A UNIFIED TEAM,
HIGHLY FOCUSED ON
Client Satisfaction
Working closely together and experiencing minimal turnover across over 30 years of business, our experienced and seasoned team provides tremendous stability for our clients to confidently pursue their long-term objectives.
Grady Durham founded Monticello Associates in 1992. He leads the firm’s efforts in the areas of asset allocation, investment policy development, investment manager evaluation, and performance measurement.
A frequent speaker around the country on topics related to asset management consulting, Mr. Durham has been a requested contributor to The Wall Street Journal, Barron’s, and Business Week. He is a former member of the investment committee of the Atlantic Foundation, one of the world’s largest private foundations, a member of the investment committee at Corpus Christi College, Oxford University, and a former trustee of The Thomas Jefferson Foundation, where he served as Chairman of the investment committee.
In addition, Mr. Durham is a past trustee of The Denver Art Museum. He is a past Trustee for the University of Virginia College of Arts & Sciences Foundation. He is currently a member of the Board of Trustees of the United States Ski and Snowboard Foundation.
Mr. Durham graduated with distinction in economics from the University of Colorado, with additional studies in International Finance at City University in London. He is a Foundation Fellow of Corpus Christi College and was selected to become an Emeritus Trustee of the Thomas Jefferson Foundation. In 2008, he was selected to be a commencement speaker at the University of Colorado.
Mr. Durham and his wife Lori reside in Denver with their two children, Gavin and Olivia.
Amanda Adams is a Managing Director at Monticello Associates. Located in the Denver office, Ms. Adams’ primary responsibilities include oversight of the Research Department, in her role as Director of Research, as well as manager due diligence and research, with a concentration on absolute return managers.
Ms. Adams joined Monticello Associates in 2006 after receiving her MBA degree. Immediately prior to attending graduate school, Ms. Adams served as the Compliance Officer for TAMRO Capital Partners, an investment manager focused on long-only U.S. equities investments.
Ms. Adams joined TAMRO from The Motley Fool, a global multi-media financial education company, where she worked in the firm’s Editorial Department.
Ms. Adams earned a Bachelor of Arts degree in English from the University of Virginia. She also holds an MBA from the Darden School of Business.
Ms. Adams and her husband Jon reside in Boulder, Colorado.
Donavan Brown is a Vice President at Monticello Associates. His primary responsibilities include client relationship management, investment manager research and asset allocation.
Prior to joining Monticello in 2023, Donavan spent fourteen years at Brown Brothers Harriman in a variety of roles across their investor services and capital markets businesses. There, he was responsible for relationship management for mutual fund clients and exchange traded fund sponsors in addition to helping institutional clients gain access to international markets. Donavan also served as global co-chair for the firm’s Black Affinity Network.
Donavan sits on the Board of Directors for the Steppingstone Foundation, a program that aims to prepare students from historically marginalized communities to access, navigate and graduate from college. He is also a Trustee and member of the investment committee at his alma mater, Thayer Academy, and a Board member for the New England Playworks organization which focuses on improving children’s physical health and social and emotional learning through recess.
Donavan earned his Masters in International Business from the Fletcher School at Tufts University in Boston, MA in 2011. He graduated with a B.A. in Economics from Tufts University in 2005.
Donavan is located in Monticello’s Boston office and resides in Milton, MA with his wife Lauren and their two children, Kira and Wesley.
Prior to joining Monticello in 1997, Mr. Cleworth was a Managing Director and Senior Vice President in charge of the investment advisory department at Hanifen, Imhoff Inc., the largest investment bank headquartered in the Rocky Mountain region. Previously, he was a portfolio manager at Founders Asset Management in Denver, where he managed three fixed income funds and acted as the economist for the firm. Mr. Cleworth also has six years of sell-side experience as a Vice President at First Boston Corporation, where he covered major New York institutions for government, mortgage, and corporate fixed income securities.
A graduate of Amherst College with a Bachelor of Arts degree in economics, Mr. Cleworth earned his MBA at Stanford University in 1986 with a concentration in Finance. He has passed FINRA Series 3, 5, 7, 24, and 63 securities exams, and has earned the Chartered Financial Analyst designation.
Mr. Cleworth is on the Board of the Denver Museum of Nature and Science.
Mr. Cleworth and his wife Susannah reside in Denver. They have three children: Veronica, Charles and Henry.
Adler da Cunha is a Vice President at Monticello Associates. Adler’s primary responsibilities include macroeconomic-related research and special projects, preparing market reviews, and supporting consultants with market data and insights.
Adler joined Monticello Associates in 2003 upon graduating from college. He began his Monticello career as an Investment Analyst, responsible for quantitative analysis of investment funds and supporting more senior analysts. He was promoted to Senior Investment Analyst, in which role he worked closely with consultants and on special projects. In his current position as Vice President, Adler oversees all of Monticello’s macroeconomic research.
Adler received a B.S. degree from Colorado State University with a major in Business. He is fluent in Portuguese.
Adler is located in Monticello’s Denver office and resides in Denver with his wife and son.
Chris Doyle joined Monticello Associates in 2012 and has a dual role within Monticello which includes both consulting and research. His primary responsibilities include managing client relationships, and manager search and due diligence procedures.
Prior to joining Monticello, Mr. Doyle was a Vice President at KeyBanc Capital Markets in Chicago, Illinois. He was responsible for raising capital for corporate banking customers in the primary fixed income market, as well as conducting industry-level due diligence and research. Mr. Doyle managed client accounts in the secondary market providing fixed income products including corporate bonds, agencies, treasuries, mortgages, municipals, preferred stock and credit derivatives. Prior to assuming his role as Vice President at KeyBanc, Mr. Doyle was an accountant in the Corporate Finance Department of Aon Risk Services in Glenview, IL.
Mr. Doyle received his MBA from the University of Chicago, Graduate School of Business with concentrations in Finance and Entrepreneurship. He received his B.S. from Miami University in Oxford, OH with a major in Finance.
Mr. Doyle serves as a member of the Board of Trustees at Urban Community School.
He resides in Cleveland and is located in the Monticello Cleveland office.
Mr. Eric Duffy joined Monticello in 2003 and is responsible for all private equity and real asset manager search and due diligence.
Prior to joining Monticello, Eric was the Treasury Manager for the University of Colorado Foundation, where he was responsible for managing the Endowment Investment Operations, Treasury Department and Charitable Trust Administration. Earlier in his career, Eric was an Analyst with Langhoff Brooks & Company, a Denver-based Investment Advisor that served local governments.
Eric received a B.S. degree from Nebraska Wesleyan University with a major in Finance.
Eric is located in Monticello’s Denver office and resides in Broomfield, Colorado with his wife and son.
Milgo Galaydh is a Director at Monticello Associates. Her primary responsibilities include client
relationship management, investment manager research and asset allocation.
Prior to joining Monticello in 2023, Milgo was a Managing Director at Cambridge Associates where
she advised Endowment and Foundation clients on the construction of private investment
portfolios. Additionally, she conducted due diligence on private equity and venture capital funds.
Previously, Milgo was at Albright Capital Management (ACM) where she spent a decade leading
the emerging markets corporate credit strategy with responsibility for sourcing, researching, and
executing investments. She also led credit oriented Special Situations investments and was a
voting member of the ACM Investment Committee. Milgo started her career as a credit analyst at
Barings in the High Yield and Emerging Markets groups.
Ms. Galaydh graduated from the University of Virginia with a Bachelor of Science degree in
Commerce. Ms. Galaydh is a CFA charterholder. She and her husband Matthew reside in
Washington, D.C. with their two children, Jacob and Benjamin.
Steven Halvorsen is a Managing Director at Monticello Associates and joined the firm in 1995. His responsibilities include maintaining client relationships, evaluating investment managers, and asset allocation. Mr. Halvorsen was previously responsible for oversight of the firm’s due diligence and client reporting functions.
Prior to joining Monticello, Mr. Halvorsen was the Director of Manager Search and Due Diligence for Denver-based Portfolio Management Consultants, Inc., a provider of investment research and asset management consulting capabilities for independent financial planners/consultants. There he was responsible for overseeing asset allocation and manager search and selection for all clients of the firm. He previously worked for Kemper Securities Group, where he served as one of two analysts performing money manager research and due diligence for five regional brokerage firms.
Mr. Halvorsen graduated from Babson College in Wellesley, Massachusetts with Bachelor of Science degrees in finance/investments and in economics. He has earned the designation of Chartered Financial Analyst.
He and his wife Amy reside in Denver with their two children, Marin and Elsie.
Brian Harrigan is a Managing Director at Monticello Associates. His primary responsibility at the firm is maintaining client relationships. Mr. Harrigan is also involved in Monticello’s manager evaluation process, asset allocation construction, and quantitative analysis. He has particular expertise in derivatives-based strategies and valuation, tax-efficiency analysis, and hedge fund research.
Prior to joining Monticello in 2008, Mr. Harrigan was an Assistant Vice-President and Audit Manager at Harris Bank in Chicago, Illinois. He was responsible for running audits for business units within the bank that possessed investment management capacity, including the Harris Investment Management Company which managed $20 billion in assets across funds and separately managed accounts. Audit functions included testing and reviewing virtually all steps in the investment management process.
Mr. Harrigan received his MBA from the University of Chicago, Graduate School of Business with concentrations in Analytical Finance, Accounting, and Statistics & Econometrics. He received his Bachelor of Science degree from Miami University in Oxford, Ohio with a double major in Finance and Accounting. Brian is also a Certified Public Accountant (CPA - Inactive) and a Chartered Financial Analyst (CFA) and is currently a member of the CFA Institute and CFA Society of Cleveland.
He is located in the Monticello Cleveland office and lives in the Cleveland area with his wife, Courtney, and their children, Patrick, Avery, and Luke.
John Harvan is a Managing Director at Monticello Associates. He joined Monticello Associates in 2013 and has a dual role within Monticello which includes both consulting and research. His primary responsibilities include managing client relationships, and manager search and due diligence.
Prior to joining Monticello, Mr. Harvan was a Senior Analyst at Nuveen Investments in Chicago, Illinois as part of their Global Structured Products group. He was responsible for the creation, launch, and sale of private and exchange-traded vehicles and executed refinancing activities for leveraged closed-end vehicle structures.
Prior to his role at Nuveen, Mr. Harvan was an Analyst at HSBC North America as part of their Financial Graduate Development Program. There he was on the Treasury – Debt and Derivatives desk responsible for interest rate, swap transaction, and retail note monitoring.
Mr. Harvan earned his MBA at the University of Chicago, Booth School of Business. He earned his BBA in Finance from the University of Notre Dame along with an International Business Certificate in 2009. He is a CFA charterholder.
He and his wife reside in Cleveland, and he is located in the Monticello Cleveland office.
Wes Hays is a Managing Director at Monticello Associates. Mr. Hays’ primary responsibilities include maintaining client relationships and assisting in the manager evaluation and search process.
Prior to joining Monticello in 2015, Mr. Hays was a Managing Director at Charles Schwab & Co where he was responsible for fixed income risk management and the equity syndicate desk. Wes spent the previous seven years in research, trading, and operations roles at Graham Capital Management, a global macro hedge fund in Connecticut.
Mr. Hays earned a Bachelor of Arts degree in Economics from Washington and Lee University. He was also awarded an MBA from the Daniels School of Business at the University of Denver. He is a Trustee of the Washington Episcopal School and a member of their Finance and Investment Committees. Wes is a member of the Finance and Investment Committees for the Loyola Blakefield School as well.
Wes and his wife Katie reside in the Washington, D.C. area with their two children, Graham and Ellie.
Cristy Hott joined Monticello in March of 1996 as the Director of Client Service/Administration at Monticello Associates, Inc. in Denver, Colorado. Her primary responsibilities include Executive Assistant duties for Grady Durham, Client Service/Administration Support, Office Manager and overseeing the Administration team of the firm. She is also involved in human resources and handles the client invoicing.
Prior to joining Monticello, Cristy was the Institutional Investment Consulting Coordinator for Denver-based Portfolio Management Consultants, Inc., a provider of investment research and asset management consulting capabilities for independent financial planners/consultants. She also previously worked for Kemper Securities Group, where she was the Manager of Client Relations & Broker Service for the Consulting Services division of Kemper Securities.
Mrs. Hott earned her B.A. in Elementary Education prior to passing the Securities Exams and working as a broker.
Cristy resides in Westminster, CO with her husband, Mark and has two children and three grandchildren.
Bill Howard is a Managing Director at Monticello Associates. Based in the Denver office, Mr. Howard is primarily responsible for managing client relationships and contributing to the firm’s manager evaluation and search process.
Prior to joining Monticello in 2017, Mr. Howard was a Senior Vice President at Callan LLC. In his role, he was responsible for delivering asset management consulting services to institutional investors including endowments, foundations, and family offices. Previously, Mr. Howard was a research analyst for Pritchard Investment Management, an investment manager specializing in factor-based equity strategies. He began his investment career as a portfolio analyst tracking the performance of investment newsletters at Hulbert Financial Digest.
Mr. Howard earned a Bachelor of Arts degree in Economics from Vanderbilt University and an MBA from the University of Denver. He is a CFA charterholder and a member of the CFA Society of Colorado. Currently, Mr. Howard is a Trustee at St. Anne’s Episcopal School and Chairman of the Investment Committee.
He resides in Denver with his wife and two children.
Joe Krawczak is a Managing Director at Monticello Associates and joined Monticello Associates in 2017. His primary responsibilities include managing client relationships, manager research, and investment due diligence.
Prior to joining Monticello, Mr. Krawczak was a Senior Analyst at Zelman Capital, a long/short equity hedge fund. At Zelman, his primary responsibility was conducting fundamental research on small- and mid-cap public equities. Joe was relied on to monitor existing portfolio holdings and present actionable investment ideas within his assigned coverage areas.
Prior to Zelman, Mr. Krawczak was an Equity Analyst at Longbow Research. At Longbow, he was responsible for conducting investment due diligence on industrial and basic materials stocks. This included meeting with management teams, maintaining financial models, publishing sell-side research reports, and disseminating investment ideas to the firm’s clients.
Mr. Krawczak earned his B.S. in Finance and Economics from the University of Dayton. He is a CFA charterholder and an active member of the CFA Institute and CFA Society of Cleveland.
He resides in Rocky River, Ohio, with his wife and two children. He is located in Monticello’s Cleveland office.
Andrew Kriete is a Vice President at Monticello Associates. His primary responsibilities relate to technology, specifically deployments, data management, and analytics production in support of manager research. He also provides client portfolio analytics and coordinates special research requests. Andrew also supports investment due diligence where emergent technology is central to a strategy’s success. He also supports and oversees the firm’s research in cryptocurrencies and blockchain technologies.
Prior to joining Monticello in 2021, Andrew spent five years as an investment analyst at a family office in Ohio. There he served in a dual role, helping with investment manager research and investment operations. During this time, Andrew taught himself to code and built applications supporting workflow automation for the office’s investment reporting and accounting functions. Before launching his career in finance, Andrew taught and played squash professionally.
Andrew received a B.A. in Religious Studies from Amherst College in 2011 and was a recipient of the college’s Moseley Award for his thesis work.
Andrew is located in Monticello’s Denver office and resides in Denver with his wife and son.
Nate Mease joined Monticello in 2016. Nate’s primary responsibilities include manager research and due diligence for private credit and real estate managers.
Prior to joining Monticello, Nate was an Investment Manager with Seattle Children’s Hospital in Seattle, Washington. He was responsible for covering a broad range of asset classes and investment managers, in addition to overseeing asset allocation and a variety of other projects. Earlier in his career, Nate was an investment analyst for Davidson College.
Nate earned his Masters in Investment Management from Boston University in Boston, MA in 2007. He graduated with a B.A. in Chemistry from the University of North Carolina in Chapel Hill, NC in 1999. Nate is a CFA charterholder and is currently a member of the CFA Institute and the CFA Society of Colorado.
Nate is located in Monticello’s Denver office and resides in Denver with his wife Kim.
John Montgomery joined Monticello in 2012. John’s primary responsibilities include manager research and due diligence of fixed income managers.
Prior to joining Monticello, John was an Investment Analyst with Kemper Corporation in Chicago, Illinois where he was the head analyst for the company’s municipal bond portfolio. Prior to Kemper, John was a Fixed Income Analyst for BMO Harris Private Bank in Chicago, Illinois where he was responsible for corporate and municipal bond surveillance as well as covering various fixed income investment managers for the bank and its clients. Earlier in his career, John was a Credit Analyst for Van Kampen Investments.
John earned his B.B.A. in Finance from the University of Iowa. He is a CFA and CAIA charterholder and is currently a member of the CFA Institute and the CFA Society of Colorado.
John is located in Monticello’s Denver office and resides in Ken Caryl, Colorado with his wife and two daughters.
Mr. Kevin Notaro joined Monticello in 2023. Kevin’s primary responsibilities include manager research and due diligence for hedged equity managers.
Prior to joining Monticello, Kevin resided in Austin, Texas and was an Investment Manager for the Teacher Retirement System of Texas, where he was responsible for a wide range of strategies within the External Public Markets division. Prior to this, Kevin was an Investment Manager covering hedge funds and global equities with the Texas Municipal Retirement System, an Austin-based public pension. Early in his career Kevin was based in Connecticut as a hedge fund analyst for Aetna Capital Management.
Kevin received a B.B.A. degree from Stetson University with a major in Finance.
Kevin is located in Monticello’s Denver office and resides in Littleton, Colorado with his wife Katy and their two children, Niamh, and Nolan.
Ms. Erika Olson joined Monticello in 2019. Erika’s primary responsibilities include manager research and due diligence procedures for domestic equity managers, as well as oversight of the firm’s ESG and Diversity and Inclusion (D&I) efforts.
Prior to joining Monticello, Erika was a Manager at The Walt Disney Company in Burbank, CA. She was responsible for overseeing the public markets portfolio for Disney’s $12B DB plan. Earlier in her career, Erika served in a number of roles at Cambridge Associates, including Associate Consultant, where she was responsible for hedge fund manager research, in addition to delivering asset management consulting services to institutional investors.
Erika graduated from University of Maryland, College Park with a BS in Finance. She received an MBA from the Yale School of Management in 2011.
Erika is located in Monticello’s Denver office and resides in Boulder with her husband and two children.
Eric Riedlin is a Managing Director at Monticello Associates. Mr. Riedlin’s primary responsibility at the firm is maintaining client relationships. He is also involved in Monticello’s manager evaluation and search process, and has particular expertise in evaluating derivative and option-based strategies.
Prior to joining Monticello in 1999, Mr. Riedlin was a Vice President at Salomon Smith Barney in the Institutional Fixed Income Group. In that role, he was responsible for developing strategies to help institutional accounts hedge market risk. He also assisted in the implementation and execution of these strategies as well as the creation of hedging policies and guidelines.
Mr. Riedlin received his Bachelor of Arts degree in economics from American University, and graduated from the university’s Economic Policy Program. He has earned the Chartered Alternative Investment Analyst designation.
He and his wife Cari reside in Denver. They have four children: Casey, Carly, William, and Andrew.
Jeff Sletten is a Managing Director at Monticello Associates. In his role, Mr. Sletten is primarily responsible for maintaining client relationships. He also assists in overseeing the firm’s private equity and venture capital activities and is involved in the manager evaluation and search process.
Prior to joining Monticello in 2006, Mr. Sletten was a senior member of the investment team at The Hillman Company in Pittsburgh, one of the foremost family offices in the country. There he specialized in private equity and managed a large and highly successful portfolio of domestic and international investments. He also served on the advisory boards of certain Hillman-backed companies in both the technology and services industries.
Mr. Sletten previously served as a Vice President with PNC Financial, where he financed numerous venture-backed technology companies, invested in venture capital funds, and provided M&A, valuation, and private placement advisory services to the bank’s mid- market customers.
A graduate of Gustavus Adolphus College with a Bachelor of Arts degree, Mr. Sletten earned an MBA from Thunderbird School of Global Management.
He and his wife Holly reside in Denver with their three children, Kari, Luke, and Jack.
Pat Sullivan is a Senior Managing Director at Monticello Associates focused on client portfolio management and investment manager evaluation, and founded and heads the firm’s Cleveland office.
Before joining Monticello in 2003, Mr. Sullivan served as President of Parkwood Trust Company, a Delaware chartered, private bank. There he was responsible for all aspects of investment management across asset classes, together with family office management, including complex tax and estate planning for high net worth families, family governance, and succession planning.
He previously served on the Board of Directors of Premier Farnell PLC, a London-based, publicly-traded, New York Stock Exchange and London Stock Exchange company. He began his career in Cleveland as a corporate and restructuring lawyer for Jones Day, where he focused on capital restructurings, mergers and acquisitions, and bondholder representation.
Mr. Sullivan is a magna cum laude graduate of Miami University, with a degree in economics. He received his law degree from the University of Texas School of Law, where he was an honors graduate and Order of the Coif recipient.
Mr. Sullivan served as a member of the Business Advisory Council of the Farmer School of Business at Miami University, and has also served as a guest lecturer on investment management at Miami University and at the College of Wooster. He also serves as Chairman of the Investment Committee of St. Ignatius High School and is a member of its Board of Regents. He is a member of the Board of Trustees of the Three Arches Foundation, a member of the Advancement Committee of St. Martin de Porres High School, and is a past Chairman of the Board of the Sisters of Charity Foundation.
He and his wife Nancy reside in the Cleveland area and have five children.
Andrew Terborgh is a Senior Managing Director at Monticello Associates. His responsibilities include advising clients, investment manager research, and firm management.
Mr. Terborgh began his career as an equity analyst at Dodge & Cox, where he was a member of the research team supporting the firm’s domestic and international equity strategies. His primary areas of focus at Dodge & Cox included Information Technology and Emerging Markets. Prior to joining Monticello in 2012, he worked in corporate finance and strategy at Accellent Inc., a medical device manufacturer owned by Bain Capital and KKR & Co.
Mr. Terborgh holds an MBA from the Stanford Graduate School of Business. He also earned a Bachelor of Arts degree in Economics from the University of California at Berkeley and a Master of Science in Economic History from the London School of Economics & Political Science. Mr. Terborgh is a CFA charterholder and member of the CFA Society Boston.
He and his wife Elizabeth reside in Boston with their two children, David and Lucas.
Kevin Zimmerman is a Managing Director at Monticello Associates. In his role, Mr. Zimmerman’s primary responsibility is managing client relationships. In addition, Mr. Zimmerman works on complex family office and endowment & foundation portfolios, including schools, private family foundations, museums, and hospitals & other healthcare-related institutions.
Prior to joining Monticello in 2001, Mr. Zimmerman was a financial consultant with Sagemark Consulting in Denver. There he was responsible for providing comprehensive financial planning and analysis to high net worth investors, including asset allocation, risk management, performance analysis, and estate and business succession planning. Previously, Mr. Zimmerman was a Vice President at Chase Manhattan Bank where he directed the strategic planning efforts for the bank’s domestic cash management business and was actively involved with new product development, pricing, profitability analysis, and competitive positioning.
Mr. Zimmerman is a member of the Investment Committee for his alma mater St. Albans School in Washington, D.C. He is a graduate of Colgate University, with a Bachelor of Arts degree in political science, and serves as a member of the school’s Alumni Council. He earned his MBA degree from Columbia University.
He and his wife Whitney reside in Denver with their two children, Caden and Ben.