Investment Management

Market Perspective: Silicon Valley Bank Run

March 13, 2023


David Grecsek
David Grecsek

Managing Director in Investment Strategy & Research, Partner

David has been focusing on private client investment management since 1994. At Aspiriant he is heavily involved in the asset allocation, investment due diligence and portfolio construction efforts. He also provides insights related to economic and/or market developments and regularly communicates the firm’s investment strategy to advisors, clients and media. Additionally, David is a member of the Investment Committee and also leads several investment subcommittees for the firm.

Prior to joining Aspiriant, David was a Senior Analyst at Deloitte Investment Advisors in 2003 focusing on multi-asset manager selection for separate accounts, mutual funds, and alternative investments. He assumed Head of Investment Research in 2004, reporting to the Investment Policy Committee regarding capital market expectations, strategic and tactical asset allocation and tax-efficient manager sourcing for over three billion dollars in client assets. David also supported the advisory practice with quarterly market updates and training on asset classes and various investment strategies.

David’s previous experience includes eight years with Merrill Lynch & Co., Inc. supporting one of the industry’s largest managed accounts platforms through various investment research and risk management roles.

David received a Finance M.B.A. from The Graduate School of Management at Rutgers University and received a B.A. in Liberal Arts from The College of New Jersey. He has obtained the Chartered Financial Analyst® (CFA) and Chartered Alternative Investment Analyst (CAIA) designations and is a regular member of the CFA Institute, CAIA Association and the New York Society of Security Analysts (NYSSA). David is also a member of the Private Wealth Management and Alternative Investment Committees for NYSSA.

David and his wife Holly live in Brielle, NJ with their son and two daughters. David was a four-year letterman for the men’s soccer team and enjoys playing and coaching recreationally.

Phil J. Kastenholz
Phil J. Kastenholz

Director in Investment Strategy & Research, Partner

Phil joined Aspiriant as a Principal in 2010 as a result of the acquisition of Deloitte Investment Advisors. Phil has served as a member of the Investment Committee for Deloitte and Aspiriant. He has been providing high net worth individuals and families’ investment and wealth advisory services since 1999. Phil brings broad experience to client relationships including investment portfolio design, income tax consulting, and charitable and family wealth transfer planning.

Prior to joining Aspiriant, Phil worked at Deloitte Investment Advisors as a Senior Manager for the Milwaukee office since 2002. His career began in 1999 at the accounting firm Arthur Andersen LLP.

Phil received a Bachelor’s degree in accounting from Marquette University in 1999. He is a Certified Public Accountant (CPA), Chartered Financial Analyst (CFA) charterholder, and a Certified Financial PlannerTM professional (CFP®). He is a member of the AICPA and CFA Institute.

Phil and his wife, Bree, live in Franklin, WI with their three children. In his free time, he enjoys reading, coaching soccer, and spending time with his family. Phil and his family are members of St. Alphonsus Parish in Greendale. Phil serves on the Board of Directors and finance committee of the Milwaukee Kickers Soccer Club.


Important Disclosures

Aspirant is an investment adviser registered with the Securities and Exchange Commission (SEC), which does not suggest a certain level of skill and training. Additional information regarding Aspiriant and its advisory practices can be obtained via the following link: www.aspiriant.com.

Information contained herein is considered confidential, private and Aspiriant proprietary inside information that is intended only for the audience to which Aspiriant has knowingly distributed this presentation to, either by way of request or voluntarily. Any redistribution of this material without our prior express written permission is a violation of Aspirant’s privacy policy adopted to comport with various state and federal privacy laws that may subject any unauthorized distributor to legal action.

All opinions, figures, charts/graphs, estimates and data included in this document are as on date and are subject to change without notice. The statements contained herein may include statements of future expectations, for general market performance or economic conditions, and other forward-looking statements that are based on our current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forecasts, projections and other forward-looking statements are based upon assumptions, current beliefs and expectations. Forward-looking statements are subject to numerous assumptions, estimates, risks and uncertainties, including but not limited to: economic, business, market and geopolitical conditions; U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy. Any forward-looking information should not be regarded as a representation by Aspiriant or any other person that estimates or expectations contemplated will be achieved, as the future is not predictable.


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