The outsourced CIO business continues to develop.

Silvercrest Asset Management has appointed Christopher Long as managing director, concentrating on the business’s outsourced chief investment officer business. His role is a newly-created one and an example of how outsourced CIO functions are continuing to gain traction in the wealth industry. 

Long reports to J Allen Gray, managing director and head of the firm’s institutional business.

Prior to this, Long worked at Glenmede Trust Company, where he was director of client development focusing on the firm’s OCIO business nationally. Previously, he was MD of business development for Agility, the global OCIO platform of Perella Weinberg Partners; CEO of Endowment Capital, a boutique hedge fund catering to some of America’s largest university endowments; and, partner and head of sales and client relationship management for Friess Associates, a growth equity manager and advisor to The Brandywine Funds.

Among other roles, Long has been worked in the nonprofit arena, including having served as CEO of a national endowed educational foundation. He is a director and investment committee member of the Library of Congress Trust Fund Board and the Pierre F and Enid Goodrich Foundation, a member of the Regent’s Council of The King’s College, and has served as director of other endowed charities and non-profits.

Silvercrest was founded in April 2002 as a registered investment advisor and has offices in New York, Boston, Virginia and New Jersey. At the end of March, it reported assets under management of $21.5 billion.

The outsourced CIO model has expanded in recent years as firms have taken the workload from the shoulders of single family offices, for example, that cannot or do not wish to afford the cost of managing portfolios in-house. One such player in the field is Hirtle Callaghan, which Family Wealth Report interviewed here.