{
  "crd_number": 104863,
  "slug": "income-research-plus-management-boston-ma-104863",
  "primary_business_name": "INCOME RESEARCH + MANAGEMENT",
  "legal_name": "INCOME RESEARCH + MANAGEMENT",
  "dbas": [],
  "city": "Boston",
  "state": "MA",
  "country": "United States",
  "cbsa_code": "14460",
  "metro": {
    "cbsa_code": "14460",
    "common_name": "Boston",
    "msa_name": "Boston-Cambridge-Newton, MA-NH",
    "path": "/advisors/ma/boston"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1987-05-01",
  "years_registered": 39,
  "period": "2026-10-01",
  "filing_date": "2026-08-24",
  "carried_forward": false,
  "raum_total": 130653386930.0,
  "raum_discretionary": 130114432508.0,
  "raum_non_discretionary": 538954422.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 218,
  "advisory_employees": 63,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": 25842296499.0,
      "count": 165
    },
    "banking_thrift": {
      "raum": 117732145.0,
      "count": null,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": 17813859500.0,
      "count": 44
    },
    "insurance_companies": {
      "raum": 21948251140.0,
      "count": 92
    },
    "investment_companies": {
      "raum": 5977073991.0,
      "count": 12
    },
    "pension_profit_sharing": {
      "raum": 24396020772.0,
      "count": 118
    },
    "high_net_worth_individuals": {
      "raum": 5079706430.0,
      "count": 454
    },
    "pooled_investment_vehicles": {
      "raum": 24676562905.0,
      "count": 32
    },
    "corporations_other_businesses": {
      "raum": 4801883548.0,
      "count": 20
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MT",
    "NC",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "PR",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://incomeresearch.com",
    "https://linkedin.com/company/income-research-&-management"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/104863",
  "city_as_filed": "BOSTON",
  "url": "https://advisorcensus.com/firm/income-research-plus-management-boston-ma-104863",
  "display_name": "Income Research + Management",
  "summary": "Income Research + Management is an SEC-registered investment advisory firm in Boston, MA, registered since 1987, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 24, 2026.",
  "citation": "AdvisorCensus. Income Research + Management (CRD 104863): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Income Research + Management compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Income Research + Management reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Income Research + Management located?",
      "a": "Income Research + Management's principal office is in Boston, MA, according to its Form ADV."
    },
    {
      "q": "Is Income Research + Management registered with the SEC or a state?",
      "a": "Income Research + Management is an SEC-registered investment advisory firm, registered since 1987. Status as filed: Approved. CRD 104863."
    },
    {
      "q": "How much does Income Research + Management manage?",
      "a": "Income Research + Management reports $130,653,386,930 in regulatory assets under management in its Form ADV filing dated August 24, 2026 (100% discretionary)."
    },
    {
      "q": "How have Income Research + Management's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Income Research + Management: Regulatory assets under management: $88,334,783,976 in the October 2021 data and $130,653,386,930 in the October 2026 data, up 48%. Total employees: 181 in October 2021 and 218 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Income Research + Management serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (454); charitable organizations (165); pension and profit sharing plans (but not the plan participants or government pension plans) (118)."
    },
    {
      "q": "Which custodians does Income Research + Management use?",
      "a": "Income Research + Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Bank and Trust Company, The Bank of New York Mellon and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Income Research + Management report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/104863"
    },
    {
      "q": "What changed in Income Research + Management's recent Form ADV filings?",
      "a": "In the September 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 88334783976.0,
      "total_employees": 181,
      "filing_date": "2021-03-30"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 95994970999.0,
      "total_employees": 193,
      "filing_date": "2022-03-28"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 88998286890.0,
      "total_employees": 210,
      "filing_date": "2023-03-30"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 96989577589.0,
      "total_employees": 201,
      "filing_date": "2024-08-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 108988159964.0,
      "total_employees": 204,
      "filing_date": "2025-07-30"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 130653386930.0,
      "total_employees": 218,
      "filing_date": "2026-08-24"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-09-01",
      "period_label": "September 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 61 to 63.",
        "Regulatory assets under management went from $108,988,159,964 to $130,653,386,930 (+20%).",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "State Street Bank and Trust Company",
      "name_as_filed": "STATE STREET BANK AND TRUST COMPANY",
      "affiliated": false
    },
    {
      "name": "The Bank of New York Mellon",
      "name_as_filed": "THE BANK OF NEW YORK MELLON",
      "affiliated": false
    },
    {
      "name": "The Northern Trust Company",
      "name_as_filed": "THE NORTHERN TRUST COMPANY",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/income-research-plus-management-boston-ma-104863.md",
  "clients": [
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 454,
      "fewer_than_5": false,
      "raum": 5079706430.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": null,
      "fewer_than_5": true,
      "raum": 117732145.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 12,
      "fewer_than_5": false,
      "raum": 5977073991.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 32,
      "fewer_than_5": false,
      "raum": 24676562905.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 118,
      "fewer_than_5": false,
      "raum": 24396020772.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 165,
      "fewer_than_5": false,
      "raum": 25842296499.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 44,
      "fewer_than_5": false,
      "raum": 17813859500.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 92,
      "fewer_than_5": false,
      "raum": 21948251140.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 20,
      "fewer_than_5": false,
      "raum": 4801883548.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/104863",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}