About WST Capital Management

WST Capital Management is a division of Wilbanks Smith & Thomas Asset Management, LLC – a firm that has, since 1990, prioritized solutions-seeking research as a way to better serve clients.

Roger Scheffel, CIO of WST Capital Management, discusses the origins of the ETF strategist division and our approach to product development.

WST Capital Management emerged from our desire to deliver the types of solutions that we felt were missing in the marketplace. Since launching our flagship strategy in 2006, we have worked to develop a platform informed by our experiences as investors and guided by our mission of improving investment outcomes through active quant.

Wilbanks Smith & Thomas

Founded in 1990

Norfolk, VA-based

Independent, privately owned

Wealth management & outsourced CIO

Over $3 billion AUM




WST Capital Management

Quantitative boutique division est. 2015

Track record dates to 2006

Approx. $500 million AUM/AuA

Our Story

Decades of advancing client objectives through pioneering research and portfolio design Click below to view our history.

Wilbanks Smith & Thomas is founded


Launch of first SMA strategy


Early efforts to implement smarta beta factor-weighting concepts in client portfolios


First dedicated quant strategist/ technical trading hire + introduction of first rules-based, risk-managed strategy


Expansion of risk-managed program with introduction of risk-managed high yield bond offering


Launch of long/short SMA model designed using quantitative algorithms


Introduction of proprietary multi-layered risk management technology for SMA portfolios


Introduction of adaptive momentum framework to advance relative strength portfolios and machine learning algorithms


S&P Dow Jones indices announces plans to launch WST custom index – the first such RIA/ S&P collaboration.


Launch of the WSTCM Sector Select Risk-Managed Index


WST Investment Trust established


Launch of various funds and collective vehicles


WST Capital Management formally established as the ETF strategist division of Wilbanks Smith & Thomas


Launch of WSTCM Diversified Income Risk-Managed & WSTCM Sector Select custom indices & significant platform expansion to include MLP, CorePlus suite & new sector rotation strategies


Platform expansion to include ESG/ Impact offerings; launch of WSTCM International Select Risk-Managed Index


Launch of Factor Select lineup


Our Team

The team’s iterative design process brings together a depth of experience in portfolio management, product design, quantitative academic research and computational methods to create robust strategies designed to solve critical problems in portfolio construction.

Maria Salova
Director of Marketing & Brand
Tom McNally, CFA, CMT
Portfolio Manager
Roger Scheffel
Principal, Chief Investment Officer
Ryan Stallard
Portfolio Specialist
Wayne Wilbanks, CFA
Managing Principal

Quantitative Research Group

Applies proprietary quantitative research approach to the universe of market, macroeconomic and ETF universe data to develop, refine and deliver strategies. Collaborates with Product Design team to reconcile theoretical approach with practical, strategic and tactical portfolio needs.

Portfolio Design Team

Analyzes industry data, advisor input, and performs portfolio risk assessment, collaborating closely with Quantitative Research Group to drive product development. Responsible for ongoing product management and strategic support to advisors and investors.

Learn More

Review our philosophy and approach.

Our Philosophy