20 Gates Management

What 20 Gates Management does

20 Gates Management is a privately held, New York-based institutional investment management firm founded in 1997 by former Credit Suisse Conduit and Credit Products Group executives Hans Bald, Joseph Soave, Mark Golombeck, and Josh Borg, with Alex Smith joining as a co-founder shortly after. The firm provides active management of specialized fixed income strategies to two primary client segments: large institutional investors and investment management companies that engage the firm in sub-advisory relationships. Its investment team has collectively managed over $100 billion across fixed income strategies at prior firms, and senior principals have worked together for over a decade.

The firm's core technology and product platform comprises three specialized fixed income strategy categories — Short Term Credit (repos, ABCP, corporate CP, corporate bonds), Corporate Credit (high grade bonds, bank loans, credit derivatives, index products), and Securitized Assets (ABS, RMBS, CLOs, conduits) — combined with four advisory service lines: Asset-Backed Funding Programs (including ABCP conduit structuring), Portfolio Management Services, Asset/Liability Management Services, and Transaction Level Services. The underlying investment process integrates fundamental analysis with quantitative guidance to identify value across inefficient fixed income sectors. The firm holds SOC 1 audit attestation from PricewaterhouseCoopers LLP and operates as an SEC Registered Investment Adviser.

The business model is fee-based, generating revenue from investment management fees on sub-advised and direct institutional mandates (subscription/recurring) and managed advisory services. Pricing is not publicly disclosed and is structured on a quote-based, relationship-driven basis. The firm distributes exclusively through direct institutional sales with no marketing channels, no app or digital platform, and no international offices, operating from a single headquarters at 120 West 45th Street in Midtown Manhattan with 11-50 employees. In February 2026, the company divested its U.S. Secured Financing Platform to fintech firm Capitolis, narrowing strategic scope around its core specialized fixed income asset management and advisory franchise.

Name

20 Gates Management

Legal name

20 Gates Management LLC

Website

https://20gates.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

20 Gates Management is a New York-based institutional investment management firm that provides active management of specialized fixed income strategies and advisory services to institutional investors and investment management companies on a sub-advisory basis.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

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, Infrastructure

Revenue model

1. Investment Management Fees: The firm provides active management of specialized fixed income strategies to institutional investors and investment management companies in sub-advisory relationships, earning fees for investment management services.
2. Advisory Services: Provides advisory services on asset selection, portfolio management, risk management, funding programs structuring, and transaction level services for third-party programs including ABCP Conduits.

Go-to-market motion1 record

Distribution channels1 record

Core offering

20 Gates Management is an institutional investment management firm that provides active management of specialized fixed income strategies to institutional investors and investment management companies, primarily through sub-advisory relationships. The firm delivers three core fixed income strategy categories—Short Term Credit, Corporate Credit, and Securitized Assets—alongside advisory services that include asset-backed funding programs (including ABCP Conduits), portfolio management, asset/liability management, and transaction-level advisory services.

Product overview

20 Gates Management is an institutional investment management firm that offers a unified platform of fixed income investment management and advisory services. The core Asset Management platform provides active management of three specialized fixed income strategy categories: Short Term Credit (Repurchase Agreements, ABCP, Corporate CP, Corporate Bonds), Corporate Credit (High Grade Bonds, Bank Loans, Credit Derivatives, Index Products), and Securitized Assets (ABS, RMBS, CLO's, Conduits). Complementing the asset management platform are Advisory Services comprising four distinct offerings: Asset-Backed Funding Programs (structuring and administration for ABCP Conduits and special purpose funding vehicles), Portfolio Management Services (performance monitoring, compliance testing, market value discovery), Asset/Liability Management Services (funding strategies, liability issuance, cash management), and Transaction Level Services (asset investigations, structuring advice, ratings advisory). Together, these services provide institutional clients with end-to-end fixed income solutions from strategy management through transaction execution.

Differentiator

Problem solved

Functional benefit

Products and services

• Asset Management

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• CapitolismajorOthers · 20 February 2026Capitolis, a fintech company, announced it has signed an agreement to acquire 20 Gates Management's U.S. Secured Financing Platform. The acquisition adds U.S. secured financing capabilities to Capitolis's Capital Marketplace, brings an established roster of major financial institutions to its network, and brings veteran team members from 20 Gates Management. Capitolis is expanding from its existing European secured financing offerings into the U.S. market. Closing expected in the coming weeks.

Scale indicators2 records

Recent moves6 records

Expansion highlights3 records

Peers

• Lord Abbett:

Direct peers

• Newfleet Asset Management: A specialist fixed income manager that runs multi-sector credit, securitized, and structured credit strategies for institutional and sub-advisory clients. Comparable to 20 Gates due to overlapping securitized asset and structured credit capabilities.
• Fischer Francis Trees & Watts (FFTW): A specialist fixed income investment manager focused on short-term credit, structured products, and global fixed income strategies serving institutional clients. Highly comparable to 20 Gates given similar focus on short-term credit and securitized assets for institutional mandates.

Broad incumbents

• Voya Investment Management: A large multi-affiliate fixed income asset manager offering institutional fixed income, structured credit, and securitized products. Comparable to 20 Gates as a much larger incumbent offering overlapping capabilities in securitized and corporate credit.
• Western Asset Management: One of the world's largest active fixed income managers with deep expertise in securitized products, credit, and structured finance. Comparable to 20 Gates in fixed income strategy categories though at substantially larger scale.
• Loomis Sayles: A specialist active fixed income and multi-asset manager offering institutional and sub-advisory fixed income strategies across credit, securitized, and global bond mandates. Comparable to 20 Gates in sub-advisory model and fixed income specialization.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/20-gates-management-llc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about 20 Gates Management