Chief Investment Officer: Todd Centurino, CFA
As New Capital has grown past $300 million in assets under management and over 75 client households, it has become more important to bring aboard a permanent full-time Chief Investment Officer so that my workload as founder is appropriately balanced between investments, advisory, innovation, and firm growth.
In the fourth quarter of 2016 Todd Centurino began to provide investment consulting services to New Capital. At the time, I viewed Todd’s assistance as an important way to get a “second opinion” during a time of rapidly increasing political risk. Over the last months, Todd and I have developed an excellent and productive working relationship, and it is my pleasure to announce that Todd, as of July 1st, is joining New Capital Management as its Chief Investment Officer. Todd’s qualifications for this position are notable:
- He is open minded and willing to listen
- He is willing to change his mind given new credible information
- He requires rational approaches and evidence
- He welcomes calculated risk, and avoids uncompensated risk
- He wants what is best for clients
These are exactly the traits that you want in someone managing your money. Notably, Todd has helped me remain committed to your investments since the election, and as a result New Capital’s clients continued to experience substantial gains since then. As a fiduciary, I cannot ever allow my personal political biases to affect my investment judgment. Todd has been instrumental during this period in complementing my perspective and in closely monitoring the reaction of markets to geopolitical upheavals. We have worked exceedingly well as a team, and will now continue and expand that effort.
After a transition period, Todd will assume primary responsibility for New Capital’s investment research, portfolio management, designing and implementing model portfolios, trading, investment reporting, fund company relationships, and more. Todd and I will also serve on New Capital’s Investment Committee (as we have been doing since January), and all changes in policy and strategy will be decided jointly by us. Todd’s gradual assumption of responsibilities will eventually allow me to focus most of my time on advising clients and further building New Capital.
Todd is from Duxbury, Massachusetts near Boston and graduated from Clemson University. Like me, he has a Masters in Business Administration (his is from Rice University), and, like me, he holds the Chartered Financial Analyst designation. Todd has helped manage very large sums of money - in the billions - for institutional clients like the Teacher’s Retirement System of Texas. He spent several years at Fidelity Investments as an advisor, and most recently held several positions including Chief Portfolio Strategist at Salient Partners, a large and successful Houston asset management firm.
Todd has a very balanced investment style. He strongly believes in market efficiency, asset class diversification, and low costs, as we practice here at New Capital. He also has extraordinarily strong skills in analyzing historical performance of investment funds and understanding their value proposition – he has analyzed hundreds, maybe thousands, of investment funds as an institutional asset manager. Todd will also enhance New Capital’s private investments capabilities, which I expect to become more important over time. Todd regularly reads a tremendous amount of financial information and can absorb data and derive meaning about markets from it. He pays a lot of attention to risk, its sources, and its management. His skills performing financial analysis with Excel for reporting purposes are top notch.
I’m delighted to welcome Todd, and delighted that you will benefit immediately and directly from his work. In the coming weeks, Todd may reach out to you after we discuss you and your accounts in detail; he may want to clarify your risk tolerance or risk capacity; propose or execute some trades in your accounts; or just introduce himself. In all cases, I’d like to ask you to please be as responsive as possible so that Todd can complete his initial work on your behalf.
We have many innovations occurring at New Capital. On October 26 we will hold our 3rd Annual Conference at the Hyatt Regency Galleria (where I expect Todd to offer some comments on the market environment), and we will be presenting the many initiatives we are calling the “New” New Capital. We have been very hard at work over the last year innovating our services, technology, processes, and personnel and are looking forward to describing these very positive changes to you at the conference – feel free to bring friends and family who you believe deserve the very best in a modern financial advisory firm. We hope to see you there.
New Capital enjoys extraordinary advantages over most other firms: upon meeting with us, prospective clients almost immediately wish to become permanent clients, because they understand we have gotten to know them better than any other advisor ever has; as clients, they want to remain clients, because they understand that we put their interests first and safeguard their trust; and clients give us consistently high marks in all elements of our business, because we always work to improve ourselves.
We offer top notch fiduciary advisory, investments, and service and our team – Catherine, Jaycee, Todd, and I - look forward to continuing to offer these to our clients and others in the years ahead.