OCIO SERVICES
Collaborative Outsourced Chief Investment Officer Services
We partner with our clients to provide institutional rigor to their investment process, allowing for them to remain focused on what really matters…client outcomes. Since 2016 we have provided advisors with customized client resources and support for their investment solutions allowing for a seamless integration into their business and creating capacity for growth.
It starts with The Opal Investment Optimization Process™
The Opal Investment Optimization Process™
01
Discovery: A due diligence process designed to help us understand your specific needs.
02
Collaboration: We will present a potential Custom Benchmark for your portfolio(s) developed with institutional rigor.
03
Development: We will present our recommendations for your model(s) based on your Custom Benchmark.
04
Implementation: Our team of investment professionals will manage portfolios based on targets from the Custom Benchmark.
05
Monitoring: We monitor your portfolio to maintain alignment with your investment objectives and Custom Benchmark.
ASSET MANAGEMENT
ETFs
We manage the Opal Dividend Income ETF, symbol DIVZ. This ETF is designed for investors seeking lower volatility with higher dividend yield than the overall market while still having access to capital appreciation opportunities. DIVZ is driven by a belief that dividend-paying companies tend to be more established businesses with high cash flow, stable revenue streams, and more disciplined capital reinvestment which may, in turn, help them experience lower volatility relative to the overall equity market. DIVZ is concentrated in 25-35 well-managed companies across a range of sectors, and seeks to offer above-average dividends and the ability to grow those dividends over time.
Separately Managed Accounts
Opal Capital provides a wide range of SMAs. We can customize solutions to match your needs or select from our suite of established portfolios that are available on several platforms. To learn more about our SMA solutions schedule some time with one of our Managing Partners.
Austin Graff, MBA, CFA
Austin Graff is the Founder and Chief Investment Officer of Opal Capital and currently serves as the Portfolio Manager for the TrueShares Low Volatility Equity Income Fund (DIVZ), a publicly traded U.S. dividend ETF.
Prior to founding Opal Capital, Austin was a Senior Vice President and Portfolio Manager at PIMCO, where he co-managed a suite of global dividend strategies. Before
that, he served as a Vice President in investment banking at Goldman Sachs, advising infrastructure, industrial, and financial institution clients on strategic transactions and restructuring deals totaling more than $40 billion. He began his career as a financial analyst at the Indiana Finance Authority, where he supported the financing of major infrastructure and public initiatives for state and local governments. Over the course of his career, Austin and his teams have managed more than $15 billion in assets.
As a veteran financial commentator, his insights have been featured in Barron’s, CNN Business, Yahoo! Finance, MarketWatch, and other major outlets
He holds an MBA from the Krannert School of Management at Purdue University and a bachelor’s degree from Purdue University. He earned the Chartered Financial Analyst (CFA) designation in 2012.
Keith Wagner
Keith Wagner is the Head of Distribution at Opal Capital, LLC. Prior to joining Opal, he
was the Head of National Accounts and Institutional Sales at Capital Wealth Planning,
where he played a pivotal role in scaling the DIVO ETF from $25 million to $2.5 billion in
assets under management within 24 months.
Earlier in his career, he held senior retail and institutional distribution roles at Allianz
Global Investors, Neuberger Berman, American Beacon, and A.G. Edwards.
Keith brings 30 years of industry experience and is a 1985 graduate of the United
States Military Academy at West Point.
Wayne Wicker, CFA
Wayne Wicker, CFA is President of Opal Capital, bringing over 40 years of investment industry experience spanning equities, fixed income, and alternative investments. He plays a key leadership role in shaping the firm’s strategic direction and guiding its investment platform.
Before joining Opal, Wayne spent 20 years as Senior Vice President and Chief Investment Officer at MissionSquare Retirement, where he led a team of 36 investment professionals and oversaw more than $76 billion in assets at the time of his departure in 2024. His background also includes executive roles as President and CIO at The Colony Group, Managing Director and Senior Portfolio Manager at Cadence Capital Management (a PIMCO affiliate), Director of Investment Strategy at the Howard Hughes Medical Institute, and Director of Investments at Target Corporation.
Wayne earned dual Bachelor of Arts degrees in Business Administration and Communications & Journalism from the University of Washington and holds an MBA with a concentration in Finance from Michigan State University. He earned the Chartered Financial Analyst® (CFA®) designation and currently serves on the Advisory Committee for Xtremis AI and as Vice Chairman of the Investment Committee for MMBB Financial Services.
ABOUT
The Opal Team
Get in Touch
AJ Graff
AJ Graff is the Chief Financial Officer and Co-Founder of Opal Capital. Since entering the financial services industry in 2019, he has held various roles, including helping launch the Opal Dividend Income ETF (DIVZ). Prior to his transition into finance, AJ managed large-scale, complex operations in the highly regulated airport industry.
He earned a bachelor's degree in Aviation Management from the University of Dubuque
in Iowa.
Menachem Goldstein
Menachem Goldstein is the Operations and Trading Manager at Opal Capital, where he leads the firm’s trade execution and operational strategy. He is responsible for
optimizing workflows, improving trade lifecycle efficiency, and ensuring seamless coordination across the investment platform.
Prior to joining Opal, Menachem held key roles at Polen Capital and Nuverse Advisors, where he supported complex investment strategies and implemented scalable systems and processes. With a background in institutional asset management, he brings deep expertise in operational leadership and front-to-back trading support.
He earned a bachelor's degree in Economics from Yeshiva University.
Yang Liu, CFA
Yang Liu is a Portfolio Manager at Opal Capital, where he focuses on strengthening investment processes and supporting the development of new strategies. He brings deep expertise across multi-asset portfolios, systematic equities, and alternative investments.
Prior to joining Opal, Yang served as Director and Portfolio Manager at MissionSquare Retirement, overseeing a range of multi-asset portfolios, including Target Date and Model portfolios. He also held the role of Vice President and Portfolio Manager at J.P. Morgan Asset Management, managing structured equity strategies driven by quantitative and systematic approaches.
Yang holds a Master’s degree in Financial Engineering from Columbia University and dual Bachelor’s degrees in Finance and Statistics from Peking University. He earned the Chartered Financial Analyst® (CFA®) designation in 2017.
Adam Muller, MBA
Adam Muller is a Portfolio Manager at Opal Capital. He has extensive experience identifying investment opportunities with attractive risk/reward profiles across a range of industries and has contributed investment ideas to Global, International, and U.S.-focused portfolios. His expertise spans both developed and emerging markets.
Previously, Adam held roles at Goldman Sachs and PIMCO. He holds an MBA from the MIT Sloan School of Management and an MA in Economics from Tufts University.
Jim Reed, CAIA
Jim Reed, CAIA is Head of Investor Relations and Business Development at Opal Capital, where he leads platform expansion, client engagement, and business development across the firm’s ETF and OCIO businesses.
Prior to joining Opal, Jim served as Southeast Regional Director at Strive Asset Management. He has also held senior roles at Lazard Asset Management, TS Capital, and Eaton Vance, bringing extensive experience in distribution strategy and relationship management.
Jim holds a B.S. in Economics and Finance from the University of Hartford and earned the Chartered Alternative Investment Analyst® (CAIA®) designation.
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Manav Shah, CFA
Manav Shah serves as the Lead Analyst at Opal Capital and Portfolio Manager at 49 Wealth Management. In these capacities, he is responsible for overseeing investment research with a focus on macroeconomic analysis, company fundamentals, and the development of bespoke investment strategies for high-net-worth clients.
Prior to his current roles, Manav was a portfolio manager at a $1 billion wealth management firm. He began his career as an analyst at a long/short equity hedge fund, where he focused on managing a concentrated equity portfolio.
Manav earned a BBA in Finance from the Cox School of Business at Southern Methodist University and obtained the Chartered Financial Analyst (CFA) designation in 2024.