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.
“After a rigorous evaluation process of assessing both internal and select external candidates, our partner group and board members concluded that Suzanne and Alex’s combined experience and skillsets were ideally suited to the future demands of the CIO role,” said Raghavan.
The two executives “provide outstanding investment judgment, deep asset class knowledge, and the team leadership necessary to continue driving strong levels of performance for our clients,” he added.
Streeter led Partners into VC and emerging managers, while Band helped move the firm into life sciences.
Streeter joined Partners Capital in 2015, most recently serving as its head of private equity and real estate. She helped push the firm into co-investments, venture capital, and emerging managers, according to Partners.
The new co-CIO joined the firm from MassMutual’s investment management division, Babson Capital Management, where she led the private equity investments operation. Prior to working for Babson, Streeter spent five years as an associate director for the Yale Investments Office, where she also focused on private equity.
Streeter began her career at hedge fund Northaven Management and worked for both Berkshire Capital Securities and Morgan Stanley before joining Yale, her LinkedIn profile showed.
“It is an honor to co-lead the Office of the CIO with Alex, a partner who epitomizes the ethos of the firm with his intellectual rigor and unmatched global investment expertise,” said Streeter.
Band joined Partners Capital in 2013 from Bain Capital, where he worked in the private equity group. In January 2020, Partners Capital promoted Band to partner and added him to the firm’s global investment committee, according to an announcement from the time.
Band helped the firm expand into sector specialties like life sciences. He also turned around performance on the long-hold equities strategy.
Band joined Bain Capital in 2002 after a three-year stint as a consultant at Bain & Company, a separate, unrelated consulting firm.
“I am thrilled to join Suzanne, a partner who I have the utmost respect and admiration for given her deep knowledge and experience within global private markets,” Band said. “We are excited to work together as Co-CIOs to continue to enhance our investment program and drive superior levels of performance for our clients.”
The firm is expected to name Streeter and Band’s successors shortly.