Bernard Garruppo

Chief Executive Officer
Bernard Garruppo's career in finance began nearly 30 years ago as a municipal bond trader at Moore, Schley, Cameron & Company.  He later worked at W. H. Mell Associates, Inc., where he focused on institutional sales and trading, before joining R. Seelaus & Company, Inc., the parent company of Granite Springs Asset Management, LLC, in March of 1993. Bernard took on the responsibilities of Granite Springs' CEO in January of 2013 and has since focused on growing the firm's portfolio management business to meet the sophisticated investment needs of its clients and remained involved in the firm's investment decisions, especially in the municipal bond space.  

Bernard graduated from Temple University with a degree in Finance. He is licensed in life and health insurance through the New Jersey State Department of Banking and Insurance and holds FINRA licenses 7, 24, 27, 53, 63 and 65.


Portfolio Managers


Managing Director
Randy Masel manages a proprietary high-yield corporate bond strategy that he created and launched when he joined Granite Springs Asset Management in January 2014.  Randy has more than thirty years of experience in the credit markets, as a banker, credit analyst, and a portfolio manager.  He began his career on Wall Street as a corporate bond analyst for Paine Webber, Inc.  There, he held several senior level research positions, ultimately becoming Managing Director responsible for the firm’s entire U.S. credit research department.  Prior to joining Granite Springs, Randy was a portfolio manager and credit analyst with JAE Credit.  He also formerly held senior level positions with Millennium Partners, LP, Moore Capital Management, and James Caird Asset Management.  Randy holds a BA from Washington University and a MBA from Harvard University.  Randy also holds the FINRA Series 65 license.


Thomas Dalpiaz

Managing Director
Tom Dalpiaz has over 30 years of experience in various aspects of the municipal bond business.  Currently, he is a Managing Director at Granite Springs Asset Management where he manages bond portfolios for individual clients, financial advisors, and institutions.  Tom has managed bond portfolios at Advisors Asset Management, Neuberger Berman, Sage Capital Management, and Weiss, Peck & Greer.  Before managing bond portfolios, Tom was a municipal bond credit analyst at Weiss, Peck & Greer, Merrill Lynch, and The Bank of New York.  Tom has had a series of bond articles published in Forbes and is author of “Managing Municipal Bond Portfolios For High Net Worth Investors”, a chapter found in The Handbook of Municipal Bonds, part of the Fabozzi series of investment books.  Tom has an MBA in Finance and a BA in History, both from Hofstra University.  He also holds FINRA licenses Series 7, 24, 63, & 65.


Client Sevices


Raphaella Eliseo

Senior Vice President, Client Services
Raphaella joined Granite Springs Asset Management, LLC in March of 2010, bringing with her more than 20 years of experience working with private clients and institutional investors. Raphaella implements and upholds the high standards necessary for Granite Springs to maintain its claim of firm-wide GIPS® compliance. She also manages all of the Firm's administrative operations, including portfolio accounting and performance reporting. Raphaella holds an AS in Business Administration from Kingsborough College. Previously, Raphaella was a Senior Admin at Williams Jones & Associates (WJA) for over 15 years. Prior to that she was a sales assistant with BBH for seven years.


Investment Advisor Representatives


Joseph Felicetti

Senior Vice President
Joe Felicetti began his career as an accountant with Smith Barney in 1983.  While working full time during the day, he attended night school at Fordham University.  Joe graduated from the Gabelli School of Business at Fordham in 1987 with a bachelor’s degree in Public Accounting & Finance.  Since then, Joe has developed a specialty of working with retirees, and their heirs, who want to protect their principal and ensure that their money lasts.  His practice focuses on “Retirement Distribution Strategies” and “Estate Planning”.  His goal is to help retirees protect their Retirement Accounts from excessive taxation, and to avoid catastrophic retirement distribution mistakes.  In addition, he shows clients how to pass their wealth down from one generation to the next.  To achieve these goals, Joe trains year round on retirement planning strategies with Ed Slott & Co. and is a member of Ed Slott’s Elite IRA Adviser Group.


Senior Vice President
Mary Parker is a graduate of St. Lawrence University with over 27 years of experience in the financial services sector. Prior to joining Granite Springs, she was the first woman to be named management within the Municipal Department at Merrill Lynch and upon her departure in 1984 held the position of Vice President and Manager of Merrill's Northeast Municipal Bond Region, trader and underwriter of new issues. At McConnell, Budd & Romano of Morristown, NJ, a private investment banking and financial advisory firm, Mary concentrated on the banking and thrift sector. She helped the firm start a "high net worth" group responsible for over $40 million in client assets while simultaneously managing the Equity Trading Department maintaining markets in over 70 NASDAQ stocks. Her experience combined with her trading expertise and understanding of today’s equity markets makes her an invaluable asset to the firm.


Paul Stierhoff

Executive Vice President
Paul has over 30 years of experience in the investment industry.  He brings a wealth of knowledge and portfolio management expertise to his clients; working with high-net-worth individuals & families, business owners, corporations and non-profits.  In addition to managing client’s investment portfolios, as a CERTIFIED FINANCIAL PLANNER™ (CFP®) practitioner, Paul also consults with clients in regard to a wide array of financial matters they are faced with and need to address.  In 2013, 2014, and 2015 Paul was recognized as a Five Star Professional Wealth Manager in New Jersey.  Paul is also active in charitable and philanthropic pursuits.  He is active with Furniture Assist, which is an organization that provides furniture and household items free of charge to families with a recognized need.  He is Trustee of the Henry S & Agnes M Truzack Foundation, a private charitable foundation which makes grants to worthwhile non-profit organizations.  Paul also acts in an advisory capacity for the Drew University Center for Civic Engagement.