Different by design.

Capstone is a global, alternative investment management firm operating across a broad range of derivatives-based strategies with a deep understanding of volatility. With approximately $10.4 billion of AUM and over 300 employees (as of June 1, 2024), Capstone was formed in 2007 and is headquartered in New York with offices in London, Amsterdam, Milan, Los Angeles, Hong Kong, Stamford, and Boston. Through strategic insight, market-leading expertise and advanced technology, we seek to anticipate and harness the complexities of world markets, creating unique opportunities for our clients, team and industry.

“To perform consistently demands the best- informed estimate of volatility and having the humility to acknowledge that it is always an estimate and to size positions accordingly. Over many years and market regimes, we’ve painstakingly developed the team and a very focused and scalable technology infrastructure to put us in a position to be able to perform on a regular and repeatable basis.”

— Paul Britton, Chief Executive Officer


Our team is comprised of a diverse group of over 300 accomplished individuals who collaborate and adapt proactively to source a sustainable advantage for our institutional clients. We are dedicated to providing the support and training to ensure that each and every individual on our team can achieve their very best.

"You get a lot of exposure at Capstone because we trade across so many asset classes. There’s all this complexity and experience in the business, so everyone is immersed in a tremendous learning environment.”
— Robert Kolodziej, COO


Capstone currently manages approximately $10.4 billion1, representing a diverse set of sophisticated global institutional investors, including public and corporate pension funds, university endowments, charitable foundations, sovereign wealth funds, insurance companies and banks.

1 As of May 1, 2024.

Investment Platforms.

Capstone has two separate but complementary investment platforms: CGM and Capstone Solutions.


Multi strategy approach trading derivatives across asset classes and regions, with a focus on volatility and relative value

“We have a collaborative, multi-portfolio manager approach to investment strategy.”

— Julian Stein, Director, Client Solutions
Capstone Solutions

Customized mandates and strategies tailored to client needs across the volatility and derivatives spectrum

“Our Solutions business works in collaboration with our clients to provide customized solutions to meet their constantly evolving needs.”

— Margaret Lucas, Director, Client Solutions

“We believe strongly in delivering transparency to our investors because, ultimately, we’re managing their assets, and we feel they should have a very clear idea as to the exposure they have.”

— Paul Britton, Chief Executive Officer


Scott Brindley

Senior Portfolio Manager

Paul Britton

Chief Executive Officer

Niall Cameron

Chief Risk Officer

Jason Goldberg

Senior Portfolio Manager

Cristin Grimm

Head of Finance

Robert Kolodziej

Chief Operating Officer

Tom Leake

Head of Solutions

Emily Locher

General Counsel and Chief Compliance Officer

John Moffatt

Senior Portfolio Manager

Kannan Niththyananthan

Senior Portfolio Manager

Anna Sharkey

Chief People Officer

Thomas Stott

Operations Manager

Raj Suryadevara

Senior Portfolio Manager

Matt Tonelli

Head of Trading

Duncan Valentine

Head of Investor Relations and Client Solutions

Gerlof de Vrij

Senior Portfolio Manager

"Many of us started down on the floor, which we believe makes us volatility-savvy people used to working in an adverse environment, and as a result, we approach business differently."

— Matt Tonelli, Head of Trading


Capstone’s journey is continually defined by expanding our services around our core capability of embracing volatility to find opportunity.

2004 Capstone Holdings Group is founded.
2006 Capstone opens London office.
2007 Capstone launches its multi-strategy approach to trading derivatives across asset classes, CGM.
2009 The Global Volatility Summit is founded.
2010 Capstone Solutions is launched to provide customized mandates and strategies tailored to client needs across the volatility and derivatives spectrum.
2013 Blue Owl purchases minority stake in Capstone.
2015 Capstone launches the Volatility Research Forum.
2017 Capstone opens Amsterdam office.
2018 Capstone opens Los Angeles office.
2020 Capstone opens Stamford office.

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