Ducenta Squared

What Ducenta Squared does

Ducenta Squared Asset Management (DSAM) is a privately held, boutique fixed income asset manager headquartered in El Segundo, California, that was founded in April 2020 when its principals acquired Tortoise Credit Strategies from Tortoise Capital. The firm manages approximately $4 billion in assets under management, distributed across five investment strategies offered as separate accounts: Core, Core Plus, High Yield, U.S. Credit, and Low Duration. These strategies span the full credit and duration spectrum, from short-duration investment-grade to high yield and structured products, and are supported by Bradford & Marzec, an acquired brand retained for institutional client management.

The firm generates revenue through recurring asset management fees on its $4B AUM base, with fees negotiated individually with each client based on AUM size, strategy, and relationship scope. Its go-to-market combines direct institutional sales to pension funds, public funds, foundations, and endowments with distribution through financial intermediaries including RIAs, wirehouses, and TAMPs, plus a newly dedicated Taft-Hartley sales function added in 2025. DSAM is controlled by holding company RSMD Investco LLC, whose Managing Partner David Kang serves as Chairman and CEO; the firm operates with roughly 20+ professionals supported by a senior advisory board including the Director of NASA's Jet Propulsion Laboratory and other strategic advisors.

Name

Ducenta Squared

Legal name

Ducenta Squared Asset Management

Website

https://ducentasquared.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Ducenta Squared Asset Management is a privately held, El Segundo-based boutique fixed income manager with ~$4 billion AUM, offering five SMA strategies (Core, Core Plus, High Yield, U.S. Credit, Low Duration) to institutional and high net worth clients globally.

Ownership category

akta.pro rank

Product category

Fixed Income Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Total Return Fixed Income (FSAAAHAJ)

Keywords

• Fixed income management
• Institutional asset management
• Investment grade bonds
• High yield credit
• Separate account strategies

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management Fees: Ducenta Squared Asset Management generates revenue through management fees on approximately $4 billion in assets under management. The firm offers traditional, alternative, and customizable fixed income solutions across the maturity range and capital structure for institutional and high net worth clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Ducenta Squared Asset Management offers traditional, alternative, and customizable fixed income solutions across the maturity range and capital structure, delivered through five distinct strategies as separate accounts: Core, Core Plus, High Yield, U.S. Credit, and Low Duration. The firm manages approximately $4 billion in assets for institutional investors and high net worth clients globally, combining boutique flexibility with institutional-grade investment capabilities developed over three decades.

Product overview

Ducenta Squared Asset Management (DSAM) is a boutique fixed income manager offering five distinct investment strategies as separate accounts: Core Strategy, Core Plus Strategy, High Yield Strategy, U.S. Credit Strategy, and Low Duration Strategy. These strategies cover the full spectrum of fixed income investing from investment-grade to high yield, across various durations and credit qualities. The company also provides traditional, alternative, and customizable fixed income solutions tailored for institutional and high net worth clients globally.

Differentiator

Problem solved

Functional benefit

Brands

• Bradford & Marzec: Client relations and portfolio management brand for institutional investors and financial advisors, now part of Ducenta Squared Asset Management.

Products and services

• Core Strategy Long-only, investment-grade fixed income strategy benchmarked against broad market indices such as the Bloomberg U.S. Aggregate Bond Index. The portfolio invests in securities rated within the top four tiers (all investment grade) with no maturity restrictions. Typical holdings include U.S. Treasury and agency securities, corporate bonds, mortgage-backed securities (MBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), preferred securities, and money market instruments. Aims to deliver consistent excess returns over a full market cycle by capturing relative value across sectors, emphasizing security selection, and actively managing duration. Designed for institutional and high net worth clients seeking investment-grade fixed income exposure as a separate account.
• Core Plus Strategy Long-only fixed income approach benchmarked against a broad market index such as the Bloomberg U.S. Aggregate Bond Index. The portfolio invests across the ratings spectrum including both investment grade and high yield with no maturity restrictions, providing expanded opportunity set beyond pure investment grade. Offered as a separate account to institutional and high net worth clients seeking additional return potential relative to a pure Core mandate while maintaining broad fixed income exposure.
• High Yield Strategy Long-only approach focused on below-investment-grade corporate bonds with selective exposure to leveraged loans when appropriate. Benchmarked against a BB/B High Yield Index and designed to capture attractive income and capital appreciation opportunities through high yield credit markets. Available as a separate account for institutional and high net worth clients seeking dedicated below-investment-grade fixed income exposure.
• U.S. Credit Strategy Long-only, investment-grade bond strategy that seeks to provide stable income, principal protection, and capital appreciation through a diversified portfolio of U.S. dollar-denominated securities. Benchmarked against a broad investment-grade credit index and offered as a separate account. Designed for institutional and high net worth clients seeking investment-grade U.S. dollar-denominated credit exposure.
• Low Duration Strategy Short-duration, investment-grade fixed income strategy designed to provide capital preservation, liquidity, and competitive risk-adjusted returns. Benchmarked against the Bloomberg Barclays U.S. 1-3 Year Government/Credit Index. Available as a separate account for institutional and high net worth clients prioritizing capital preservation and short-duration exposure.

Quantifiable outcome

• ~$4 billion in assets under management
• +1 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered foundational and core.

• Tortoise CapitalfoundationalOthers · 1 April 2020Ducenta Squared was founded in April 2020 when the principals of DSAM acquired Tortoise Credit Strategies from Tortoise Capital. This acquisition established the firm's foundational fixed income capabilities.
• Bradford & MarzeccoreStrategic or Co-development PartnerMark Kavolius joined Bradford & Marzec, now part of Ducenta Squared Asset Management, in 2010. This firm is now integrated into DSAM's operations, adding to the firm's fixed income capabilities.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Oaktree Capital Management: Los Angeles-based investment manager with deep credit and fixed income capabilities, including securitized products and high yield. Directly comparable in LA-based credit expertise; multiple DSAM team members (O'Malley, Davitt) have Oaktree pedigree.
• Brandywine Global Investment Management: Philadelphia-based active fixed income manager (Franklin Templeton affiliate) offering Core Plus, High Yield, and securitized strategies. Comparable multi-sector fixed income focus and similar institutional client orientation, with significantly larger AUM.
• TCW Group: Los Angeles-headquartered investment manager with deep fixed income capabilities (Core, Core Plus, Multi-Sector, Securitized). DSAM's President of Investments Tim Torline previously traded on TCW's Global Bond Desk, underscoring direct talent overlap and product overlap.
• Payden & Rygel: Los Angeles-based, employee-owned investment manager specializing in fixed income and liquidity strategies. Directly comparable to DSAM in boutique, multi-sector fixed income focus and LA base; multiple DSAM PMs previously worked at Payden.
• Hotchkis and Wiley: Los Angeles-based investment manager with significant fixed income and high yield capabilities. Senior PM Mike Sanchez previously managed portfolios at Hotchkis and Wiley, indicating direct talent and product overlap with DSAM.
• Loomis Sayles: Boston-based fixed income specialist (Natixis affiliate) managing multi-sector, high yield, securitized, and investment-grade credit strategies. Comparable multi-strategy fixed income platform serving institutional and intermediary clients.
• DoubleLine Capital: Los Angeles-based boutique fixed income manager founded by Jeff Gundlach, offering multi-sector active fixed income strategies. Closely comparable to DSAM in boutique positioning, multi-sector mandate, and LA location, but materially larger in AUM and brand recognition.

Broad incumbents

• Western Asset Management: Pasadena-based, one of the world's largest active fixed income managers (a Franklin Resources subsidiary). Competes head-to-head with DSAM in Core, Core Plus, and U.S. Credit strategies, with overlapping institutional client base but materially greater scale.
• PIMCO: Newport Beach-based global fixed income leader (owned by Allianz). The dominant institutional fixed income franchise against which DSAM benchmarks in product breadth; DSAM's CCO previously held the CCO role at PIMCO.

Emerging players

• Tortoise Capital: Seller of the legacy Tortoise Credit Strategies franchise to DSAM principals in 2020. While focused more on energy/income verticals today, Tortoise retains fixed income-adjacent capabilities and remains a market participant whose former business seeded DSAM.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ducenta-squared-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries1 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 Ducenta Squared