Cutler Capital Management Adds Butman, Bucci as Managing Directors, Portfolio Managers

Senior-Level Additions Add to Cutler’s In-Depth Expertise in Convertibles

Worcester, MA, December 09, 2011 --( Cutler Capital Management, LLC today announced that Robert Butman of New Canaan, Conn., and Paul Bucci of Ridgefield, Conn., have joined the firm as Managing Directors and Portfolio Managers, adding to the firm’s in-depth expertise in convertible securities.

Butman and Bucci were previously at Second Moment Capital Management, LLC, a firm they co-founded in New Canaan, Conn. They have 18 years of experience working together.

“Bob and Paul bring a combined 40 years of experience investing in convertible securities to Cutler's investment team,” said President David Grenier. “Their addition lays the groundwork for Cutler to expand its convertible products and makes Cutler more attractive than ever to both high-net-worth and institutional investors, such as pension funds, investment trusts, endowments and family offices.”

“Cutler Capital’s track record of providing high-net-worth investors with high-quality convertible products complements our experience with institutional investors,” Butman added. “There is a lot of synergy in our relationship.”

Before co-founding Second Moment, Butman was President and CEO of TQA Investors LLC, a hedge fund specializing in convertible arbitrage based in Stamford, Conn. TQA was acquired by Context Capital Management LLC of San Diego, Calif., in 2007. Butman was responsible for overseeing all investment management and research activities at TQA, a firm that was formed in 1996 after a spin-off from the mutual fund giant Franklin Resources. While at Franklin, Butman was President and CEO of Templeton Quantitative Advisors, a subsidiary of the Templeton Funds.

Prior to joining Templeton, Butman was a First Vice President, then Director of Quantitative Equity Research at Drexel Burnham Lambert and President of The DAIS Group, a quantitative research organization formed by ex-Drexel employees after the bankruptcy of Drexel. He started his career as a systems analyst with IBM.

Butman earned an MBA from the Wharton School at the University of Pennsylvania and his B.S. degree in operations research from the University of Maryland. He is an active member of many industry organizations, and serves 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 the Stamford Society of Security Analysts.

Before co-founding Second Moment, Bucci was a Principal and Senior Convertible Portfolio Manager for TQA Investors, where he was responsible for managing TQA’s hedged and long-only convertible funds. He developed the firm’s proprietary gamma trading system, and spent over 10 years managing the firm’s international investments, with a focus on Europe and the fast-growing Asian convertible marketplace.

Prior to TQA, Bucci served as Vice President at Templeton Quantitative Advisors, and was responsible for portfolio management and trading of the firm’s hedged equity products. Before Templeton, Bucci was an Analyst/Trader with the Quantitative Equity Group at Harvard Management Company in Boston, where he managed quantitatively structured portfolios.

Bucci began his career at the Putman Company before earning an MBA from Northeastern University in Boston. He received a B.A. degree in organic chemistry from Middlebury College.


Cutler Capital Management, LLC of Worcester, Mass. and Clearwater, Fla. ( is an investment advisory firm registered with the Securities and Exchange Commission, specializing primarily in investing in convertible securities to provide growth and income to high-net-worth investors, corporations, family offices, endowments and charitable foundations. Cutler currently manages more than $270 million in assets.
Cutler Capital Management
David Grenier