George Madrigal
Founder and Chief Executive Officer

George has been our Chief Executive Officer since the firm was founded in February 2007. In this role, he is responsible for leading the development and execution of the firm’s long term strategy, day-to-day oversight of each service line along with key managers, implementation of new business new lines, acts as the direct liaison between the Board of Directors and management of the firm, and oversight of regulatory and risk related issues. Before founding Penserra, from 1993 to 2007, he held a variety of senior roles at Barclays Global Investors (now part of BlackRock). As a Senior Portfolio Manager he was responsible for a team of investment professionals and managed billions of dollars in international equity assets. He developed a wide range of market experience covering a variety of other products including exchange traded funds, mutual funds, futures, currency, and non-U.S. equities for both the developed and emerging markets. He was responsible for developing a synthetic EAFE fund and enhancing portfolio management technology. As Head of Transition Management he oversaw a group responsible for short-horizon portfolios and beta solutions across global multi-asset classes. His responsibilities encompassed managing portfolio managers, traders, and research specialists. He also oversaw brokerage activities for the BGI affiliated broker-dealer, Barclays Global Investors Services (BGIS).  George worked with a team to address the issue of optimal multiple day trade solution with the development of a multi-period optimizer. George was a member of the Investment Review Committee, led many technology initiatives, and contributed significantly to risk management improvement. Early on at BGI, George also managed a team responsible for portfolio valuation and performance attribution. He previously held financial analyst positions at Transamerica, Conagra, and Baxter Healthcare.  He is a graduate of California State University, Fullerton with a BS in Finance. He is also a graduate of Columbia University with a MBA focus in securities analysis and a graduate of University of California, Berkeley with a MBA focus in business strategy. He holds security licenses 3, 7, 24, 63, and 66.

Anthony Castelli
Chief Compliance Officer and Chief Operating Officer

Anthony joined the firm in 2008. In his current position, he manages the operations team and oversees all compliance regulations. Anthony was formerly the Chief Compliance Officer of Joseph A. Sangimino Inc., a firm tailored towards servicing institutional clients. As CCO, Anthony was responsible for restructuring the firm’s entire compliance procedures and worked closely with Exchange Regulation to spot potential flaws in overall independent broker compliance. Some of his notable work included, but was not limited to the development of the Business Continuity Plan by analyzing the firm’s financial and operational risk, developed a transaction cost/commission analysis program for floor executions, instituted proper AML procedures as acting supervisor, maintained a correct error log and complaint file, formed and enforced standards of supervision, structure on opening new accounts, acceptable conduct of employees, rules on personal securities transactions, communications with customers, and created a successful general firm culture of compliance.  Anthony also served as Compliance Officer and Head of International Operations at Rosenblatt Securities prior to joining Penserra.   Anthony received his B.S. in Business Administration from Villanova University. He holds security licenses 7, 14, 24, 25, 53, 55, 63 and 87.


Jason M Valdez
Managing Director

Jason joined Penserra in February 2008. As the Head of Equity Trading, he oversees all Global and U.S. trading and sales. He brings 20 years of industry experience specializing in Program Trading and Transition Management. Jason previously worked for Rosenblatt Securities as the Director of Equity Trading. He was responsible for all U.S. equity trading decisions and for the restructure of the trading program including the middle office operational processes. Prior, he worked on the buy side for Russell Implementation Services as a Senior U.S. Equity Trader, in which he was responsible for transition management, mutual funds and single stock trading. In addition, Jason has unique experience in both the buy and sell side of equity trading and has been a member of the National Organization of Investment Professionals, NOIP, since 2003. Jason is a graduate of the University of California, Santa Barbara with a B.A. in Sociology with a focus on Economics. He holds security licenses 3, 4, 7, 24, 55, and 63.


George A. Schmilinsky
Managing Director, Director of Research

George has been Managing Director and Director of Research since joining Penserra in March of 2012. He brings with him over 24 years of industry experience. He is responsible for managing the equity investment research division, which includes selecting coverage, enhancing the technology research platform, liaising with investment managers, and enhancing the statistical significance of Penserra’s research estimates. George was Founding and Managing Partner at Tailor Research, where he was responsible for building and growing the firm through the acquisition by Penserra. Tailor Research was a technology and algorithm based investment research firm that identified and vetted market intelligence. Before Tailor Research, George was Chief Financial Officer and Head of Finance for Longbow Research, ThinkEquity Partners and Thomas Weisel Partners. He also was a Founding Partner at EnTrust Consulting where he led operational improvement engagements. George received his MBA from Columbia University with highest honors. He holds his series 7, 24, 27, 63, 86, and 87.


Zlatko Martinic, CFA
Managing Director

Zlatko began at Penserra in October 2016 as Head of Transition Management, and is responsible for overseeing the group’s sales and implementation teams.  He brings over 20 years of investment industry experience, including roles as a Senior Transition Manager and Portfolio Manager at Blackrock.  In his most recent role at Blackrock, he was Head of Product Implementation Americas where he managed a team of transition management professionals.  During his tenure at Blackrock, he helped design and implement proprietary portfolio management applications as well as chaired internal investment strategy and performance review committees.  Zlatko earned his degree at the Business and Commerce School in Switzerland, and is a CFA Charterholder. He holds series 3, 7, 24, and 63.


Dustin Lewellyn, CFA
Managing Director

Dustin has been with Penserra since 2012. As the Chief Investment Officer, Dustin directs and oversees the firm’s investment process and investment portfolios.  He started his career in 1997 at Barclays Global Investors (BGI), now the world’s largest asset manager as part of BlackRock, and was a Portfolio Manager there when the iShares brand was developed.  He spent 2 years as the Portfolio Manager for a number of the iShares portfolios.  He also spent 3 years as a Senior Portfolio Manager at Russell Investments, helping institutional clients transition assets and implement investment strategies across multiple asset classes and structures. He then spent 2 years as Head of ETF Product Management and Product Development at Northern Trust where he helped build out all areas of a new ETF business. He then spent 2 years as Managing Director of the ETF business at Charles Schwab.  Most recently, he was founder and CEO of Golden Gate Investment Consulting, a consulting firm dedicated to helping clients with index and ETF related topics.  Dustin holds a B.A. from University of Iowa and is a CFA Charterholder. He also holds series 7, 63, 66 and 24.


Wayne Fingerman
Managing Director, Agency MBS

Wayne has been Managing Director at Penserra since April 2013. He is responsible for analyzing, structuring, and trading new issue and secondary Agency CMO products, with a focus on derivatives. He brings with him 26 years of industry experience. From May 1994 to December 2011, Wayne worked for Amherst Securities Group, as Senior Managing Director in sales and trading. Over his career with Amherst, Wayne traded both Agency and Non Agency MBS, and was also responsible for the dealer sales group. Additionally, he served on the Board of Directors during the early years of his career with Amherst. Currently, Wayne is on the Boards of Directors of the Di Rosa Museum and on the Smithsonian Council for American Art. He is a graduate of Brown University with a B.A. in International Relations. Wayne holds series 7, 63, and 65. 

Donald E Chisholm
Co-Managing Director, Corporate Credit and Special Situations

Don has been Senior Managing Director of Fixed Income Capital Markets since joining Penserra in February 2012. As Co-Head of the Corporate Fixed Income team, he is responsible for continuing the expansion of the fixed income business including strategic planning, product development, trading, and investment banking. He brings with him 19 years of industry experience. Most recently, Don worked as Chief Executive Officer for VCG Securities from 2009 to 2012. In that role, he was responsible for the firm’s overall direction, Investment Banking, Capital markets, trading, sales, and banking groups. Prior, he worked as Managing Director of Debt Capital Markets for Cantor Fitzgerald. He was a senior high yield corporate bond and MBS sales trader, and was instrumental in the building of the firm’s high yield group. Prior to joining Cantor, Don was a Senior Vice President with BB&T, where he helped create and structure the high yield group and traded high yield distressed debt and private placements. Prior to BB&T, Don was a top producing sales trader with Raymond James. Don got his start on Wall Street as a proprietary convertible bond arbitrage trader.

Robert Wade 
Co-Managing Director, Corporate Credit and Special Situations

Robert has served as Senior Managing Director, Head of Credit Trading for Penserra since joining the firm in January 2012. In his current role, Robert is responsible for all trading in distressed, high yield, investment grade, and agency debt. Prior to joining Penserra, Robert was Head of Credit Trading at VCG Securities. Across his 24 years on Wall Street, Robert has run trading operations across a diversity of corporate credit and equity collateral for hundreds of institutional clients. Prior to joining VCG Securities, LLC, Robert served as Director of High Yield and Distressed Trading at Cantor Fitzgerald’s Debt Capital Markets Division. At Cantor, Robert built the high yield and distressed trading and sales desks. Prior to Cantor Fitzgerald, Robert was instrumental in building the high yield corporate bond trading desks at BB&T and Raymond James, serving as Director of High Yield and Distressed Trading. Robert began his career on the floor of the New York Stock Exchange, where he worked in a senior capacity for an equity specialist. Robert has a degree in finance and economics from Mount Saint Mary’s College. He holds security licenses 7, 55, and 63.

Capital Markets

Jose Reyes
Managing Director

Jose joined Penserra in May 2016. In his role as Head of Capital Markets, he is responsible for managing the marketing efforts to corporations of the Capital Markets division. Prior, Jose was a Managing Director at CAVU Securities. In his position, he headed the marketing and trading efforts of the Capital Markets division. Jose was also a Managing Director at Kota Global Securities. For the four years he was there, Jose strategically positioned the firm to increase exposure to institutional plan sponsors and encouraged a collaborative approach with the sales team and external syndicate desks to build incremental business. In addition to his extensive experience in the Capital Markets sector, Jose also has experience as a Sales Trader, which he gained at CastleOak Securities and Utendahl Capital Partners. Jose graduated from Bernard Baruch College in New York with a degree in Business Administration in Finance. He holds series 7, 24, 63, and 55.

Institutional Sales

Robert Carr
Managing Director

Rob came to Penserra in May 2014. In his current role, Rob is expanding Penserrra’s brokerage, transition management, MBWE, and asset management (ETF and Index sub-advisory) presence in the Boston/Northeast areas. Rob has strong ties to these communities, having lived, been educated, and worked in Massachusetts, Connecticut, and New York. Rob has 25 years of institutional trading experience in block, program/portfolio trading, algos, and TCA analysis. Previous to joining Penserra, he was Managing Director of Sales, at Fox River Execution for eight years.  Before moving into sales, Rob was an equity trader at Weeden & Co. and Fidelity Capital Markets for sixteen years. He received his B.A. from Clark University and is an MBA candidate from Babson College. Rob holds his series 7, 55, 63, and 66 licenses.

Connie Kreutzer
Managing Director

Connie joined the firm in August 2012. At Penserra, Connie currently leverages her talents between transition management, asset management, and equity trading. Connie has over 25 years of investment industry experience on both the Buy and Sell side. Most recently she was Director of Institutional Sales Trading at JMP Securities. Prior to JMP she was a Director of Transition Management at Knight Equity. She spent 4 years as a Managing Director at Banc of America Securities where she was in charge of Institutional Equity Sales Trading in the Mid-West. For nine years she managed global trading for Driehaus Capital Management. She has extensive knowledge and experience with high-touch, algorithmic, dark-pool, and program trading execution strategies. Connie holds a B.S. in Business Management from Northern Illinois University and holds security licenses 7, 24, 55, 63 and 66.

Steve Lowden
Managing Director

Steve has been with Penserra since August 2011, and brings over 20 years of experience across the buy-side and sell-side. Steve currently utilizes his talents in multiple departments, including Equity Trading, Transition Management, and Index Funds. Prior to Penserra, Steven worked for Lazard Capital Markets where he was an inaugural member of the first in-house, agency only electronic/program trading and analytics team. He was a major contributor in the build-out of the desk and development of proprietary execution algorithms and in-depth analytics program. Prior to that he spent more than eleven years with Russell Investments where he gained an extensive background across a broad range of functions, including trading (equity/derivatives), transition management and new business/product development. As a senior portfolio trader/analyst he was responsible for the formulation and implementation of transition strategies for the Russell funds and helped pioneer the development and rollout of several new programs to enhance the efficient implementation of multi-manager funds. In addition he spent three years in London as the regional director of portfolio structure where he built a team responsible for the development and implementation of all EMEA based products. Steve received his B.A. from the University of Puget Sound and holds security licenses 7 and 66.