Our Team

Steve Blumenthal

Steve Blumenthal

Chairman & CEO

Stephen Blumenthal founded CMG in 1992.  He is the CEO, Chief Investment Officer and portfolio manager at Capital Management Group, Inc. where he manages equity and tactical investment portfolios. He is a frequent speaker and writer on investment strategies, is a Forbes Contributor and has been featured in various other media sources including the Wall Street Journal, Barron’s, Investor’s Business Daily, Pensions & Investments Magazine, Investment News, RIA Biz and Smart Money.  He has been a guest on CNBC, Wall Street Journal Live, and Bloomberg.  Mr. Blumenthal is a frequent speaker at industry conferences (NAPFA, IMCA, Index Universe, Opal Financial Group Indexing & ETF Summit and NAAIM) and is author of CMG’s popular investment research commentary.  With 30 years of investment management and industry experience, prior to founding CMG, Mr. Blumenthal worked for Merrill Lynch Institutional, Merrill Lynch Retail and Prudential Securities.

Mr. Blumenthal graduated with a Bachelor of Science degree in Accounting from Pennsylvania State University. He is married, has three children and is active in his community coaching youth soccer.

Capital Management Group, Inc., PJ Grzywacz

PJ Grzywacz

President, Chief Compliance Officer

PJ Grzywacz joined CMG Capital Management Group, Inc. in 1997 where he currently serves as the President and Chief Compliance Officer.  Mr. Grzywacz is responsible the firm’s corporate strategy and for all aspects of day-to-day management of CMG and CMG’s family of mutual funds.  Mr. Grzywacz is also a frequent writer on macroeconomics, geopolitics and the firm’s strategies and research.  Mr. Grzywacz has over 17 years of experience in tactical and alternative investments and previously served as the CMG’s head of research with responsibility for due diligence, manager sourcing and proprietary investment research.  Prior to heading the firm’s research team, Mr. Grzywacz managed administration, accounting and operations for the firm and was responsible for the structuring of the firm’s alternative investment strategies.  Mr. Grzywacz is a member of Vistage International, the largest peer-to-peer membership organization for business owners and executives in the world.  Mr. Grzywacz graduated from Carnegie Mellon University with a Bachelor of Science degree in Finance and Marketing and a minor in International Affairs. Mr. Grzywacz also completed studies in European politics and economics at the Jagiellonian Univeristy in Krakow, Poland and courses on the European Union, European history and French at the Institute for American Universities in Aix-en-Provence, France.

Capital Management Group, Inc., Jason Wilder

Jason Wilder

Executive Vice President, Managing Director, Key Accounts

Jason Wilder joined CMG Capital Management Group, Inc. in August 2000 and acts as the Executive Vice President & Managing Director of Key Accounts & Business Development. Mr. Wilder has held multiple positions during his tenure at CMG including Director of Operations, Vice President of Sales and National Sales Manager.  Since 2012, Mr. Wilder has served on the Board for The National Association of Active Investment Managers (NAAIM) and in 2014 became the President of the organization .  Prior to joining CMG, Mr. Wilder was an Assistant Limited Partnership Trader with the American Partnership Board. Before this, Mr. Wilder was the Institutional Client Services Manager for Trust Company of America with responsibilities including omnibus trading, back office systems, sales integration, corporate action and advancing advisor relationships.  Mr. Wilder began his career in the financial services industry at Raymond James and Associates in Clearwater, Florida. In his position as Mutual Fund Reconciliation Specialist, he worked closely with mutual fund companies, transfer agents, wire houses and trust companies in both institutional and retail capacities.

Mr. Wilder lives in Berwyn, PA with his wife, two sons and their pets.  He is active in the community where he coaches football and baseball and serves as the President for the Conestoga Generals Pop Warner Football organization.

Mr. Wilder is a graduate of Eckerd College, St. Petersburg, Florida, with a Bachelors of Arts degree in Management and holds a FINRA Series 66 license.

Capital Management Group, Inc., Andrew Elkin

Andrew Elkin

Chief Operating Officer

Andrew Elkin joined CMG Capital Management Group, Inc. in 2004 and serves as Chief Operating Officer. His primary responsibilities include overseeing all trading, operations, technology and client relations. Mr. Elkin started at CMG as a research analyst focusing on third party manager due diligence. Prior to joining CMG, Mr. Elkin was a marketing coordinator at Ben Franklin Technology Partners of Southeastern Pennsylvania, a Philadelphia-based economic development organization.  Mr. Elkin graduated from Franklin & Marshall College with a Bachelor of Arts degree in Business Management and Spanish. He is married with one child and is active in the local soccer community.

Capital Management Group, Inc., Mike Hee

Michael Hee, FSA, MAAA

Managing Director, Investment Research

Michael Hee, FSA, MAAA, joined CMG Capital Management Group, Inc. in 2009 where he is currently the Head of Due Diligence and Investment Research. His primary responsibilities are to continually improve CMG’s investment strategy offerings as well as all aspects of investment research.  In this role, Mr. Hee monitors and evaluates CMG’s current strategies in addition to performing due diligence on prospective managers and strategies.  Mr. Hee has over 18 years of risk management experience in insurance, finance and business consulting.

Prior to joining CMG, Mr. Hee worked as a consulting actuary providing financial risk management solutions for clients.  Mr. Hee is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.  Mr. Hee graduated with a Master of Science degree in Mathematics from West Chester University of Pennsylvania. He also holds a Bachelor of Science degree in Mathematics with a concentration in Economics from the University of Delaware.  Mr. Hee is married with three children and is active is his community coaching youth sports.

Richard Shorin

Richard Shorin


Richard Shorin joined CMG Capital Management Group, Inc. in 2004 as Controller. Mr. Shorin is currently responsible for all daily financial and tax activities. He also interacts and coordinates projects with various outside professionals.

Before joining CMG, starting in 1994, Mr. Shorin was Controller for US MobilComm, Inc. where he also worked with the FCC and investors on license related matters. For the past 10 years, Mr. Shorin maintained a private tax practice where he represented a diverse range of moderate to complex individual and small business clients. Mr. Shorin started his career at Laventhol & Horwath, which had been the 10th largest accounting firm in the US. He worked in the accounting and auditing department and progressed to tax manager. He continued his experience there as the Controller of all 50 offices, director of tax operations and finally as part of select team to manage the firm’s bankruptcy. Mr. Shorin holds a Bachelor of Science degree in Economics and a Master of Business Administration from the University of Rochester. Additionally, he has a Masters Degree in Taxation from Villanova University. Mr. Shorin is a licensed CPA and Notary.

Capital Management Group, Inc., Avi Rutstein

Avi Rutstein

Managing Director, Head of Distribution

Avi Rutstein has over 10 years of experience in the financial services industry as a trader, advisor and wholesaler. Mr. Rutstein joined CMG Capital Management Group, Inc in 2006 and serves as Managing Director and Head of Distribution. Mr. Rutstein is responsible for maintaining and cultivating advisor relationships in the Great Lakes and Northeast regions.

Prior to joining CMG, Mr. Rutstein was a securities trader with Wheatley Capital Series Fund LLC, specializing in NASDAQ stocks. Earlier, he was a Financial Advisor with Metropolitan Life working with families and small businesses. Mr. Rutstein began his career at MarketVision, Inc. where he partnered in the launching of a direct marketing company.

Mr. Rutstein graduated from Pennsylvania State University with a Bachelor of Science degree in Management. He resides in Berwyn, Pennsylvania where he enjoys spending time with his wife and two children. Mr. Rutstein holds a FINRA Series 65 license.

Jim McFadden

Jim McFadden

Vice President of Institutional Sales

Jim McFadden joined CMG Capital Management Group, Inc. in January, 2014 as Vice President of Institutional Sales.  Mr. McFadden is responsible for forging new advisor relationships in the Southern and Western regions.

Prior to joining CMG, Mr. McFadden was a sales consultant with Discovery Data, the industry’s leading financial services data provider.  In this role Jim worked closely with fund companies to strategically maximize the efficiency of their distribution efforts through the RIA and Broker Dealer channels.  Earlier Mr. McFadden was a Senior Equity Options Market Maker with Group One Trading  on the Chicago Board Options Exchange and Philadelphia Stock Exchange. In this role Mr. McFadden provided liquidity and managed risk on a book of over 100 stocks.  He was actively involved in training and mentoring Junior Traders.  After leaving the trading floor, Mr. McFadden was instrumental in developing Group One’s Sales Trading desk where he provided liquidity to Investment Banks and  Broker Dealers.

Mr. McFadden graduated Fordham University with a Bachelor of Science in Finance with a minor in Economics.  He is a Philadelphia native and avid boxing fan.  In his spare time Mr. McFadden enjoys running half marathons, rowing and basketball.


Thomas Hannafin

Internal Sales Associate

Tom Hannafin joined CMG Capital Management Group, Inc. in May of 2012 and is an Internal Sales Associate. His primary responsibility is to generate and coordinate new sales opportunities for CMG’s external wholesalers.  Prior to Internal Sales, Mr. Hannafin was on the Client Relations Team and was responsible for opening all new accounts, processing day to day paperwork and maintaining client relationships. In 2006, Mr. Hannafin worked as an intern for CMG.

Prior to joining CMG full time, Mr. Hannafin worked as an assistant for various entertainment icons as well as working as a personal chef. Mr. Hannafin also has two years of experience working in the gas and oil industry. Outside of CMG, Mr. Hannafin has a passion for music; he is a talented musician and performs locally as a singer/songwriter. He is also involved in the local soccer community and coaches a youth team. Mr. Hannafin holds a FINRA Series 65 license.


Kevin Auerbach, ChFC, CLU

Senior Vice President of the Private Wealth Group

Kevin Auerbach joined CMG in January 2014 as Senior VP of the Private Wealth Group.  Mr. Auerbach is a  private wealth professional with over 21 years of financial experience, including having owned his own Registered Investment Advisory firm for over 10 years.  Mr. Auerbach was a General Securities Principal and owner of an LPL Financial Services branch.  He is a Chartered Financial Consultant and experienced estate planner working with business owners and high net-worth families. Mr. Auerbach began his career in 1993 as a special risks underwriter for CNA Insurance Company in Chicago and Philadelphia.

Mr. Auerbach is a graduate of the Fox School of Business at Temple University where he studied Risk Management and Insurance and Law (undergraduate).  He also obtained his Chartered Financial Consultant and Chartered Life Underwriter designations from the American College.

Mr. Auerbach is married with three children and has two dogs.  Over the years, he has coached numerous travel and little league baseball teams.  He is an avid tennis player, has a wonderful passion for animals and does volunteer work for Main Line Animal Rescue.  Kevin volunteers his time on various committees for the Jewish Federation of Greater Philadelphia and the Jewish Family and Children’s Service.

Adam Agosti

Adam Agosti

Senior Trader

Adam Agosti joined CMG Capital Management Group, Inc. in 2011 as Operations Associate after coming through the firm’s internship program in 2010-2011. As an Operations Associate, Mr. Agosti oversees daily trading and reconciliation of CMG portfolios and strategies.  Mr. Agosti graduated in 2011 with a Bachelor of Science degree in Management and Finance from La Salle University.

Capital Management Group, Inc., Magda Dobrowolska

Magda Dobrowolska

Reconciliation Specialist

Magda Dobrowolska joined CMG Capital Management Group, Inc. in 2006 as a Reconciliation Specialist. Her primary responsibilities include monthly and quarterly fee invoicing, accounting and trading. Prior to joining CMG, Ms. Dobrowolska was a Financial Analyst at SEI, a global provider of outsourced asset management services and investment processing solutions. She brings to CMG a broad international and financial/accounting experience from her work abroad for British and Danish Programs. Ms. Dobrowolska has a MBA in Finance and Economics from West Chester University of Pennsylvania. She received her Bachelor of Science degree in Finance from the Academy of Economics in Poznan, Poland. Ms. Dobrowolska holds a FINRA Series 65 license.

Rob Choi2

Rob Choi

Operations Associate

Rob Choi joined CMG Capital Management Group in 2013 as an Operations Associate.  Mr. Choi oversees the company’s database and works closely with the sales and trading teams.  Prior to joining CMG, Mr. Choi worked as a product management associate for C&D Technologies, Inc., where he was responsible for maintaining key relationships with nuclear power plants.

Mr. Choi graduated from Boston College with a concentration in Marketing.  After spending most of his childhood in New York City, he lived in South Korea for nine years before permanently moving back to the States in 2004.

Capital Management Group, Inc., Linda Cianci

Linda Cianci

Client Relations Manager

Linda Cianci joined CMG Capital Management Group, Inc. in 1998. She currently oversses the Client Relations Team and manages the internal administrative staff.  Ms. Cianci has extensive experience in client account management and customer service. She works directly with all CMG clients and advisors  as well as related custodians, mutual fund companies and institutional brokerage firms.  Prior to joining CMG, Ms. Cianci held key administrative positions with Apria Healthcare and Novacare.  Ms. Cianci is married and has a son and a grandson.

Capital Management Group, Inc., Lakeya Smith

LaKeya Smith

Client Relations Representative

LaKeya Smith joined CMG Capital Management Group, Inc. in April of 2009 as a Client Services Representative. Ms. Smith supports both the administrative and operations teams, working directly with CMG clients and advisors on the new account process.

Ms. Smith most recently worked as a Customer Service Representative for Touchstone Health, an HMO. Ms. Smith also has worked for the New York State Department of Housing and Department of Health in various client relations and customer service roles as well as an Administrative Assistant for the New York Mayor’s Office of Veterans Affairs. Ms. Smith attended Nyack College and holds an advanced Microsoft Office Certificate from the Holt Technical School. Ms. Smith enjoys reading, writing, music and spending time with her family.


Chris Wert

Client Relations Representative

Chris Wert joined CMG Capital Management Group, Inc. in December 2014 as a Client Relations Representative. Mr. Wert supports both the administrative and operations teams, working directly with CMG clients and advisors on the new account process. Mr. Wert brings over 10 years of experience in the investment management industry with prior roles in account services with SEI and AMG Funds. He graduated from LaSalle University with a Bachelor of Science in Marketing and holds FINRA Series 6 and 63 licenses.

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