Income Research + Management

What Income Research + Management does

Income Research + Management (IR+M) is a privately-held, Boston-based investment management firm founded in 1987 by John and Jack Sommers, exclusively focused on US dollar-denominated fixed income. The firm manages approximately $133-136 billion in assets under management (as of March-May 2026) on behalf of more than 700 institutional and private clients, supported by 200+ employees including 60+ investment professionals with an average of 14 years of Portfolio Manager industry experience. IR+M employs a bottom-up, duration-neutral security selection approach across government, corporate, securitized, and municipal sectors, organized into duration buckets (Short, Intermediate, Core, Long) and focus types (Broad, Credit-Focused, Government-Focused, Tax-Aware).

The firm operates a platform of 15 distinct investment strategies complemented by six custom capabilities — Cash Management, Insurance Solutions, Liability-Driven Investing (LDI), Stable Value, Sustainable Investing, and Tax-Aware Investing. Notable capability-level scale includes $30.7B in LDI across 135+ portfolios, $21.9B in Insurance Solutions with 50+ insurance partners, $19.9B in Cash Management, $16.8B in Sustainable Investing, and $4.4B in Stable Value. Distribution occurs through Separately Managed Accounts, Private Investment Funds, and Collective Investment Trusts, with a strategic ETF channel launched in March 2024 in partnership with BondBloxx (TAXX, followed by TXXI and TAXM in March 2025).

IR+M generates revenue through investment management fees charged as a percentage of assets under management, with rates not publicly disclosed but typically structured as annual subscription fees negotiated by account size and strategy complexity. The go-to-market is enterprise-direct sales to insurance companies, pension plans, endowments, foundations, and private clients, supported by 35+ dedicated client service professionals and 75+ consultant relationships. The firm is independently owned with 74 employee shareholders, has maintained private ownership throughout its 39-year history, and emphasizes thought leadership content (weekly and monthly market updates, podcast appearances, media coverage) as a top-of-funnel marketing approach.

Name

Income Research + Management

Legal name

Income Research + Management

Website

https://incomeresearch.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

101–250 employees

Short description

Income Research + Management is a privately-held, Boston-based US fixed income investment manager founded in 1987, managing approximately $136 billion for 700+ institutional, insurance, and private wealth clients through bottom-up, duration-neutral strategies delivered via separately managed accounts, CITs, and BondBloxx ETFs.

Ownership category

akta.pro rank

Product category

Fixed Income Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

Keywords

• Fixed income management
• Institutional asset management
• Liability-driven investing
• Bond portfolio management
• Insurance asset management

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management Fees: Management fees charged as a percentage of assets under management across separately managed accounts, private investment funds, and collective investment trusts. Fee structure based on AUM with strategies spanning short, intermediate, core, and long duration across broad, sector-focused, and tax-aware approaches.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Income Research + Management is a privately held fixed income investment management firm that delivers active investment strategies, custom capabilities (including Cash Management, Insurance Solutions, LDI, Stable Value, Sustainable Investing, and Tax-Aware Investing), and the BondBloxx ETF suite to institutional clients such as insurance companies, pension plans, endowments, foundations, and private clients. The firm earns investment management fees calculated as a percentage of assets under management.

Product overview

Income Research + Management (IR+M) is a privately-held, Boston-based fixed income investment management firm offering an extensive array of US dollar-denominated investment solutions. The firm operates as a platform of investment strategies organized across duration buckets (Short, Intermediate, Core, Long) and focus types (Broad, Credit-Focused, Government-Focused, Tax-Aware), complemented by six custom capabilities (Cash Management, Insurance Solutions, Liability-Driven Investing, Stable Value, Sustainable Investing, Tax-Aware Investing). The firm's strategies are available through Separately Managed Accounts, Private Investment Funds, and Collective Investment Trusts. Additionally, IR+M partners with BondBloxx to offer ETF products (TAXX, TXXI, TAXM) that bring institutional investment heritage and tax-aware strategy to the broader marketplace.

Differentiator

Problem solved

Functional benefit

Products and services

• Active Fixed Income Investment Strategies Commingled fixed income strategies covering investment-grade, high yield, securitized, municipal, and government bond markets, offered to institutional clients as standalone mandates.
• Cash Management Custom cash and short-duration fixed income capability for institutional clients seeking liquidity and capital preservation.
• Insurance Solutions Custom fixed income portfolios tailored to the unique duration, cash flow, and capital efficiency needs of insurance company balance sheets.
• Liability-Driven Investing (LDI) Custom LDI mandates that align fixed income portfolios with the liabilities of pension and insurance plans.
• Stable Value Stable value investment capability designed for defined contribution and other benefit plan vehicles seeking capital preservation with consistent returns.
• Sustainable Investing Fixed income mandates incorporating environmental, social, and governance (ESG) criteria for institutional clients.
• Tax-Aware Investing Fixed income strategies that seek to maximize after-tax returns for taxable institutional and private client portfolios.
• BondBloxx ETFs (TAXX, TXXI, TAXM) Exchange-traded fund suite distributed under the BondBloxx brand, offering fixed income exposure to investors in the TAXX, TXXI, and TAXM tickers.

Quantifiable outcome

• Top-decile investment performance over 39 years of fixed income management
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• BondBloxxcoreStrategic or Co-development Partner · 14 March 2024Partnership between IR+M and BondBloxx to launch tax-aware fixed income ETFs. The partnership brought IR+M's institutional investment heritage and tax-aware strategy to the broader marketplace. Launched TAXX (initial fund), followed by TXXI and TAXM to address growing demand for core tax-aware solutions. IR+M provides investment management expertise while BondBloxx handles ETF structure and distribution.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• PIMCO: The world's largest active fixed income manager, offering strategies across the full fixed income spectrum to institutional and wealth clients globally. Comparable to IR+M on active fixed income focus but vastly larger, globally diversified, and a publicly-affiliated platform.
• PGIM Fixed Income: The fixed income arm of PGIM (Prudential), one of the largest US active fixed income managers with global reach across investment-grade, high-yield, securitized, and emerging markets. Comparable to IR+M on asset class focus but materially larger and part of a broader insurance-owned asset management platform.
• Manulife Investment Management: Global asset manager with significant US fixed income capabilities serving insurance general accounts, pensions, and institutional clients. Comparable to IR+M on insurance-segment focus and fixed income specialization, but part of a much larger, diversified insurance-owned manager with global reach.
• Wellington Management: Large private asset manager with a substantial US fixed income platform serving institutional and private clients. Comparable to IR+M on institutional fixed income focus and Boston presence, though diversified across equities, alternatives, and multi-asset strategies with materially larger AUM.

Direct peers

• Brandywine Global Investment Management: Philadelphia-based active fixed income manager specializing in global multi-sector fixed income, high yield, and leveraged finance for institutional clients. Comparable to IR+M on boutique scale, active philosophy, and institutional client mix, though with broader global capabilities.
• Loomis, Sayles & Company: A long-established Boston-based active fixed income manager serving institutional clients across investment-grade, high-yield, securitized, and municipal strategies. Comparable to IR+M on Boston location, US fixed income focus, institutional client mix (pensions, insurers), and AUM scale.
• Payden & Rygel: Los Angeles-based independent active fixed income manager with strategies spanning investment-grade, high-yield, emerging markets, and municipal bonds for institutional and private clients. Comparable to IR+M as an employee-owned, multi-sector US fixed income manager of similar scale.
• TCW Group: US-based active fixed income manager with strengths in investment-grade credit, securitized products, and emerging markets debt, serving institutional clients. Comparable to IR+M on asset class focus, institutional client base, and emphasis on bottom-up credit research.
• Western Asset Management: One of the largest actively-managed US fixed income managers, focused on investment-grade, high-yield, and global fixed income strategies for institutional clients. Comparable to IR+M in client base (insurers, pensions, sovereigns), AUM scale, and emphasis on active bottom-up credit research.
• DoubleLine Capital: Founded in 2009, DoubleLine is a US-focused active fixed income manager with strength in mortgage-backed securities and multi-sector core fixed income. Highly comparable to IR+M on investment philosophy (active, multi-sector US fixed income), institutional channel focus, and boutique scale with several hundred employees.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/49542

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Income Research + Management