Our Staff

Stephen Blumenthal founded CMG in 1992.  He is 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.

PJ Grzywacz joined CMG Capital Management Group, Inc. in 1997 where he currently serves as the President.  Mr. Grzywacz is responsible for 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 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.

Andrew Elkin joined CMG Capital Management Group, Inc. in 2004 and currently serves as Chief Operating Officer. His primary responsibilities include leading all trading, operations, technology, and client relations departments. He leads our Global Investment Performance Standards (GIPS) committee as well as being a member of CMG’s senior management team.  Mr. Elkin started at CMG as a research analyst focusing on third party manager due diligence. Mr. Elkin is a member of Accelerators, a regional peer-to-peer membership group for business executives.

Mr. Elkin graduated from Franklin & Marshall College with a Bachelor of Arts degree in Business Management and Spanish. He is married with two children and is active in the local soccer community.

Michael Hee, FSA, MAAA, joined CMG Capital Management Group, Inc. in 2009 where he is currently the Head of Investment Research. His primary responsibilities are to develop CMG’s investment strategy offerings as well as all aspects of investment research.  In this role, Mr. Hee creates proprietary investment strategies as well as monitoring and evaluating CMG’s current strategies drawing on decades of experience in financial risk modelling. Mr. Hee has over 20 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. Through his extensive risk modelling background, Mr. Hee has advised companies on design, pricing and funding of insurance plans and various re-insurance coverages. Michael is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. In addition to his actuarial credentials, Mr. Hee holds a Master of Science degree in Mathematics from West Chester University of Pennsylvania where he researched various areas of mathematics including numerical analysis, number theory and algebraic topology. Michael also holds a Bachelor of Science degree in Mathematics with a concentration in Economics from the University of Delaware.

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 directing the overall sales and distribution strategy which includes building and developing the sales team along with new product/platform initiatives.
As a leader in tactical investments, Mr. Rutstein continues to grow the strong CMG brand and ensures advisors have the necessary resources to grow their practices.

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.

Todd Silbergeld joined CMG in 2016 as General Counsel & Chief Compliance Officer.  From 2013 to 2015, Mr. Silbergeld served as Chief Compliance Officer of two affiliated SEC Registered Investment Advisers and General Counsel and Chief Operating Officer of the RIAs’ parent company.  From 2009 to 2013, Mr. Silbergeld was Founding Shareholder and Managing Partner of a Pennsylvania law practice dedicated to representing municipal entities.  Additionally, in 2009, Mr. Silbergeld co-founded a technology services and software company that continues to operate today.  From 2004 to 2009, Mr. Silbergeld held senior management positions in equity research for two investment banks.  From 1992 to 2004, Mr. Silbergeld held legal and external affairs positions for major telecommunications companies and for the Federal Communications Commission.

Mr. Silbergeld earned a Bachelor of Science degree from Syracuse University, an MBA degree from the University of San Francisco and a law degree from the Washington College of Law of American University.  Mr. Silbergeld is a member of the District of Columbia, Pennsylvania and New Jersey bars.

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.

Brian Schreiner joined CMG Capital Management Group, Inc. in July of 2015 as Senior VP of the Private Wealth Group. He has more than 16 years of investment experience serving individual investors, families and small businesses. Prior to joining CMG, Mr. Schreiner was President and Chief Operations Officer of Schreiner Capital Management, Inc., a registered investment advisor firm that specializes in managing tactical investments.

Brian has a B.S. in Business Administration from Widener University.  His writings and commentaries appear often in industry publications and he is a frequent speaker at industry events as well as at regional and national conferences.  Mr. Schreiner holds a FINRA Series 65 license.

Linda Cianci joined CMG Capital Management Group, Inc. in 1998. She currently oversees 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.  Ms. Cianci relishes nurturing relationships and ongoing customer engagement and has exceptional interpersonal skills.  Prior to joining CMG, Ms. Cianci held key administrative positions with Apria Healthcare and Novacare.

Ms. Cianci earned the Dale Carnegie Leadership Certification in the fall of 2015.  Ms. Cianci is married and enjoys spending time with her family.

Adam Agosti joined CMG Capital Management Group, Inc. in 2011 and currently serves as Senior Trader. Mr. Agosti is responsible for the trading of both the managed account and mutual fund strategies. He is a member of the Global Investment Performance Standards (GIPS) committee and plays a key role in calculating and reporting the performance of those strategies.

Mr. Agosti graduated in 2011 with a Bachelor of Science degree in Management and Finance from La Salle University.

Michael Tumolo, Senior Research Analyst, is a quantitative researcher and product developer for CMG Capital Management Group Inc. Michael’s primary responsibilities include quantifying, testing and validating CMG’s investment strategy offerings as well as creating new adaptive reasoning investment models. Mr. Tumolo draws on his extensive modeling and trading experience in strengthening CMG’s investment research department.

Michael has been analyzing the markets since 1997. He has traded stocks, ETFs, options, futures, forex and has been developing quantitative models and managing portfolios since 2000 for RIAs and research firms. Mr. Tumolo currently conducts research via the AmiBroker, Excel and TradeStation platforms.

Michael is a U.S. Navy veteran who holds a B.S. in Finance from Columbus University as well as an Associate’s degree in Electronics Engineering from RETS Education Center. Mr. Tumolo is a member of the Algorithmic Traders Association and the Market Technicians Association.

Magda Dobrowolska joined CMG Capital Management Group, Inc. in 2006 and currently serves as Senior Operations Associate. Her primary responsibilities include monthly and quarterly fee invoicing, accounting and trading, as well as supporting various security and macroeconomic research projects. 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.

Keeley McCloskey joined CMG Capital Management Group, Inc. in March of 2016 as a Client Services Representative.  Ms. McCloskey supports both the administrative and operations teams, working directly with CMG clients and advisors on the new account process.  Ms. McCloskey comes to CMG with an exceptional background in client services and operations.  Prior to joining CMG, Ms. McCloskey worked for Montgomery Medical Equipment Company as a Medical Equipment Specialist reviewing new patient information, processing orders and interacting with patients to ensure and exceed expectations.

Ms. McCloskey enjoys reading and spending time outdoors.

Stephanie Melendez joined CMG Capital Management Group, Inc. in January of 2020 as a Client Relations Representative. Ms. Melendez oversees distribution and maintenance forms for all CMG clients and advisors. Ms. Melendez comes to CMG with over 11 years of paralegal and transaction coordinating experience. She goes above and beyond to establish and maintain excellent communication and relationships with clients.

Ms. Melendez graduated in 2008 with a Bachelor of Science in Child and Family Studies and a minor in Psychology from Syracuse University. In her spare time, she enjoys spending time with her family and loves any and everything craft (DIY) related.