Investment Team

Cutler Capital Management's investment team makes decisions about security selection based on in-depth, proprietary research.

Cutler's investment team manages assets for institutional investors, including family offices, endowments, foundations and for high-net-worth investors.

Melvin Cutler Melvin S. Cutler
Chief Investment Officer and Portfolio Manager

Mr. Cutler has researched and invested in convertible securities and other income producing securities since 1975. He registered as an investment adviser with the Securities & Exchange Commission in 1986 and incorporated his registration into Cutler, Wentzell & Moynihan (CWM) a wealth advisory firm in 2000. CWM was converted into Cutler Capital Management, LLC in 2003 to focus specifically on managing convertible security oriented investment portfolios for high net worth individuals and institutional clients.

Mr. Cutler also founded Flagship Bank & Trust, Worcester, MA and Madison Banc Shares (NASDAQ: MDBS), in Palm Harbor, FL. Both banks were sold to publicly owned bank holding companies - Chittenden NA Bank and Whitney NA bank, respectively.

David Grenier David N. Grenier
Managing Member and Portfolio Manager

Mr. Grenier joined Mr. Cutler in June 2003. He managed the conversion of CWM into Cutler Capital Management, LLC and played an integral role in the launch of the firm's first convertible hedge fund early in 2004.

Mr. Grenier has 17 years of banking experience, including 12 years at Fleet Boston Financial. At Fleet's Private Clients Group he led a team of investment and estate planning professionals responsible for managing $2 billion in assets for high net worth individuals and institutions. Prior to the Private Clients Group, Mr. Grenier worked within Fleet's Corporate Lending and Managed Asset Divisions where he developed company valuation and debt underwriting skills in connection with Fleet's extension and restructuring of loans. Mr. Grenier applied these skills within airline, manufacturing, utility, high-technology and real estate industries and they are essential to managing and evaluating the General Partner's current and prospective investments.

Mr. Grenier is a graduate of Amherst College and serves on the investment committee of the Health Foundation of Central Massachusetts, Inc.

Robert Butman Robert E. Butman, CFA
Managing Director and Portfolio Manager

Mr. Butman joined Cutler in 2011 from Second Moment Capital Management, where he was the cofounding partner and President. Prior to Second Moment, Mr. Butman was President and Chief Executive Officer for fourteen years at TQA Investors, a hedge fund that was created by a spin-off from the Franklin Resources mutual fund organization., where his responsibilities included overseeing all investment management and research activities. From 1992 to 1995, Mr. Butman served as the President, Chief Executive Officer and Director of Templeton Quantitative Advisors, a wholly-owned subsidiary of Templeton Worldwide, Inc. Prior to joining Templeton in 1990, Mr. Butman was a First Vice President (1985-1989) and the Director of Quantitative Equity Research (1990) at Drexel Burnham Lambert and President of The DAIS Group, a quantitative research organization formed by ex-Drexel employees upon the bankruptcy of Drexel in 1990. Mr. Butman started his career as a systems analyst with IBM (1977-1980). Mr. Butman obtained a B.S. in management science from the University of Maryland in 1977 and an M.B.A. in finance from the Wharton School at the University of Pennsylvania in 1982. He is an active member in a number of industry organizations, including serving on the Board of Directors of The Institute of Quantitative Research in Finance (Q-Group). He is also a member of the Institute of Chartered Financial Analysts and Stamford Society of Security Analysts.

Paul Bucci Paul V. Bucci
Managing Director and Portfolio Manager

Mr. Bucci joined Cutler in 2011 from Second Moment Capital Management, where he was a cofounding partner and Chief Investment Officer. Prior to Second Moment, Mr. Bucci was a Principal and Senior Convertible Portfolio Manager for TQA Investors from 1996 to 2009. Mr. Bucci was responsible for managing TQA's hedged and long-only convertible funds and specialized in analyzing global convertible securities. He developed the firm's proprietary trading systems, with a particular focus on gamma trading to monetize intraday volatility. From 1994 to 1995, Paul was a Vice President at Templeton Quantitative Advisors, where he was responsible for portfolio management and trading of the firm's hedged equity products. From 1992 to 1994, Mr. Bucci was an Analyst/Trader with the Quantitative Equity Group at Harvard Management Company. Paul began his career at the Putnam Company in 1985. He obtained a B.A. in Organic Chemistry from Middlebury College and an M.B.A. in finance from Northeastern University.

Geoffrey Dancey Geoffrey K. Dancey, CFA
Director of Research and Portfolio Manager

Mr. Dancey has been a Securities Analyst, Trader & PM with Cutler Capital since 2002. Mr. Dancey runs the firms fundamental research process. He is an experienced Security Analyst performing fundamental equity analysis and valuation and credit research and spread analysis. This research is the foundation for the firm's investment decisions. He is also experienced trading over-the-counter & exchange-traded convertible bond and preferred securities on a hedged and outright basis, and executing option pairs and program trades for the firm. Mr. Dancey cultivates and maintains important relationships with approximately 24 convertible dealers. Mr. Dancey holds an MBA in Finance from Clark University.