.64B (May 2026); clients rose from 368 to 562 and employees from 12 to 14.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| May 2026 | $1.64B | 562 | 14 | 1 |
| March 2025 | $1.39B | 547 | 14 | 1 |
| March 2024 | $1.05B | 478 | 15 | 1 |
| August 2023 | $693M | 388 | 14 | 1 |
| July 2022 | $854M | 374 | 13 | 1 |
| March 2021 | $717M | 368 | 12 | 1 |
Besides its headquarters, Penobscot Investment Management has 0 offices, with 1 listed address in Massachusetts.
Massachusetts · 1 listed address
- 155 Federal Street, Suite 1602, BostonHQ
Other business names
Penobscot Investment Management has reported 2 other business names to the SEC.
- Penobscot
- Penobscot Investment Management
Contact and registration details
- Legal name
- Penobscot Investment Management Company, Inc.
- Headquarters
- 155 Federal Street, Suite 1602, Boston, MA 02210
- Website
- pimboston.com
- Phone
- 617-227-3111
- SEC file
- 801-31820
- Founded
- 1988
- Structure
- Massachusetts corporation
- Fiscal year end
- December
Penobscot Investment Management uses Charles Schwab ($1.03B, 64%), Fidelity ($381M, 24%) and Fiduciary Trust ($206M, 13%) as custodians for its separately managed accounts. Penobscot Investment Management has custody of $1.06B in client assets for 324 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Boston, MA · $1.03B64%
- FidelityFidelity Brokerage Services LLC · Boston, MA · $381M24%
- Fiduciary TrustFiduciary Trust Company · Boston, MA · $206M13%
At year end, Penobscot Investment Management’s separately managed accounts were mostly in stocks (81%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.46B across 315 positions; the largest are Apple Inc. (5.7%), Nvidia Corporation (5.7%) and Broadcom Inc. (4.0%).
What the accounts hold
- Stocks81%
- Bonds8%
- U.S. government and agency bonds4%
- Investment grade corporate bonds3%
- State and local bonds1%
- Cash8%
- Other3%
- Fixed income funds & etf's3%
Reported 13F holdings
- $1.46B
- Reported 13F value
- 315
- Positions
- 33.2%
- In the 10 largest
- +13.8%
- Value vs. prior quarter
- Apple Inc.5.7%
- Nvidia Corporation5.7%
- Broadcom Inc.4.0%
- Alphabet Inc. · Cap Stk CL A3.6%
- Microsoft Corp.3.5%
- JPMORGAN Chase & CO3.1%
- Amphenol Corp. · CL A2.1%
- Amazon Com Inc.1.9%
- State Str SPDR S&P 500 ETF T · TR Unit1.9%
- Invesco Qqq TR · Unit Ser 11.9%
Together, the ten largest are 33.2% of reported value.
How many clients does Penobscot Investment Management have?
Penobscot Investment Management has 562 clients and manages $1.64 billion for them, as of May 2026. They include 317 high-net-worth individuals, 231 individual clients, and 8 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 18 May 2026
What services does Penobscot Investment Management offer?
Penobscot Investment 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
How much does Penobscot Investment Management charge?
Penobscot Investment Management charges 0.60%–1.00% a year for its Standard Fee. The fee is billed in arrears and is negotiable.
Source: ADV PART 2, filed 23 March 2026
Which custodians does Penobscot Investment Management use?
Penobscot Investment Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (Boston, MA), with $1.03B, Fidelity Brokerage Services LLC (Boston, MA), with $381M and Fiduciary Trust Company (Boston, MA), with $206M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 18 May 2026
How many financial advisors does Penobscot Investment Management have?
Penobscot Investment Management has 8 investment adviser representatives registered with state securities authorities, out of 14 employees, and 8 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 Penobscot Investment Management invest in?
At the end of its last fiscal year, Penobscot Investment Management’s separately managed accounts held 81% exchange-traded equities, 8% cash and equivalents, 4% U.S. government and agency bonds, 3% investment grade corporate bonds, 3% other and 1% state and local bonds. The 3% other category is described as: Fixed Income Funds & ETF'S.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Penobscot Investment Management?
Penobscot Investment Management’s direct owners are Eugene Clapp, Douglas Hart, Daniel Ford and Colleen Macpherson, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 18 May 2026
How does Penobscot Investment Management get paid?
Penobscot Investment 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 Penobscot Investment Management?
Penobscot Investment Management’s main office is at 155 Federal Street, Suite 1602, Boston, MA 02210. Its phone number is 617-227-3111. Its website is pimboston.com.