Institutional Investor: How a $75 Billion Bond Shop Plans to Stay Private

By expanding its senior team and clarifying the role of executives, privately-held Boston-based Income Research
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Original article by Julie Segal


By expanding its senior team and clarifying the role of executives, privately-held Boston-based Income Research and Management is publicly demonstrating its commitment to transparency, reports Institutional Investor.


As of January 1, 2020, Bill O’Malley will be taking over as CEO and Co-CIO. Co-founder Jack Sommers will become Chairperson of the firm’s Executive Committee and continue to oversee Compliance.


The CIO role will be shared between O’Malley and Senior Portfolio Manager Jim Gubitosi. Senior Portfolio Manager Sarah Kilpatrick will take over as COO.


“Over the last several years, consultants and clients have wanted more transparency about who is doing what,” O’Malley explained. “With the title changes, we’re also able to provide growth opportunities for Jim and Sarah.”


At its core, Income Research and Management remains committed to its fixed income roots. With an AUM of $75 billion, the team can invest in smaller issues and securities with creative structures – moves that are difficult for larger firms to make.


“The market is really challenging. You need to look hard for value,” he said. “But it’s favorable for us, because we are bond pickers. We get intrigued by different structures. We’ve bought 100-year debt. People ask us all the time, ‘Why would you lend money to companies for 100 years?’ Well, we can get out of that bond anytime and we happily sell” when the bonds rise, he explained.


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