A message from our CEO: COVID-19 update

To our clients and partners.

Our thoughts are with you all during these challenging times.

Since the onset of this pandemic we have prioritized our commitment to our team’s health and safety. We were prepared for remote operations long before mandates for social distancing were implemented.

Progressive transparency is a key value to us at Capstone. Employing it with discipline through these uncertain times has enabled us to adapt proactively to evolving health and safety challenges, keeping our operations uninterrupted and our investment strategies agile, while we continue to deliver exceptional client service.

I am proud of each and every member of our team and continue to support them in their commitment to their families, communities and our clients and partners through the ongoing social and economic impacts of this unsettling time.

Please take care of yourselves.

Paul Britton


Matt Tonelli

Head of Trading

Matt Tonelli is Capstone’s Head of Trading and oversees the Multi-Strategy Volatility Trading platform and the Risk Management team. Matt has been with Capstone since inception in 2004 and has enjoyed being part of Capstone’s evolution from market-maker to a leading derivatives-focused investment manager. He has managed derivative portfolios across many asset classes and became Capstone’s Head of Fixed Income and Foreign Exchange three years before becoming the Chief Risk Officer in 2010. Matt began his career as an equity and index options market maker on the CBOE and AMEX.

Matt received B.A. degrees in Biological & Environmental Analysis and Geology from University of Pennsylvania and an M.S. degree in Risk Management from New York University’s Stern School of Business.

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