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

Whether an investor is a venture capitalist or small business owner, and has a taste for real estate or private equity, the primary objective of any investment portfolio should be to protect that portion of wealth that should not be exposed to speculative risk.

In practice, this means segregating a core portion of one’s wealth away from return maximizing and performance oriented endeavors, instead using it to generate a predictable, reliable stream of income that sustains the investor’s quality of life when a crisis event occurs.

Castleton’s fixed income practice is built upon a specific, repeatable formula for achieving this objective, utilizing the second safest class of domestic securities: tax exempt bonds.

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 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 multi-family office and registered investment advisory firm with a strong competitive advantage: we know the bond markets, we know the Street, and we know how to transact.

Atop this foundation is the discipline and capability brought to Castleton by our investment team, from organizations with the largest footprints in the industry. With decades of experience managing large, diverse investment portfolios across a range of strategies and asset classes, we have successfully and consistently managed institutional and private portfolios by applying the same disciplined approach.

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 & Company 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 California, Connecticut, Illinois, Massachusetts, Minnesota, New Jersey and New York, 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 preserves our agility and 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.

01. Portfolio Management.

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.

02. Portfolio Consulting.

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.

03. Impact Investing.

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.



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.

01. Capital Preservation.

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

02. Stable 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.

03. Income Opportunity.

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.

04. Impact Overlay.

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.

Castleton Partners LLC

140 East 45th Street | Floor 37

New York, NY 10017

T: 212.832.9700