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| Additional information |
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| Income Research & Management (IRM) |
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Overview:
IR+M was formed as a privately owned investment management firm in 1987, specializing in managing US fixed income portfolios for institutional and private clients. The firm has been led by the same team of seasoned professionals since its inception. Our commitment to independence allows us to stay true to our investment philosophy, continuously improve our methods, bolster our talent, and adapt to the needs of our clients. We strive to deliver exceptional service to our clients and a rewarding experience for our employees. In return, we have enjoyed steady growth, employee dedication, and client satisfaction over many market cycles. |
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History:
Income Research + Management was co-founded in early 1987. Prior to creating IR+M, my role was Director of Fixed Income, President, and CEO of Putnam Advisory Company. At the time, large firms were scaling up their operations to meet client demand, which meant more time was devoted to managing the business than managing portfolios. With a desire to stay hands-on and do what I love, I decided to start my own fixed income shop.
My son Jack began his career in the Fixed Income Division at Morgan Stanley and by 1986 was working toward his MBA at Harvard Business School. I approached him with a proposition to join me in creating a back-to-basics fixed income firm, with an intense focus on bottom-up security selection. Jack was intrigued with the idea, and I needed a bright young partner (and cheap labor.) So began Income Research + Management.
At the onset, prospective clients were curious but skittish about being “first.” When asked by a Fortune 500 corporation if we would advise on setting up an in-house investment team, we shared our ideas with the Board. We explained how the team should be organized, how the investment process should work, and how to think about managing risk. The Board excused us from the room. Instead of managing the assets in-house, the Board decided to hire IR+M. Almost simultaneously, we won a second mandate from a governmental client, who remains a client today.
After five years, our team, investment philosophy, and process gained credibility and more clients were joining our roster. In 1994, Jack and Bill O’Malley, his college roommate, were carpooling to their 10-year reunion at Amherst College. Bill was at Wellington and held prior positions at Vanguard and Morgan Stanley, also in the fixed income division. Bill was anxious for a more entrepreneurial environment, and we needed to deepen our investment talent and leadership. With Bill on board and $1bn in assets under management, business began to pick up momentum.
As the fixed income markets evolved, we adapted, while keeping true to our bottom-up, value oriented investment philosophy. Over time, we added seasoned investment professionals to lead research in all sectors of the investment grade markets and built a first-class client-facing team to ensure that clients received personalized, timely, and helpful input on their portfolios and the fixed income markets. Our independence and focus enabled further investments in technology and increased depth across our organization.
Over 25 years later, we are not resting on our laurels. We’ve been fortunate to have the support of many client and consultant relationships; they have helped us foster a culture based on excellence, respect, research (our middle name), and collaboration. By staying true to our investment philosophy, we look forward to delivering strong investment results and exceptional client service to all of our clients. |
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