What CastleOak Securities does

CastleOak Securities, L.P. is a privately held, minority-owned boutique investment bank and broker-dealer founded in 2006 and headquartered in New York City, with five additional US offices in Atlanta, Chicago, Los Angeles, San Francisco, and Portland. The firm operates across four revenue pillars: Investment Banking & Capital Markets (M&A advisory, capital raising, private placements, strategic alternatives for middle-market transactions under $1 billion), Fixed Income Sales & Trading (agency secondary market distribution across Treasuries, GSEs, supranationals, corporates, MBS/ABS/CMBS/CRT, preferreds, and money markets), Equity Sales & Trading (24/6 global execution across 60+ markets via proprietary CODE algorithms distributed on Bloomberg EMSX, FlexTrade, Triton, Newport, and Portware), and Financial Advisory / Private Capital Advisory (GP/LP secondaries, fund placement, and M&A). DirectPool™, the firm's flagship electronic fixed income trading solution, is built on Bloomberg BOLT and provides all-to-all RFQ access to 300+ counterparties; MoneyFund Access (MFA) is a separate Treasury Management System-integrated liquidity portal co-marketed with Morgan Stanley Investment Management.

CastleOak reports it serves 60+ members of the Fortune 100, executes $4.3bn average daily fixed income trading volume through 30+ professionals covering 670+ Tier I-IV institutional accounts, has completed $79B+ in M&A transactions, assisted on $5T+ in public offerings since inception, and repurchased $10bn notional in client shares last year. The platform is positioned as a "bulge-bracket capability, boutique attention" model and is consistently top-ranked in Bloomberg and Thomson Reuters MWOB league tables for lead-managed domestic agency, investment grade corporate, and structured finance underwriting. In March 2025 the firm launched Private Capital Advisory (PCA) to expand into secondaries advisory for financial sponsors and alternative asset managers.

The firm is 100% independently owned, structured as a limited partnership (CastleOak Securities, L.P.), FINRA-registered, SIPC-member, and MBE-certified through the NMSDC. Revenue is transaction-based across spread/commission capture on sales and trading, advisory fees on M&A and PCA mandates, and underwriting fees on capital markets transactions; specific deal pricing is not publicly disclosed and is negotiated transaction-by-transaction. Leadership is concentrated among the two co-founders (David R. Jones as President/CEO and Philip J. Ippolito as EVP/Head of Operations) supported by a Wall Street veteran bench with prior tenures at Blaylock, Merrill Lynch, UBS, JPMorgan, and Société Générale.

Name

CastleOak Securities

Legal name

CastleOak Securities, L.P.

Website

https://castleoaklp.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

1–10 employees

Short description

CastleOak Securities is a privately held, minority-owned boutique investment bank and broker-dealer founded in 2006, providing capital markets, fixed income and equity sales & trading, M&A advisory, and Private Capital Advisory services to Fortune 100 corporates, GSEs, and institutional investors through six US offices.

Ownership category

akta.pro rank

Product category

Investment Banking & Capital Markets

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Asset-Backed Securities (6189), Investment Advice (6282)

akta.pro primary industry

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

akta.pro secondary industries

Mortgage-Backed Securities (RMBS/CMBS) (FSACACAB), Mortgage-Backed Securities (MBS) Trading, Market Making & Liquidity Provision (FSALAFAF), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Investment banking
• Fixed income trading
• Equity sales trading
• Capital markets advisory
• Mergers acquisitions advisory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Investment Banking & Capital Markets: CastleOak provides capital raising services, M&A advisory, and strategic financial advice to corporate and institutional clients. Revenue generated through underwriting fees, advisory fees, and transaction-based compensation for public offerings, private placements, and strategic transactions.
2. Fixed Income Sales & Trading: Secondary market trading of corporate, mortgage, ABS and hybrid securities on agency basis. Treasury, Agency and Money Market Group originates, structures and distributes GSE, Supranational and money market instruments. Revenue from trading spreads and commissions.
3. Equity Sales & Trading: Global equity trading desk offers execution services in 60+ markets for block, program and electronic trading. Uses proprietary algorithmic trading strategies. Revenue generated through commissions and execution fees.
4. Financial Advisory / Private Capital Advisory: CastleOak's Private Capital Advisory (PCA) group acts as secondaries market advisor for limited and general partners in private capital funds. Provides liquidity solutions, portfolio and fund management advisory, and fundraising process execution. Revenue from advisory fees.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

CastleOak Securities is a boutique investment bank providing investment banking and capital markets advisory, fixed income and equity sales & trading, electronic trading solutions (DirectPool™), money fund liquidity solutions, and private capital advisory services to corporate, governmental, and institutional clients. The firm delivers M&A advisory, capital raising, and trade execution across more than 60 global markets through a senior relationship-driven model supported by proprietary electronic trading technology.

Product overview

CastleOak Securities is a boutique investment bank offering a comprehensive suite of financial services organized around three core areas: Investment Banking & Capital Markets (including M&A Advisory and Private Capital Advisory), Sales & Trading (encompassing Fixed Income and Equity), and Liquidity Solutions (Money Fund Solutions). The firm's flagship products include DirectPool™, an electronic fixed income trading platform powered by Bloomberg, and CODE algorithms for equity execution. The company serves corporate, governmental, and institutional clients with approximately 75 professionals and has assisted clients on public offerings totaling over $5 trillion.

Differentiator

Problem solved

Functional benefit

Brands

• DirectPool™: CastleOak's fixed income electronic bond trading solution, powered by Bloomberg, providing liquidity for investment grade and high yield bonds.
• MoneyFund Access (MFA)
• CODE (CastleOak Direct Execution)
• Private Capital Advisory (PCA)

Products and services

• Investment Banking & Capital Markets Corporate finance and advisory services for corporate, governmental, and institutional clients including M&A advisory, divestitures, private placements, and capital raising for alternative investments. Combines transaction experience and industry expertise of a larger investment bank with the focus and senior-level attention of a boutique practice.
• Fixed Income Sales & Trading Distribution of a full array of fixed income products including U.S. Treasuries, government agencies, GSEs, supranationals, corporates, money markets, structured products (MBS, ABS, CMBS, CRT), and preferreds in primary and secondary markets. 30+ professionals handle an Average Daily Trading Volume of $4.3bn across 670+ institutional accounts.
• Equity Sales & Trading Global equity trading with 24/6 coverage for markets in the Americas, Europe, Africa and Asia. Offers basket and single stock execution, electronic access via proprietary CODE algorithms, ETF trading, and block liquidity via high touch trading. Assisted corporations in repurchasing approximately $10bn in notional value of shares last year and over $650M shares for 25+ corporate clients.
• DirectPool™ CastleOak's proprietary fixed income electronic bond trading solution powered by Bloomberg BOLT (Bid Offer List Trading). An all-to-all RFQ electronic trading platform primarily focused on investment grade and high yield bonds, providing liquidity access to over 300 potential counterparties with anonymity options and simplified account opening.
• Money Fund Solutions Provides liquidity solutions including MoneyFund Access (MFA), a next-generation Money Fund Portal offering broad fund access and seamless Treasury Management System integration, and CastleOak Shares offering liquid, high-quality money market instruments for clients seeking to preserve capital and maximize income while supporting impact investing initiatives.
• Financial Advisory Holistic strategic advisory services including M&A advisory for middle market transactions under $1 billion and Private Capital Advisory (PCA), which provides GP/LP secondaries market advisory, liquidity solutions, fund placement, and structured solutions for private equity and real asset holders. PCA has executed over $79 billion of completed M&A transactions.

Quantifiable outcome

• $5 trillion+ in public offerings assisted since founding in 2006
• +6 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• BloombergcoreTechnology or IntegrationCastleOak has partnered with Bloomberg utilizing their BOLT (Bid Offer List Trading) trading system technology to power DirectPool™, CastleOak's fixed income electronic bond trading solution. This partnership enables CastleOak to provide a reliable liquidity pool for investment managers and bond dealers with access to Bloomberg's execution management infrastructure.
• Morgan Stanley Investment ManagementcoreStrategic or Co-development PartnerMorgan Stanley Investment Management serves as the Share Class partner for CastleOak's Money Fund Solutions platform. CastleOak hosts joint Money Fund Solutions Webinars featuring Morgan Stanley economists and product specialists discussing FOMC policy outlook and market trends. This partnership provides investment management products and market insights to CastleOak's institutional clients.
• Pershing LLCcoreOthersPershing LLC is CastleOak's clearing firm, providing clearing and settlement services for the firm's equity trading operations. In case of significant business disruption, clients are directed to contact Pershing LLC at 212-413-4659 for instructions on accessing funds and securities, entering orders, and processing trade-related transactions.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Loop Capital Markets: MWOB boutique investment bank providing investment banking, fixed income and equity sales & trading, and advisory services. Most direct comparable to CastleOak in size, ownership structure, product mix, and minority-business-enterprise positioning across agency, IG corporate, and structured finance underwritings.
• Siebert Williams: MWOB boutique investment bank led by former Siebert Financial and Williams Capital veterans, offering investment banking, equity and fixed income trading, and capital markets services. Highly comparable to CastleOak on MWOB positioning, service mix, and target client base of institutional and corporate clients.
• Samuel A. Ramirez & Co. Long-established MWOB investment bank and broker-dealer providing fixed income sales & trading, public finance, and asset management. Comparable to CastleOak as one of the largest MWOB broker-dealers with deep agency and structured-finance underwriting league-table presence.
• Blaylock & Company: MWOB boutique investment bank where CastleOak's founders previously worked (Jones as Head of IB, Ippolito as Head of Operations). Directly comparable in MWOB positioning, size, fixed income trading, and capital markets focus.
• Roberts & Ryan Investments: MWOB broker-dealer focused on institutional fixed income trading and capital markets. Comparable to CastleOak as a smaller-scale, MWOB-led boutique competing in agency and corporate fixed income underwriting and sales & trading.
• M.R. Beal & Company: MWOB investment bank and broker-dealer providing public finance, fixed income sales & trading, and investment banking services. Comparable to CastleOak on ownership structure, fixed income agency focus, and municipal/governmental client base.
• Guzman & Company: MWOB broker-dealer providing fixed income sales & trading and investment banking services with deep relationships among institutional clients and government-sponsored enterprises. Comparable to CastleOak in ownership profile, fixed income focus, and institutional client base.

Broad incumbents

• Piper Sandler: Larger, publicly traded middle-market investment bank with comparable product mix in fixed income trading, M&A advisory, and public finance. Competes with CastleOak in middle-market deals but operates at significantly greater scale across diversified business lines.
• Stifel Financial: Public, full-service middle-market broker-dealer and investment bank offering fixed income, equity, and advisory services. Overlaps with CastleOak on middle-market investment banking and institutional fixed income but at much larger scale and broader product portfolio.
• Cantor Fitzgerald: Diversified financial services firm with significant fixed income, equity, and advisory operations. Comparable to CastleOak on capital markets and institutional trading, but operates as a much broader and larger enterprise with a major affiliate (BGC Group) handling market-making.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/castleoak-securities-l.p.

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CastleOak Securities