Rich Scarinci has been named head of North America for outsourced CIO firm Partners Capital.
Mr. Scarinci, a Boston-based partner with the firm, succeeds Will Fox in that role. Mr. Fox will remain with Partners Capital, managing investment programs for U.S.-based clients.
Mr. Scarinci said in an interview that Partners Capital should continue to benefit from growing interest in outsourcing within the North American endowment and foundation community, a market that accounted for roughly half of the firm's $51 billion in global client assets under management as of March 31.
The firm's start in 2001, managing money for the partners of private market investment firms, laid the groundwork for a "virtuous circle," serving those individuals as well as the endowments and foundations they serve as board members or investment committee members, Mr. Scarinci said.
Pension funds, meanwhile, are increasingly exploring the possibility of outsourcing as well, although many are still at an early stage in considering that option, he said.
Mr. Scarinci said his firm's experience building well-constructed private market exposures for institutional and high-net-worth portfolios could find growing demand in coming years, with the next decade likely to see a more volatile macroeconomic backdrop than the past decade.
"We've always been focused on diversification," Mr. Scarinci said. "We are more focused on diversification now," with greater dispersion of investment results raising the importance of picking winners within each asset class as a driver of returns.
