Russell Feldman is the co-founder and chief executive of IMTC, a New York software company that sells portfolio management technology to fixed income teams. The company has fifty-five employees, an office in midtown Manhattan, roughly $14.6 million in total funding, and a customer list that has migrated in the last three years from mid-sized RIAs to what the industry calls top-tier asset managers. Feldman took the CEO title in May of 2022, on the same day the company closed its first outside check, led by Nyca Partners. He was not yet 35.
The elevator pitch for IMTC is that fixed income was skipped over by two decades of financial technology, and this is a company doing the skipping-over in reverse. On the equity side, order management systems, portfolio management platforms and analytics vendors have layered on top of each other for so long that entire fintech sub-industries exist just to plug them together. On the bond side, the tool of record for a startling amount of the industry is still a Bloomberg terminal, a phone, and an Excel workbook that a portfolio manager built during their first job and has been dragging around ever since. Feldman's argument, made repeatedly in interviews, is roughly: this is a business, someone should build software for it, we are building the software for it.
He grew up around the trade. His father Andrew was a bond salesman, which is a job that involves knowing an unreasonable number of CUSIPs by heart and a lot of talking on the phone. When Russell was seventeen he was in the hospital being treated for ulcerative colitis, and his father would come by and, according to the family version, talk about how much of Wall Street ran on inefficiency. This is the origin story Feldman tells, and it is unusually specific for a founder origin story. Most founders discovered their industry in college. He discovered his over hospital-room conversations with someone who had been living inside the problem for thirty years.
He went to the George Washington University School of Business, took a BBA with a curious concentration split between finance and sports management, and then went to work at Deutsche Asset Management doing institutional sales and client advisory. He has publicly described the Deutsche Bank trading floor as his master's degree, which is the sort of line that sounds like a line but which, if you have ever been on a trading floor at nine in the morning, is basically accurate. Feldman worked with the tools available to fixed income managers at a large German bank and decided the tools were bad. In 2016, he and Erik Zoega started IMTC to build better ones.
For the first years he was VP of business and product development, then chief operating officer, and for a stretch also chief business officer at Bond.One, a sister effort. The formal handoff came in May 2022. Zoega moved into a president-then-advisor role. Nyca Partners led a round that also included Compound Capital, Boro Capital, Loeb.nyc, and Seraph Group. Dan Kramer, a Nyca advisor with time at BNY Mellon, JP Morgan and Deutsche Asset Management, joined the board. Feldman told The DESK that 2021 had been an "explosive year of growth," which is what founders say when their pipeline finally started answering the phone.
What the software actually does
IMTC's product runs in the browser and models what a fixed income portfolio should look like given a set of client constraints. That covers custom indexing, SMAs, muni ladders, characteristic-based models, tax-optimized accounts, and the sort of scenario analysis you would rather not do by hand three hundred times a day. It integrates with the ECNs where bonds actually trade and with the market data vendors that price them. It routes trades, reports on them, and, per Feldman, tries to remove as much manual keying as possible from the middle office. The pitch is straight-through processing in a market that mostly still uses straight-through faxing.
The technology stack is what you would guess for a company founded in the second half of the last decade: cloud, integrations, an emphasis on avoiding on-premises deployments and legacy costs. The company runs its integrations in-house, which is a decision Feldman has defended in interviews, because outsourcing integrations to a third party in fixed income is a good way to spend a lot of time on customer support calls about why the bond price is wrong.
The market bet
Feldman's bet is on separately managed accounts, and specifically on the growth of muni SMAs, where the combination of tax alpha and customization has been drawing dollars out of pooled vehicles for years. Advisors want bespoke portfolios; clients want ladders that mature when their kids go to college; wirehouses want to standardize an otherwise custom process across thousands of accounts. That is a software problem. IMTC's addressable market grows to the extent that customization does. This is a bet that has been paying off.
Feldman has also indicated interest in active ETFs as a growth vector, which fits the same story: a wrapper that is exploding, that has fixed income underneath it, and that needs portfolio construction and rebalancing infrastructure the incumbents were not built for.
Fixed income investors have been largely neglected from a technological standpoint for the last few decades.— Russell Feldman, Nyca Partners Portfolio Spotlight, 2025
How he runs the company
Erik Zoega, on the way out of the CEO seat, described Feldman's combination as strategic vision, focus on execution, and authenticity in coaching a team. In print, Feldman comes across as more of an operator than a visionary. When asked in the 2025 Nyca interview what his top priority was, he answered, without embellishment, that hiring was at the top of the list. He wanted senior software developers and client success managers with fintech and fixed income experience in the tri-state area, which is a fairly narrow talent pool that a lot of other companies also want.
The team he leads is small by asset management standards, larger than usual for a Series A fintech: fifty-five people at last count, working out of a building at 110 East 42nd Street, half a block from Grand Central. Annual revenue in the last publicly indexed data set was around $4 million, which for a portfolio management platform selling to enterprise financial institutions is a company still in the phase where a signed logo materially changes the graph.
Recognition, and the other thing
In 2022 The Bond Buyer named him a Rising Star of municipal finance, one of only twenty-four honorees that year. The same year he received a Community Impact Award from the Crohn's and Colitis Foundation's Quest for a Cure. The pattern is straightforward: the industry that he entered as a teenager listening to his sick-bed father talk about the trade has now recognized him, and the illness that put him in that hospital bed is a cause he has continued to support.
Why any of this matters
You could argue that fixed income portfolio management software is not the most exciting corner of fintech, and you would not be wrong. You could also argue that a very large amount of the retirement assets in the United States are managed inside vehicles that touch this software, and that anything that removes error, reduces trading cost, or delivers more tax alpha to end investors is disproportionately valuable relative to how boring it looks on a slide. Feldman would take the second argument. He is quietly building a company around it.