Ray Caprio

Ray Caprio is Director of Institutional Sales at National Investment Services (NIS), an SEC-registered, Chicago- and Milwaukee-based fixed-income asset manager. In that role he markets the firm's investment capabilities to institutional investors, with a stated focus on healthcare organizations, corporate retirement plans, endowments, foundations, and nonprofits. He has held this position since roughly 2015. NIS specializes in traditional and enhanced-yield fixed income strategies emphasizing "consistent performance and downside protection," and, as of mid-2026, manages on the order of $19 billion in assets; the firm became part of American Beacon Partners in a 2019 partnership.

Before joining NIS, Caprio spent roughly a decade (about 2005–2015) at Marquette Associates, a Chicago-based institutional investment consulting firm founded in 1986. There he was a Vice President and Investment Consultant, advising institutional clients on portfolio strategy, asset allocation, investment manager selection, and investment policy. Earlier in his career he worked at Morgan Stanley (Wealth Management / Consulting Group analyst in the private client division) and at LaSalle Bank Wealth Management.

Caprio holds an M.B.A. from the University of Notre Dame's Mendoza College of Business (completed around 2013–2015) and a B.S. in Finance from Bradley University. His public professional footprint is centered on the institutional consulting and public pension community — for example, he was a scheduled speaker at the Associated Fire Fighters of Illinois pension seminar while at Marquette Associates.

• Operates in public fixed-income markets on behalf of institutions, not private/venture markets — his "thesis" is about serving asset owners, not backing companies.
• Sells and consults on NIS's core offering: fixed-income strategies engineered for consistent performance and downside protection, spanning short-duration, intermediate, core, core-plus, socially responsible/ESG fixed income, and liability-driven investing (LDI).
• Also covers NIS's enhanced-yield strategies: dynamic fixed income, total absolute return, preferred stock, and high yield.
• His stated remit is "actively involved in marketing the firm's capabilities to institutional investors," with a target audience of healthcare systems, corporate pension/retirement plans, endowments, foundations, and nonprofits.
• At Marquette, the value proposition was consultant-side: asset allocation, manager selection, and investment policy for institutional asset owners.