Our Firm

Vivaldi Capital Management is a privately owned wealth management firm that advises high net worth individuals and family offices.  Vivaldi was created on the belief that an independent firm was the best way to ensure our clients were served with their greatest interests in mind – both in terms of customized wealth management solutions and personalized service. By understanding our client’s objectives, we are able to provide proper guidance while keeping them well informed along the way.

At Vivaldi Capital Management, our mission is to:

  • Preserve and grow client wealth
  • Provide high quality traditional and alternative investment solutions
  • Serve as a trusted steward for our clients
David Sternberg Chief Executive Officer
Michael Peck, CFA President, Co-Chief Investment Officer
Randal Golden Chief Financial Officer
Chad Eisenberg, CPA Chief Operating Officer
Scott Hergott Co-CIO, Director of Research
Brian Murphy Portfolio Manager
Michelle M. Comella Chief Compliance Officer & General Counsel
Julie Kraff Treasurer
Tedman Breiter Wealth Adviser
Ilya Zlotnik Wealth Adviser
Alissa Levy Director of Client Services
Andrew Sternberg, CFP® Analyst
Michael Grayson Analyst
Evan Stoff Research Analyst
Elizabeth Asher Analyst
David Schneider Accountant
Jan Qin Client Service Associate
Wealth Planning

The conventional approach to financial planning is to establish a sound plan that can withstand the test of time. While we are staunch believers in managing wealth with a long-term view, we are not proponents of a ‘set it and forget it’ mentality. Clients who prefer to work with us commit to a more proactive course of action – focused on developing a strong sense of confidence, achieving their financial goals, and protecting their legacy.

At Vivaldi, wealth planning is not a one-time exercise – your plan evolves as your family’s life and wealth change. Accordingly, every client works with a dedicated Wealth Adviser who is responsible for delivering a superior experience to meet the ongoing goals of each client. We believe this approach is more personal, more customizable, and more relevant than the standard framework employed by most wealth management firms. Throughout the year, you can expect to receive proactive communication and high touch service, as we aspire to become the focal point of our client’s life and wealth affairs.

Investment Policy Design

The foundation of your long-term investment strategy is the investment policy statement (IPS) that frames your needs, objectives and priorities across time and generations. Each client works with their Wealth Advisor to determine how much risk they are comfortable taking, wherein we quantify your investment objectives into a specific risk tolerance. When crafting your IPS, your Wealth Advisor will help you identify any areas of special focus that will impact planning to your future, such as retirement income needs, funding a higher education for your family’s next generation, or managing tax consequences.

Asset Allocation

We are proponents of asset allocation as the primary driver of risk and return within our clients’ portfolios. Together, you and your Wealth Advisor will work collaboratively with our distinctive Asset Allocation Committee – the firm’s principal professionals with decades of investment experience – to create a personalized portfolio allocation for your family. Vivaldi breaks down the investment universe into six specific asset classes to better facilitate goals-based investment planning for its clients.

  • Equities
  • Fixed Income
  • Liquid Alternatives
  • Hedge Funds
  • Real Estate
  • Private Equity & Special Situations

The chief objective is not to create confusion over asset class descriptions; rather, it is to create an open architecture for aligning family goals and portfolio asset allocations.

Tax Efficient Management

It is not what an investor makes, it is what they keep that is most important. To that end, we are diligent about optimizing after-tax returns for our clients. When possible, we allocate tax-inefficient into tax-advantaged retirement accounts, tax-efficient investments into taxable accounts, and harvest losses to offset capital gains.

 

Investment Management

We employ an in-house investment Research Team that operates as a supportive unit to our Wealth Planning organization. The Research Team is not distracted by other obligations. The sole purpose of this dedicated team is to find investment solutions to enhance client portfolios. In 2016 alone, Vivaldi’s Research Team:

  • Met with over 150 portfolio managers
  • Participated in over 250 portfolio manager meetings
  • Performed initial review of 500 investment strategies
  • Participated in over 25 capital introduction events
  • Attended 5 top-tier investment conferences

Investment due diligence covers all asset classes and strategies, wherein the Research Team maintains a proprietary database of portfolio managers and all related correspondence. Importantly, the Research Team does not perform database screens to identify prospective portfolio managers. The vast majority of currently sourced funds and strategies have come through our extensive network and reach within the investment community as opposed to any screening process. Prior to making any allocations, the Research Team sets the expectation with the fund manager and their team that we require a certain level of transparency and access. We perform ongoing due diligence on our approved managers to ensure that are adhering to their style, process and investment mandate.

Investment Strategies

We focus on providing investment management strategies and access to alternative investments, such as hedge funds, real estate, private equity, and special situations to create balanced client portfolios. We pride ourselves on maintaining a proprietary approach to identifying unique alternative investment strategies across:

  • Arbitrage
  • Credit
  • Event Driven
  • Long/Short Equity
  • Mortgages
  • Multi-Strategy
  • Real Estate
  • Private Equity & Special Situations

 

Access to Institutional-Quality Managers

The Research Team utilizes their expertise and extensive network to gain access to institutional-quality portfolio managers with a demonstrated “edge” in their investment universe. We create value by sourcing and providing a differentiated manager line-up that clients cannot receive at the large wire-houses or on the other plug-and-play platforms. We firmly believe this process provides the best opportunity to generate positive absolute returns for clients irrespective of broader market movement. Vivaldi will negotiate lower portfolio manager fees for clients when possible.

Manager Research & Due Diligence

When performing due diligence, there is no substitute for experience and judgement. Our investment and operational due diligence process is methodical and rigorous. When we examine a manager, we not only review the manager and their performance history, but also their infrastructure, back office support, and service providers. Finding portfolio managers with a unique investment edge is equally as important as verifying that they have the controls in place designed to protect our clients’ assets.

Sourcing Evaluation Investment Monitoring

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David Sternberg Chief Executive Officer

David is a founding principal of Vivaldi Capital Management and leads the research process for selecting and approving new alternative investments for Vivaldi’s platform. He has over 31 years of experience in the financial markets and plays a lead role in the identification and selection of new alternative investment strategies. Prior to founding Vivaldi, David was a principal with FGMK Preservation Capital, where he specialized in analyzing and selecting Alternative Investments for high net worth clients.

In September 1999, he co-founded the Iron Partners LLC, a registered investment advisor with assets over $250 million, managing it until its sale in 2007. During the previous 15 years, David was a floor trader on the Chicago Board Options Exchange where he both traded and backed/trained over 20 traders employing his hedging strategies. David holds a BA degree in Business Administration from the University of Iowa.

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Michael Peck, CFA President, Co-Chief Investment Officer

Michael Peck is a partner at Vivaldi. He is currently President and Co-Chief Investment Officer and is responsible for all portfolio management as well as creating and implementing the strategic vision of the firm. Prior to Vivaldi, Michael was a Portfolio Manager at Coe Capital Management, a Chicago-based registered investment adviser and also a Financial Analyst and Risk Manager for Bond Companies. Michael graduated from Lehigh University with a Bachelor of Science in Accounting. He also holds a Masters in Finance and a Master’s in Business Administration in both Finance & Real Estate from DePaul University and is a Chartered Financial Analyst (CFA) charter holder.

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Randal Golden Chief Financial Officer

Randal is a founding principal of Vivaldi Capital Management. Since 1993, he has provided clients asset management services and solutions. Prior to forming Vivaldi, Randal served as Managing Director for FGMK/Preservation Capital Partners and Mesirow Financial where his investment philosophy centered on capital preservation and delivering absolute returns through custom portfolios of both alternative investments and fixed income securities.

Randal received a BA degree in Liberal Arts and Sciences from the University of Illinois – Urbana Champaign and is a CPWA©, a certified private wealth adviser. Randal is a Veteran of the United States Army (1987-1989) where he served as an Infantryman in the 5th Infantry Division (Mechanized).

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Chad Eisenberg, CPA Chief Operating Officer

As the firm’s first outside hire, Chad is responsible for designing the operational and reporting frameworks currently in place. He began his career within the alternative investment space working for some of the largest issuers of commercial mortgage backed securities before focusing exclusively on alternative investment strategies within the public arena. His specialties include portfolio reporting, operational due-diligence on hedge funds and constructing multi-manager portfolios.

Chad Eisenberg is a Certified Public Accountant who graduated from the University of Illinois – Urbana Champaign with an undergraduate and Master’s degree in Accountancy (Specialization Taxation). He is a candidate for the Chartered Alternative Investment Analyst (CAIA) designation.

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Scott Hergott Co-CIO, Director of Research

Scott joined Vivaldi from Citadel in New York where he worked as a Derivatives Analyst focused on Risk Management inside their Surveyor group, a multi-manager long/short equity platform that managed $13 Billion. Scott is a seasoned investment professional with 25-years of experience analyzing and managing Fund of Hedge Fund portfolios and trading equity options on the floor of the Chicago Board Options Exchange.

At Vivaldi, Scott is the quarterback behind the due-diligence process and assessing whether a new strategy is suitable for Vivaldi’s Alternative Investment Platform and, ultimately, presenting to Vivaldi’s investment committee.

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Brian Murphy Portfolio Manager

Brian joined Vivaldi as a Senior Research Analyst on the investment team with a particular focus on Vivaldi’s alternatives portfolios. Brian is responsible for all aspects of the investment process, including investment sourcing, evaluation, and monitoring. He is also a member of the firm’s investment committee. Brian has eight years of alternatives investment experience at both multi-manager and single strategy hedge funds, with a particularly deep background in long/short equity and derivatives trading strategies.

Prior to joining Vivaldi, Brian was a Director for Voyager Management, LLC, a fund of hedge funds firm. He received his B.S. in Finance from Miami University in Oxford, OH.

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Michelle M. Comella Chief Compliance Officer & General Counsel

Michelle is an attorney, compliance officer and risk manager with over 25 years’ experience working for diverse financial institutions including Charles Schwab & Co., Inc., Goldman Sachs & Co., and Ernst & Young Corporate Finance LLC and its successor entities.  Just prior to joining Vivaldi, Michelle was a partner at Ziliak Law, LLC, a boutique law firm at which she provided a wide range of legal services to financial industry participants.  At Vivaldi, Michelle is primarily responsible for ensuring the firm and its activities comply with all relevant rules and regulations, advising the management team on legal matters, and assisting with the firm’s due diligence processes.

Michelle received her B.A. in Humanistic Studies and Sociology from Saint Mary’s College in Notre Dame, Indiana, and her J.D. from Loyola University Chicago School of Law.  Through her years in the financial services industry, she has procured ten (10) FINRA licenses.  Michelle has also completed a training program in arbitration and mediation offered by the Illinois State Bar Association.

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Julie Kraff Treasurer

Julie Kraff serves as Treasurer to Vivaldi Capital Management and its affiliates.   In addition to her role as Treasurer, Julie has experience managing assets for family offices and helping individuals and couples navigate the economic aspects of divorce.  Julie holds a BS Degree in Management from Tulane University, an MBA with a concentration in Finance from the University of Chicago, and received her Certified Public Accountant License in 1985. Julie is also a Certified Divorce Financial Analyst (CDFA).  Her prior work experience includes Public accounting with Alexander Grant & Company (Now Grant Thornton), Vice President of Asset management with Balcor/American Express and numerous years of experience in all aspects of Real Estate as a consultant to home builders, developers, and investors.

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Tedman Breiter Wealth Adviser
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Ilya Zlotnik Wealth Adviser

Ilya is an Wealth Adviser at Vivaldi with a particular focus on clients in the TD Ameritrade Advisor Direct referral program. Prior to joining Vivaldi, Ilya worked as an Investment Consultant at TD Ameritrade where he advised high net worth families. He also spent a period of time as a Senior Associate in the Private Wealth Group at RMB Capital Management.  Ilya received a BS degree in Finance from the Kelley School of Business at Indiana University and his MBA with concentrations in Finance and Entrepreneurship from the Booth School of Business at the University of Chicago. He is a candidate for the Chartered Alternative Investment Analyst (CAIA) designation.

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Alissa Levy Director of Client Services

As the Director of Client Services for Vivaldi Capital Management, Alissa is actively involved with clients, investment managers and fund service providers. During her prior work experience, she has held positions in customer service, leadership of an election fundraising campaign, and as a legal assistant. Alissa joined Vivaldi Capital Management in 2012. Alissa received her BA in Political Science and a Certificate in Business from the University of Wisconsin – Madison. She graduated with multiple honors including distinction in the major.

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Andrew Sternberg, CFP® Analyst

Andrew is a leader on the operations team and responsible for the administration of Vivaldi’s business and database applications. Internally, Andrew oversees much of Vivaldi’s technology infrastructure and manages the processes and resources necessary for our client interfacing systems.  He also works closely with the Wealth Management team to prepare and deliver financial planning strategies to high net worth clients.  Andrew earned a Bachelor of Science Degree in Finance from the University of Illinois Urbana-Champaign. He is a CERTIFIED FINANCIAL PLANNER™ professional.  Andrew joined the Vivaldi team in May of 2013.

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Michael Grayson Analyst

Michael Grayson holds a B.A. from Colgate University where he studied Political Science and Economics. Michael was a member of the Men’s Division I Varsity Golf Team and was nominated to the Colgate University Athletic Leadership Academy. During his time, Michael helped coordinate the Sherburne-Earlville Adoption Program which sponsored a class of third grade students at the local elementary school. He was also active in Colgate’s Volunteer Income Tax Assistance program, in which the group filed over 700 collective income tax returns for low-income families. In his spare time, Michael enjoys spending time with his family and playing in recreational sports leagues with his friends.

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Evan Stoff Research Analyst

Evan sits on Vivaldi’s investment research team and works on the underwriting, monitoring and assessment of the firm’s investment opportunities. After graduating Cum Laude with a B.A. in Finance and Banking from the University of Missouri in 2013, Evan spent two years as an M&A Valuation Consultant with CBIZ in St. Louis before moving to Chicago and joining Vivaldi in October 2015. While at CBIZ, he valued equity interests through a range of financial models and facilitated efforts as project leader. Evan previously interned at Clayton Capital Partners as an Investment Banking Analyst Intern. Evan is currently a CFA Level 3 Candidate sitting in June 2016.

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Elizabeth Asher Analyst
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David Schneider Accountant
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Jan Qin Client Service Associate