Developing strategies, building efficiencies, and connecting peers

Cindy Castellano is the CEO of Cutter Associates and has over 30 years of experience in the investment management industry. She formerly led Cutter Associates’ Client-Facing and Wealth practices, advising asset and wealth management firms on their sales and distribution, marketing, product development, consultant relations, client service, and client reporting. Cindy has conducted system searches for CRM, marketing automation, portals, pitchbooks/client presentation, content management, client reporting, client onboarding, and RFP systems. Prior to joining Cutter, Cindy served as Vice President and Head of Operations for a division of Guggenheim Investments, where she led mutual fund accounting and administration; institutional accounting, billing, and client reporting; SMA operations, performance reporting (GIPS); and fixed income performance, attribution, and risk reporting. As Vice President and Head of Equities, Cindy led the firm’s investment team and supervised equity trading activities.

Cindy also spent 10 years as a Senior Portfolio Manager and Research Analyst, managing over USD 500 million in AUM for mutual funds and VITs using social awareness (ESG), large cap growth, and mid-cap growth investment strategies. She developed the investment process, directed research analysts’ day-to-day efforts, and created the firm’s social criteria and proxy voting guidelines. Cindy, a Chartered Financial Analyst, holds a bachelor’s of business administration from Washburn University. 

Michiko “Mischa” Matsubara, Chief Financial Officer of Cutter Associates, has 20 years of experience in business development and project management in financial IT and operations outsourcing. Mischa joined Cutter in 2021 from Nomura Research Institute (NRI), Cutter’s parent company, where she held several high-profile roles in project management, group management, sales, and business management for NRI’s asset management and investment banking clients. At Cutter, she is responsible for all aspects of corporate financial and planning, and also leads the effort to improve the firm’s operational efficiency. Prior to NRI, Mischa worked at another IT company in Tokyo in various roles, including ERP Project Manager and System Consultant Leader.

Stacia Graham brings more than 30 years of experience in investment management as Head of Research at Cutter Associates, where she leads a team of analysts that delivers insights and events to Cutter’s global members.

Stacia joined Cutter in 2018 and, as part of the research team, worked closely with members and vendors to author numerous reports and deliver insights at events on many topics, including client reporting, modern compliance in investment management, investment management platforms, portfolio analytics solutions, asset allocation and total portfolio approach, and research management systems. She brings a deep understanding of end-to-end asset management processes and project management, and has also served as a subject matter expert for targeted engagements in enterprise risk and compliance.

Prior to joining Cutter in 2018, Stacia held various senior roles at Wellington Management Company in compliance, investment administration, and operational risk, including leading the global Investment Guideline Compliance team for eight years.

She earned her bachelor of science in business administration from Bryant University and an MBA from Bentley University.

Natalie McIntyre, Head of Consulting at Cutter Associates, brings extensive asset and wealth management background experience, along with technology expertise, to Cutter’s team. During her career, she has been at the forefront of leveraging data, technology, and AI to drive next-generation investment management across the value chain.

Prior to joining Cutter in January 2025, Natalie was the Head of Technology Consulting, formerly Axxsys Consulting, and a partner at Alpha FMC AWM North America, where she served as a senior advisor to asset and wealth managers, delivering end-to-end solutions spanning business strategy, transformation, technology design, and implementation. She advised clients on their strategic technology direction, data governance practices, trading platforms and practices, portfolio management tools, and operational organization, as well as data management architecture, tools, and practices. Natalie holds a Bachelor of Science in business and economics, with a pre-law concentration, from Skidmore College.