Introduction

A LETTER FROM OUR CEO.

Welcome, and thank you for visiting our website.

Castleton Partners is a registered investment adviser that provides customized, fixed income investment management through a fully transparent and client-centric business model.

We combine decades of experience managing large, diverse fixed income portfolios—for institutions, mutual funds, and private clients—with a pure bond and investment banking heritage. We use our expertise to design and construct innovative bond portfolios with the efficacy of a large institution, the agility of an independently owned practice, and the creative insight of experienced market veterans. This represents an institutional-caliber capability that is seldom available to private investors.

The majority of our clients are themselves accomplished financial professionals—from current and former Wall Street executives to the CFOs of premier academic institutions, nonprofit organizations, and corporations. We view this as confirmation that we have earned the trust and confidence of informed and experienced investors. However, it does not suggest an unwillingness to partner with clients outside of the industry.

We are deliberate in partnering with clients who share and appreciate our values, our philosophy, and our investing approach.

When we enter into such a partnership, we are accepting the responsibility of protecting wealth. The gravity of that responsibility is never misplaced.

I am pleased to have the opportunity to share more about Castleton Partners.

Sincerely,

Edward J. Reinoso

Philosophy

WEALTH PRESERVATION.

For investors with accumulated wealth, the greatest danger is losing it.

Whether an investor is a venture capitalist or small business owner, and has a taste for real estate or private equity, an important component of any investment portfolio should be the protection of some portion of that wealth.

In practice, this means segregating a percentage of one’s assets away from return-maximizing and performance-oriented investments, instead using it to generate a predictable, reliable stream of income that can survive an unanticipated crisis event.

Castleton’s fixed income practice is built upon a specific, repeatable formula for achieving this objective. 

I am more concerned with the return of my money than the return on my money.
– Mark Twain

Approach

INVESTMENT DISCIPLINE.

The most effective and reliable strategy for designing a successful portfolio—and preserving wealth—is in controlling credit risk and maintaining liquidity.

Through comprehensive, bottom-up analysis, we utilize an investment approach that focuses on sector and security selection to minimize clients’ risk exposure.

We focus our efforts on this portion of the portfolio construction process because it can best be controlled, while enabling us to minimize the most volatile area of risk: interest rates.

Ongoing analysis results in an informed and evolving perspective of which sectors and structures offer the greatest measure of safety and value.

After developing a thorough understanding of a client’s goals and needs, we determine the appropriate risk tolerance, maturity preferences, and income requirements.

We then identify and execute upon market inefficiencies to construct a customized, diversified, tax- and cost-efficient portfolio that evolves over time, within client-specified parameters.

This goal focuses on minimizing portfolio risk and providing a safe and reliable income stream. Liquidity and credit is considered more strongly than income.

This goal focuses on principal protection but also aims to improve or stabilize income with liquid and diversified instruments. These securities may be of some credit or maturity risk.

This goal aims to accept a level of calculated risk to satisfy income. This investment style may include holdings that could be more speculative in terms of credit, maturity, or liquidity.

Applicable to any investment style, this option prioritizes securities that demonstrate potential to provide measurable and positive social or environmental impact. This priority can—and often, does—co-exist with other investment goals.

Capability

UNCOMMON EXPERTISE.

We are bond market insiders providing direct access to the markets and our management team through authentic, personalized service.

With a pure municipal bond and investment banking heritage, Castleton has a strong competitive advantage: we know the markets, we know the asset class, and we know how to transact—doing so directly with nearly every brand name bond desk on the street.

Meanwhile, our designation as a fiduciary ensures that we have no inventory to push or products to sell. We purchase securities on behalf of individual clients in the inter-dealer market, with no additional markups or commissions. This represents a source of substantial savings.

Importantly, our intentionally limited size enables us to be opportunistic on behalf of clients. We navigate to areas of the market that larger managers cannot or will not go—and find value that is both appropriate for the client’s circumstances and consistent with their mandate.

Our predecessor firm, Reinoso & Company, Inc., will be familiar to many municipal market veterans. Registered in 1986 as a municipal securities broker-dealer, for over a decade Reinoso & Co. served institutional clients in the secondary market and represented over two hundred first, second, and third tier institutions.

In public finance circles, Reinoso & Co. is likewise well-recognized for its expertise providing investment banking services to municipalities, having participated in over $65 billion of financings. While in the business, the firm served as book-running senior manager for issuers in CA, CT, IL, MA, MN, NJ and NY, and co-managed additional bond issues across the country.

People

E.J. Reinoso is the Founding Partner and Chief Executive Officer of Castleton Partners. He began his career in the investment industry at Lehman Brothers in 1969.

Mr. Reinoso joined Bear Stearns in 1972 and became a Limited Partner, with responsibilities including Institutional Sales Management. In 1979 he joined L.F. Rothschild, where he was a Managing Director, responsible for the development of Institutional Sales through 1985. In 1986, he founded Reinoso & Company Incorporated, an originator and distributor of municipal securities, co-managing offerings totaling over $65 billion and senior managing 12 with a total value exceeding $1.6 billion. He started the affiliated Reinoso Asset Management in 1991.

Mr. Reinoso was elected to the Municipal Securities Rulemaking Board, the self-regulatory body of the Securities and Exchange Commission, on which he served until 1996. In 1998, he refocused Reinoso & Company’s resources to managing the bond portfolios of a sophisticated cross section of private clients, including many Wall Street veterans. In 2005, the firm’s name was changed to Castleton Partners.

Mr. Reinoso earned his B.S. from Temple University.

Charles (Chuck) Urquhart is a Director at Castleton Partners, responsible for the firm’s sub-advisory business.

Mr. Urquhart began his fixed income career in 1989 at Kidder, Peabody & Co. Shortly after, he joined Lehman Brothers in New York, responsible for the institutional market for global government bonds.

In 2000, Mr. Urquhart moved to Fidelity Investments and spent the following 16 years building and overseeing the firm’s intermediary and individual fixed income investor divisions, serving registered investment advisors, broker dealers, and family offices. While at Fidelity, Mr. Urquhart served on multiple investment committees as a subject matter expert in the domestic fixed income markets, and was a frequent guest speaker on topics related to investor behavioral finance, market dynamics, and de-mystifying the bond market.

Mr. Urquhart is a CFA charter holder and a graduate of Brown University, where he remains active with the athletic department. He continues to be an avid youth sports volunteer.

Fred Gaertner is a consulting advisor to Castleton Partners, having retired from the Chubb Corporation in 2013. At Chubb, he served as a Senior Vice President in the firm’s Investment Department for twenty-four years. During that time, he was responsible for all aspects of the management of Chubb’s $20 billion tax-exempt bond portfolio, including credit and interest rate strategies, security selection, portfolio surveillance, performance measurement, and taxable/tax-exempt investment options.

Mr. Gaertner’s experience in the municipal bond market spans some forty years and includes senior investment management positions in tax-exempt securities at Salomon Brothers Asset Management, Chase Manhattan Bank, and J.P. Morgan. In addition to managing large institutional tax-exempt bond portfolios, he has structured and supervised high-net worth individual accounts, mutual funds, and other pooled tax-exempt investment vehicles.

Mr. Gaertner served as a public member of the Municipal Securities Rulemaking Board from 1992 until 1995, and later returned to serve on an Investors Advisory Committee to the Board. He was also active in the Municipal Bond Buyers organization.

Mr. Gaertner received a B.A. with Distinction from the University of Virginia and a M.B.A. from University of Pennsylvania’s Wharton School.

Michael Reinoso is Chief Operating and Compliance Officer of Castleton Partners.

Having returned to Castleton in 2013, Mr. Reinoso assists in client portfolio trading and monitoring and is responsible for all business operations including accounting, communications, data management and technology implementations. Prior to his current post, Mr. Reinoso served as Director of Business Development and was responsible for cultivating relationships with a host of multi-family and single family offices across the country. 

Since his return to Castleton, Mr. Reinoso has additionally led the firm’s impact investing initiatives.

Previously, Mr. Reinoso served as a program manager at capital and commodity markets consulting firm Sapient Global Markets, based in both Boston and New York. He graduated from The College of William & Mary with a dual major in Economics and Government.

Contact

PARTNER WITH US.

If our values, philosophy, and investing approach are consistent with your objectives, we welcome an opportunity to explore your joining our ecosystem of like-minded investors.

    In investing, size is the enemy of excellence.
    – Warren Buffett

    Castleton Partners LLC

    PO Box 142

    Tivoli, NY 12583

    212.832.9700