Penobscot Investment Management Company, Inc. (Boston)

Name: Penobscot Investment Management Company, Inc.
Address: 50 Congress Street, Boston, MA, 02109
Telephone: 617-227-3111

Penobscot Investment Management Company, Inc. is a large advisory firm based in Boston. It manages $533.28 million of regulatory assets for 444 client accounts. It has been registered with the SEC as an adviser since 2011 and has operated in the jurisdictions of Maine, Massachusetts, New Hampshire, New York, and Texas.

Penobscot Investment Management Company provides portfolio management for individuals and small businesses and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Penobscot Investment Management Company: assets under management

The assets under management (AUM) of Penobscot Investment Management Company, Inc. is $533.28 million. The firm's AUM has grown by 99% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $415.57 million in discretionary accounts and $117.71 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.11 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.68 million.

Penobscot Investment Management Company has custody of $364.2 million in cash and securities for 230 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 77% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 7% of the firm’s portfolio. Investments in other assets form 7% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Penobscot Investment Management Company, Inc. for their services and products based on a percentage of assets under management and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Penobscot Investment Management Company serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Penobscot Investment Management Company is high net worth individuals with 168 clients and $394.38 million of assets under management. Among the 6 most similar advisory firms, Penobscot Investment Management Company has the 3rd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $533.28 million for 344 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Penobscot Investment Management Company doesn't advise any private funds.

Careers at Penobscot Investment Management Company, Inc.

The company employs 13 people that are either part- or full-time employees. 54 percent of the employees work as investment advisers or researchers. 7 employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Eugene Howard Clapp	Chief financial officer & director	1 Feb 1988	50% - 75%	4381313
Douglas Edward Hart	President, chief compliance officer & director	1 Feb 1988	50% - 75%	1002972
Daniel Bailey Ford	Principal	1 Jun 2017	Other	5731609
Eugene Howard Clapp	Secretary & director	1 Feb 2019	25% - 50%	4381313
Douglas Edward Hart	Treasurer, chief compliance officer & director	1 Feb 2019	25% - 50%	1002972
Daniel Bailey Ford	President & director	1 Feb 2019	Other	5731609

Based in Boston

The principal office where Penobscot Investment Management Company, Inc. performs its advisory services is located at 50 Congress Street, Boston, MA 02109, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 617-227-3111 or by fax 617-227-7467. The normal business hours are 9:00 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at pimboston.com.