Partners Capital chooses 2 successors to replace outgoing global CIO
Partners Capital chooses 2 successors to replace outgoing global CIO
Suzanne Streeter and
Alex Band have been named global co-chief investment officers of outsourced CIO firm Partners Capital, a company spokeswoman confirmed in an email.
Effective July 1, they replace
Colin Pan, who will leave the firm in August to pursue an entrepreneurial endeavor, according to a news release.
Ms. Streeter and Mr. Band will oversee the firm s overall investment strategy and policies. They will report to CEO
Arjun Raghavan.
They are both partners at the firm and were previously the asset class heads of private equity and public equities, respectively. The firm will announce their successors in due time.
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Outsourced-CIO firm Partners Capital has found a replacement for outgoing chief investment officer Colin Pan. Two replacements, that is.
Partners Capital, which oversees $40 billion in assets, has promoted Suzanne Streeter and Alex Band to the roles of co-CIOs, beginning on July 1. The company expects to announce the new CIOs on Tuesday.
Pan, who had been the company’s CIO since 2016, is leaving to set up his own investment firm,
Institutional Investor reported in February. The news came after Partners Capital had a “best-ever year” for performance. Partners Capital’s portfolio outperformed its benchmark by 450 basis points net of the highest fee level, according to a March interview with Arjun Raghavan, CEO.
However, Raghavan said the firm has a deep bench of talent, and he believes that it will be able to “absorb” Pan’s departure.
“Philosophically I have a view that if we do have a great investment firm where we’re going to be training people and helping them succeed,” they may move on and “set up their own entrepreneurial ventures,” Raghavan said.
Last year, the $38 billion OCIO firm rebalanced its portfolio five times during March and April.
It worked: the firm had its “best-ever” year, he said. The portfolio outperformed its benchmark by 450 basis points net of fees at the highest fee level, a spokesperson confirmed Tuesday.
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