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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



We are bond market insiders who actively manage custom fixed income portfolios for high net worth investors. We do so in a completely transparent and client centric fashion, and always with an uncompromising commitment to our fiduciary responsibility.

With a pure municipal bond and investment banking heritage, Castleton is a specialized registered investment advisory firm with a strong competitive advantage: we know the markets, we know the asset class, and we know how to transact.

We leverage our network and knowledge to design and construct innovative bond portfolios with the efficacy of an institution, the agility of an independently owned practice, and the creative insight of experienced market veterans.

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.



We are responsive, cooperative, and professional in providing clients direct access to our management team, to the markets, and to our capabilities.

As a firm, we are well-established municipal bond experts who transact directly with nearly every brand name bond desk on the street. We know the market as well as anyone and our counter-parties recognize our capability and trading efficiency.

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.

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

Our consultative approach to active management ensures that a portfolio’s evolution is in concert with our client’s changing risk profile, income needs, and federal, state, and local tax burden.

We offer investors an objective and unfiltered second opinion of existing bond investments managed elsewhere—analyzing and evaluating a fixed income portfolio’s structure, risk, cost basis, and overall strategy.

Additionally, our concierge services include accompanying clients to meetings with existing or prospective investment advisers and helping to address issues including management process, risk exposure and fees.

We collaborate with impact investors to design thematic, sector-specific, or place-based income strategies that demonstrate potential to provide measurable and positive social or environmental impact, while conforming to the client’s unique impact thesis.

Beyond enhanced credit selection, an Impact portfolio undergoes rigorous, independent, third party pre-investment screening coupled with post-investment analytics performed by our impact partner, Madeira Global. These features enhance risk monitoring and mitigation, while providing transparency into a portfolio’s social and environmental impact.

Unique to our architecture is the support for objectivity in impact analysis and the ability to preserve and leverage each firms’ highly specialized expertise.

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



We make every effort to present our perspective, to acquire new knowledge, and to foster an ecosystem of intelligence sharing that enriches us all.

Though most of our clients elect for a direct working relationship with us, we also work with and through clients’ outside advisors and make our services available on a sub-advisory basis to organizations that appreciate our philosophy and investment approach.



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 rate exposure.

Ongoing analysis results in an informed and evolving perspective of which sectors afford 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.

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.



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

140 East 45 Street, Floor 37

New York, NY 10017