Stifel Capital Management
Meet Our Team
Taxable and Tax-Efficient Fixed Income
Adam V. Topalian, AIF®
Chief Investment Officer, Taxable Fixed Income(212) 328-1685 | [email protected]
Adam is the Chief Investment Officer, Taxable Fixed Income, of Stifel Capital Management. He has over 40 years of experience in the fixed income markets, including the past 15 years as a portfolio manager. Adam joined Stifel, SCM’s parent company, in 2015 upon its acquisition of Barclays Wealth and Investment Management, Americas.
Prior to his current role at Stifel, Adam was a Senior Portfolio Manager with Barclays Fixed Income Portfolio Management, where he managed core municipal, tax-responsive, and core taxable portfolio strategies. Adam joined Barclays in 2008 as part of its acquisition of Lehman Brothers Private Investment Management business in the Americas.
Prior to joining Barclays, Adam was the Senior Fixed Income Strategist for Lehman Brothers Private Investment Management, Manager of the Fixed Income Portfolio Advisory Group, and a member of Lehman Brothers' Asset Allocation Committee. In these roles, he authored the “Fixed Income Insights” market strategy report, contributed to Portfolio Advisory’s “Investment Insights” publication, and participated in final asset allocation recommendations. In addition, Adam advised and provided customized portfolio strategies to ultra-high-net-worth individuals, foundations, and corporations with respect to fixed income investments. He joined Lehman Brothers in 2005.
Prior to joining Lehman Brothers Private Investment Management, Adam was an Executive Director at Morgan Stanley. He spent 11 years managing the Individual Investor Group's Fixed Income Market and Portfolio Strategy groups and the firm's Private Wealth Management municipal bond business.
Previously, Adam spent nine years in Smith Barney's Fixed Income Division as a municipal bond and mortgage-backed securities trader, as well as a portfolio strategist. He began his investment industry career in 1983 in municipal bond sales for S.A. Ramirez & Co.
Adam is Series 7, 16, 24, 52, 53, 63, and 65 registered with FINRA and holds the Accredited Investment Fiduciary® designation.
Prior to his current role at Stifel, Adam was a Senior Portfolio Manager with Barclays Fixed Income Portfolio Management, where he managed core municipal, tax-responsive, and core taxable portfolio strategies. Adam joined Barclays in 2008 as part of its acquisition of Lehman Brothers Private Investment Management business in the Americas.
Prior to joining Barclays, Adam was the Senior Fixed Income Strategist for Lehman Brothers Private Investment Management, Manager of the Fixed Income Portfolio Advisory Group, and a member of Lehman Brothers' Asset Allocation Committee. In these roles, he authored the “Fixed Income Insights” market strategy report, contributed to Portfolio Advisory’s “Investment Insights” publication, and participated in final asset allocation recommendations. In addition, Adam advised and provided customized portfolio strategies to ultra-high-net-worth individuals, foundations, and corporations with respect to fixed income investments. He joined Lehman Brothers in 2005.
Prior to joining Lehman Brothers Private Investment Management, Adam was an Executive Director at Morgan Stanley. He spent 11 years managing the Individual Investor Group's Fixed Income Market and Portfolio Strategy groups and the firm's Private Wealth Management municipal bond business.
Previously, Adam spent nine years in Smith Barney's Fixed Income Division as a municipal bond and mortgage-backed securities trader, as well as a portfolio strategist. He began his investment industry career in 1983 in municipal bond sales for S.A. Ramirez & Co.
Adam is Series 7, 16, 24, 52, 53, 63, and 65 registered with FINRA and holds the Accredited Investment Fiduciary® designation.
Matthew started his financial services career when he joined Stifel in 2022 as a Client Service Associate and brings a strong foundation in mathematics and applied statistics to the team.
Matthew has developed a deep understanding of operational processes and fixed income portfolio analysis. In his current role, Matthew models/creates and maintains custom asset liability matched fixed income portfolios for our public fund clients in addition to focusing on ensuring smooth operations. His attention to detail and commitment to efficiency helps the team deliver a high level of care and responsiveness.
Matthew earned a B.S. in Mathematics and a Master of Applied Statistics from Villanova University.
Matthew has developed a deep understanding of operational processes and fixed income portfolio analysis. In his current role, Matthew models/creates and maintains custom asset liability matched fixed income portfolios for our public fund clients in addition to focusing on ensuring smooth operations. His attention to detail and commitment to efficiency helps the team deliver a high level of care and responsiveness.
Matthew earned a B.S. in Mathematics and a Master of Applied Statistics from Villanova University.
Tax-Exempt Fixed Income
Michael J. Smith
Chief Investment Officer, Tax-Exempt Fixed Income(609) 297-1144 | [email protected]
Michael has more than 25 years of experience in the municipal fixed income market and is involved in all facets of the tax-exempt fixed income separately managed account business, including portfolio management, client servicing, accounting, performance reporting, and trading. He has more than 20 years of experience trading in all sectors of municipal securities in all 50 states.
Michael joined Stifel Capital Management in 2026 through its acquisition of Spring Mountain Capital’s Fixed Income business, where he served as a Chief Investment Officer, Tax-Exempt Fixed Income, of their separately managed account program. Previously, he was Vice President at U.S. Trust Company on the municipal trading desk, where he was instrumental in the conversion of their electronic order entry and trading platform system for private banking clients. Prior to joining U.S. Trust Company, Michael served Assistant Vice President and bond trader for separately managed accounts at Merrill Lynch Investment Managers. During this period, the assets of the privately managed accounts increased from $2 billion to more than $6 billion.
Michael received a B.S. in Accounting from Temple University and is a member of the New York Society of Security Analysts.
Michael joined Stifel Capital Management in 2026 through its acquisition of Spring Mountain Capital’s Fixed Income business, where he served as a Chief Investment Officer, Tax-Exempt Fixed Income, of their separately managed account program. Previously, he was Vice President at U.S. Trust Company on the municipal trading desk, where he was instrumental in the conversion of their electronic order entry and trading platform system for private banking clients. Prior to joining U.S. Trust Company, Michael served Assistant Vice President and bond trader for separately managed accounts at Merrill Lynch Investment Managers. During this period, the assets of the privately managed accounts increased from $2 billion to more than $6 billion.
Michael received a B.S. in Accounting from Temple University and is a member of the New York Society of Security Analysts.
John is a veteran fixed income municipal professional whose career spans over three decades. In his current role, John serves as Stifel Capital Management’s Portfolio Manager and designs and structures client portfolios that align with a specific strategy. He also oversees ongoing monitoring of client portfolios for cash reinvestment, market opportunities, liquidation needs, and swaps to enhance clients’ portfolio performance.
His experience and industry knowledge were developed primarily at national wirehouse firms in various fixed income product management and marketing positions. John’s expertise includes all aspects of portfolio creation, design, implementation, and monitoring, including defining objectives, security selection, pricing/execution levels, risk/reward analysis, and performance review.
In addition, John’s experience includes both primary (new issues), oversight, and secondary market trading strategies. Earlier in his career, John had lengthy tenures at both Merrill Lynch and UBS Financial Services. He received a B.S. in Business Administration from King’s College and holds the Certified Investment Management Analyst® certification from the Investment and Wealth Institute.
His experience and industry knowledge were developed primarily at national wirehouse firms in various fixed income product management and marketing positions. John’s expertise includes all aspects of portfolio creation, design, implementation, and monitoring, including defining objectives, security selection, pricing/execution levels, risk/reward analysis, and performance review.
In addition, John’s experience includes both primary (new issues), oversight, and secondary market trading strategies. Earlier in his career, John had lengthy tenures at both Merrill Lynch and UBS Financial Services. He received a B.S. in Business Administration from King’s College and holds the Certified Investment Management Analyst® certification from the Investment and Wealth Institute.
Michael has over 25 years of experience in operations and portfolio management. In his current role at Stifel Capital Management, Michael is responsible for trade operations and also serves as a municipal portfolio manager managing short-term cash positions.
He was an Assistant Vice President with Merrill Lynch Investment Managers’ tax-exempt department, where he managed the short-term cash positions for 22 funds with assets of approximately $8 billion. He also assisted the operations department with the conversion of a new trading and compliance platform. Before his stint at Merrill Lynch, Michael was a fund accountant.
He was an Assistant Vice President with Merrill Lynch Investment Managers’ tax-exempt department, where he managed the short-term cash positions for 22 funds with assets of approximately $8 billion. He also assisted the operations department with the conversion of a new trading and compliance platform. Before his stint at Merrill Lynch, Michael was a fund accountant.
James’ understanding and practical application of relevant credit, risk, and market analytics is based on over 17 years of experience in the municipal fixed income market. In his current role at Stifel Capital Management, James evaluates sectors, performs credit analysis, undertakes research for a wide range of municipal credit issuers and structures, and determines suitability and fit for the firm’s client portfolios.
Previously in his career, James served as a Director in the Public Finance Group at Fitch Ratings and at Kroll Bond Rating Agency, where he produced credit research and assigned ratings for various municipal sector credits. He began his municipal career with Standard and Poor’s Ratings in the Healthcare and Higher Education Group. James’ wide-ranging research career includes nine years of financial guaranty experience with Radian Asset Assurance, spanning all municipal sectors. In this role, he was responsible for credit underwriting and the surveillance of various sectors of the insured portfolio to minimize risk.
James earned a B.A. in Accounting and Economics from Queens College and an MBA from Baruch College, both of City University of New York.
Previously in his career, James served as a Director in the Public Finance Group at Fitch Ratings and at Kroll Bond Rating Agency, where he produced credit research and assigned ratings for various municipal sector credits. He began his municipal career with Standard and Poor’s Ratings in the Healthcare and Higher Education Group. James’ wide-ranging research career includes nine years of financial guaranty experience with Radian Asset Assurance, spanning all municipal sectors. In this role, he was responsible for credit underwriting and the surveillance of various sectors of the insured portfolio to minimize risk.
James earned a B.A. in Accounting and Economics from Queens College and an MBA from Baruch College, both of City University of New York.
Administration
Cindi is President and Chief Operating Officer of SCM. She joined Stifel in 2010 through its acquisition of Thomas Weisel Partners (TWP). At TWP and Stifel, Cindi served as the Chief Operating Officer for several asset management affiliates, including Montibus Capital Management, Sagewood Asset Management, Washington Crossing Advisors, and Thomas Weisel Global Growth Partners.
Cindi has more than 35 years of experience in financial services, including tenures as Marketing Director for Thomas Weisel Asset Management and Chief Product Officer at Scudder Weisel Capital. Prior to Scudder Weisel, she served as the Chief Marketing Officer at EXP.com and Vice President of Retail Marketing for GT Global/LGT Asset Management mutual funds in the U.S.
Cindi earned a B.A. from Hollins University.
Cindi has more than 35 years of experience in financial services, including tenures as Marketing Director for Thomas Weisel Asset Management and Chief Product Officer at Scudder Weisel Capital. Prior to Scudder Weisel, she served as the Chief Marketing Officer at EXP.com and Vice President of Retail Marketing for GT Global/LGT Asset Management mutual funds in the U.S.
Cindi earned a B.A. from Hollins University.
Mike joined the firm's parent company, Stifel Financial, in 2021 and serves as a Deputy Chief Compliance Officer. Prior to joining Stifel Financial, Mike was a Compliance & Risk Control Manager with Freddie Mac.
Mike has more than 20 years of experience in financial services compliance, including compliance positions with UBS, KBC Financial Products, JPMorgan, New Mountain Capital, Tiger Legatus Capital Management as Chief Compliance Officer, and FrontLine Compliance.
Mike has more than 20 years of experience in financial services compliance, including compliance positions with UBS, KBC Financial Products, JPMorgan, New Mountain Capital, Tiger Legatus Capital Management as Chief Compliance Officer, and FrontLine Compliance.