About Us

Granite Springs uses a team-based investment approach that incorporates disciplined risk management.  Granite Springs is an active investment manager that makes tactical changes in portfolio holdings to take advantage of relative value opportunities as they arise.  All portfolios are separately managed with each client’s individual objectives in mind.  Credit research, quantitative and technical analysis, and yield curve analysis are used to identify undervalued securities within the various market sectors believed to have relative value and potential for superior risk-adjusted returns.

Select a name below to view that team member's profile:

Bernard Garruppo

Chief Executive Officer

bgarruppo@granite-springs.com

 

Bernard Garruppo is also a Partner and Managing Director of R. Seelaus & Co., Inc., the corporate parent of Granite Springs Asset Management, LLC. With R. Seelaus and over the past 20 years, Mr. Garruppo has guided the expansion of both the firm and its client-base. As CEO of Granite Springs, and together with the executive team, he supports a vision for the firm focused on continually growing to meet the sophisticated investment needs of its clients. Mr. Garruppo's career in finance began nearly 30 years ago as a municipal bond trader at Moore, Schley, Cameron & Company. Later, he joined W. H. Mell & Company where he focused on institutional sales and trading. Mr. Garruppo graduated Temple University with a degree in Finance. He is licensed in life and health insurance through the New Jersey State Department of Banking and Insurance and holds FINRA licenses 7, 24, 27, 53, 63 and 65.

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Patrick Smith

Chief Investment Officer

psmith@granite-springs.com

 

Prior to creating Granite Springs, Mr. Smith was a Principal, Managing Director and investment committee member with Williams Jone & Associates for more than a decade, ultimately co-managing more than $1.5 billion in fixed income assets. Mr. Smith has held senior level positions in fixed income research, trading and sales at JJ Kenny Drake & Co., Maxcor Financial (Euro Brokers), and Greenwich Partners, Inc. Mr. Smith earned a BBA in Finance from Iona College and holds FINRA licenses 63 and 65. He is a member of the National Federation of Municipal Analysts, the Municipal Analysts Group of New York and the Municipal Bond Club of New York.

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Thomas Dalpiaz

Managing Director

tdalpiaz@granite-springs.com

 

Tom Dalpiaz has over 30 years of experience in various aspects of the municipal bond business.  Currently, he is a Managing Director at Granite Springs Asset Management where he manages bond portfolios for individual clients, financial advisors, and institutions.  Mr. Dalpiaz has managed bond portfolios at Advisors Asset Management, Neuberger Berman, Sage Capital Management, and Weiss, Peck & Greer.  Before managing bond portfolios, Mr. Dalpiaz was a municipal bond credit analyst at Weiss, Peck & Greer, Merrill Lynch, and The Bank of New York.  Mr. Dalpiaz has had a series of bond articles published in Forbes and is author of “Managing Municipal Bond Portfolios For High Net Worth Investors”, a chapter found in The Handbook of Municipal Bonds, part of the Fabozzi series of investment books.  Mr. Dalpiaz has an MBA in Finance and a BA in History, both from Hofstra University.  He also holds FINRA licenses Series 7, 24, 63, & 65.

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William "Bill" McCrystal

Senior Vice President - Director of Research

wmccrystal@granite-springs.com

 

Mr. McCrystal's unique perspective and expertise are derived from a cumulative body of work and experience spanning 30 years within regulation, rating and sales. Mr. McCrystal spent significant portions of his career in such roles as Examiner for the Federal Reserve Bank of New York and then as Director of Financial Institution Analysis for MBIA. He has also spent time as a Ratings Analyst for Thomson BankWatch and as Managing Director with the firm McConnell, Budd and Romano. Mr. McCrystal is a graduate of Manhattan College where he earned a B.S. in accounting. He is licensed in life and health insurance through the New Jersey State Department of Banking and Insurance and holds FINRA licenses 7, 24, 66, 86 & 87.  Bill provides his analysis on the municipal bond market twice a month. Click Here to read his latest column.

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Raphaella Eliseo

Senior Vice President - Client Services

reliseo@granite-springs.com

 

Ms. Eliseo joined Granite Springs Asset Management, LLC in March of 2010, bringing with her more than 20 years of experience working with private clients and institutional investors. Ms. Eliseo implements and upholds the high standards necessary for Granite Springs to maintain its claim of firm-wide GIPS® compliance. She also manages all of the Firm's administrative operations, including portfolio accounting and performance reporting. Ms. Eliseo holds an AS in Business Administration from Kingsborough College. Previously, Ms. Eliseo was a Senior Admin at Williams Jones & Associates (WJA) for over 15 years. Prior to that she was a sales assistant with BBH for seven years.

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Randy Masel

Managing Director

rmasel@granite-springs.com

 

Randy Masel manages a proprietary high-yield corporate bond strategy that he created and launched when he joined Granite Springs Asset Management in January 2014.  Mr. Masel has more than thirty years of experience in the credit markets, as a banker, credit analyst, and a portfolio manager.  He began his career on Wall Street as a corporate bond analyst for Paine Webber, Inc.  There, he held several senior level research positions, ultimately becoming Managing Director responsible for the firm’s entire U.S. credit research department.  Prior to joining Granite Springs, Mr. Masel was a portfolio manager and credit analyst with JAE Credit.  He also formerly held senior level positions with Millennium Partners, LP, Moore Capital Management, and James Caird Asset Management.  Mr. Masel holds a BA from Washington University and a MBA from Harvard University.  Mr. Masel also holds the FINRA Series 65 license

 

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Steve McLaughlin

Executive Vice President

smclaughlin@granite-springs.com

 

Mr. McLaughlin has served the banking and finance industry for nearly 25 years with a concentration in the municipal and taxable fixed income markets.  His broad experience encompasses portfolio management, institutional fixed income trading, distribution, research, and market strategy.  Prior to joining Granite Springs, Mr. McLaughlin was Managing Director at Municipal Market Advisors (MMA), a leading independent municipal bond market research and strategy firm.  Prior to that, he was lead fixed income portfolio manager for FCG Advisors, LLC and Director and Head of Institutional Municipal Bond Distribution at the Bank of New York.  Mr. McLaughlin graduated with a degree in Economics from State University of New York Potsdam and holds FINRA licenses 7 & 66.

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Mary Parker

Senior Vice President

mparker@granite-springs.com

 

Mary Parker is a graduate of St. Lawrence University with over 27 years of experience in the financial services sector. Prior to joining Granite Springs, she was the first woman to be named management within the Municipal Department at Merrill Lynch and upon her departure in 1984 held the position of Vice President and Manager of Merrill's Northeast Municipal Bond Region, trader and underwriter of new issues. At McConnell, Budd & Romano of Morristown, NJ, a private investment banking and financial advisory firm, Mary concentrated on the banking and thrift sector. She helped the firm start a "high net worth" group responsible for over $40 million in client assets while simultaneously managing the Equity Trading Department maintaining markets in over 70 NASDAQ stocks. Her experience combined with her trading expertise and understanding of today’s equity markets makes her an invaluable asset to the firm.

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Rich Callaghan

Senior Vice President

rcallaghan@granite-springs.com

 

Richard C. Callaghan CFP®, is a Certified Financial Planner™ and private portfolio manager and has been helping his clients build wealth for the past 16 years. Mr. Callaghan served his clients as a founding member of the Jeffrey Matthews Financial Group (1996) specializing in Fixed Income investments and as Managing Director of the firm’s Investment Advisory division overseeing his retail and institutional client’s investment portfolios. He earned his Certified Financial Planner™ CFP® designation in 2000, and over the course of his 15 year tenure with the firm grew his client relationships and honed his expertise ultimately managing just under 100 million dollars of his client’s assets. Mr. Callaghan earned his Masters in Finance from Seton Hall, 1992 and is a graduate of Bucknell University where he received his BS in Civil Engineering, Class of 1984. Mr. Callaghan was selected as a 2013 and 2014 FIVE STAR Professional Wealth Manager by New Jersey Monthly, recognizing him as a top wealth manager in New Jersey.

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Joseph Felicetti

Senior Vice President

jfelicetti@granite-springs.com

 

Joe Felicetti began his career as an accountant with Smith Barney in 1983.  While working full time during the day, he attended night school at Fordham University.  Joe graduated from the Gabelli School of Business at Fordham in 1987 with a bachelor’s degree in Public Accounting & Finance.  Since then, Joe has developed a specialty of working with retirees, and their heirs, who want to protect their principal and ensure that their money lasts.  His practice focuses on “Retirement Distribution Strategies” and “Estate Planning”.  His goal is to help retirees protect their Retirement Accounts from excessive taxation, and to avoid catastrophic retirement distribution mistakes.  In addition, he shows clients how to pass their wealth down from one generation to the next.  To achieve these goals, Joe trains year round on retirement planning strategies with Ed Slott & Co. and is a member of Ed Slott’s Elite IRA Adviser Group.

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Paul Stierhoff

Executive Vice President

pstierhoff@granite-springs.com

 

Paul has over 30 years of experience in the investment industry.  He brings a wealth of knowledge and portfolio management expertise to his clients; working with high net worth individuals & families, business owners, corporations and non-profits.  In addition to managing client’s investment portfolios, as a CERTIFIED FINANCIAL PLANNER (CFP®) practitioner, Paul also consults with clients in regard to a wide array of financial matters they are faced with and need to address.  In both 2013 and 2014 Paul was recognized as a Five Star Professional Wealth Manager in New Jersey.  Paul is also active in charitable and philanthropic pursuits.  He is active with Furniture Assist, which is an organization that provides furniture and household items free of charge to families with a recognized need.  He is Trustee of the Henry S & Agnes M Truzack Foundation, a private charitable foundation which makes grants to worthwhile non-profit organizations.  Paul also sits on the advisory board for the Drew University Center for Civic Engagement.

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Wale Tam

Senior Vice President

wtam@granite-springs.com

 

Wale Tam has over 20 years experience as a financial advisor with Dean Witter, Charles Schwab, Merrill Lynch, and HSBC. He has well rounded skills in advice, guidance, and technical operations procedures. His practice focuses on helping clients with stocks, mutual funds and bonds. Mr. Tam is a graduate of New York University

with a B.A. in Economics.

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25 Deforest Avenue, Suite 308, Summit, NJ 07901
1-855-212-0955
1221 Avenue of the Americas, 42nd Floor, New York, NY 10020-1001
1-212-935-0755
© 2014 Granite Springs Asset Management