Lee Calfo

Lee Calfo’s 20+ years of financial services industry experience is focused on registered investment advisor (RIA) and broker-dealer (BD) formation and management; they have included significant time spent in asset management, research, and capital markets.

Starting in 2000, Lee began his research and asset management career as an analyst at several investment firms, and starting in 2007, he became a portfolio manager. His investment focus includes financial institutions, mainly publicly traded banking companies, income investing, long/short equity investments, and options strategies. Over the last 20 years, Lee has also overseen investments in debt securities, government-backed commercial and individual loan programs, securitized assets, and investment partnerships that own real estate and other alternatives. Lee became a FINRA-registered securities principal in 2004 and was director of research at a Wall Street investment boutique firm from 2004 through 2008. Lee and his team have created and managed an additional dozen limited partnership or fund strategies since 2007. In 2010, he formed and managed a registered investment advisor and, to date, has added three additional RIAs that collectively manage over $1 billion in assets. In 2012, Lee started a broker-dealer, and in 2018 led the purchase of the J. Alden Associates broker-dealer. Lee also led the formation of an RIA managing a 1940 Act mutual fund. In founding and managing nearly a dozen financial services entities in his career, including RIAs, BDs, limited partnerships, and other financial services vehicles and services, Lee has experience in many areas related to these ventures. These include compliance, strategy, technology, accounting, operations, supervision, legal, and other matters related to these companies. Lee has also been responsible for business development and client acquisition for these businesses, including adding financial advisors, RIAs, fund-of-funds, banking companies, credit unions, non-profits, private companies, and individual investors to Alden.

Lee is Currently the Chief Executive Officer of the following investment firms:

Alden Investment Group Founder and Chief Executive Officer 2017 – Present 

Lee is a founder of the Alden Investment Group and serves as its chief executive officer. The Alden Investment Group comprises two SEC-registered RIAs, Alden Capital Management and Alden Investment Advisors, and the J. Alden Associates broker-dealer. As a founder of Alden, Lee was responsible for developing the firm’s asset management and compliance programs and managing the company’s operations and financial controls. Responsibilities included choosing and implementing the firm’s initial technology and record-keeping systems. Financial duties included overseeing the firm’s accounting system, P&Ls, and financial reporting. As Alden’s business has grown, Lee handed off certain of these activities to members of Alden’s highly competent executive team to focus more attention on business development and asset management activities. Lee remains responsible for the firm’s overall direction.

Equalize Capital Founder and Chief Executive Officer 2019 – Present 

Lee is a founder of Equalize Capital, an SEC Registered Investment Advisor, and serves as its chief executive officer. Equalize Capital is the advisor to the Equalize Community Development Fund, a mutual fund focused on investing in Small Business Association Loans to provide capital to small business owners and local communities. Lee also serves as the president of the Equalize Community Development Fund. Equalize Capital focuses on investments and solutions to help financial institutions meet their Community Reinvestment Act mandates by opportunistically investing in various CRA-eligible investments.

Awards

• Thomson Reuters Starmine #3 Stock Picker, Commercial Banks — 2006
• Lee was recognized as having generated the third-highest price return based on investment recommendations among eighty-nine analysts following commercial banks in 2006.

Educational Background

• The Pennsylvania State University BS Finance — 2000
• Securities Licensing FINRA 7, 24, 63, 65, 79, 86, 87 Licenses 2004 – present

Publications & Media

Lee authored over 500 sell-side research reports, notes and earnings reviews, and several industry reports on the financial services industry. He has been quoted in numerous news stories, and his comments have been referenced in published media throughout his career. Lee has made several television appearances to comment on various topics in the investment and financial service industries, and he presents at conferences and industry events regularly.