Community Foundation of Herkimer and Oneida Counties switches to outsourced chief investment officer model

UTICA, N.Y. — The Community Foundation of Herkimer and Oneida Counties has adopted a new investment-management model, naming longtime consultant Crewcial Partners as its outsourced chief investment officer (OCIO). Based in New York City, Crewcial has worked with the Community Foundation for several decades, per the Monday announcement. The expanded partnership marks a new phase in managing and growing the Community Foundation’s charitable assets, the Utica organization said. This strategic move reflects the foundation’s “ongoing commitment” to long-term sustainability and sound financial stewardship of its more than $220 million investment portfolio. For 30 years, Crewcial has worked with the Community Foundation and its investment advisory group (IAG), providing strategic investment guidance and oversight. Under the previous structure, investment decisions required approval from the Community Foundation’s board of trustees. Now, as the designated OCIO, Crewcial will take on full discretionary authority over key investment decisions — including ownership of investment manager selection, replacement, and portfolio management. “We’re honored to continue our decades-long partnership with the Community Foundation in our new capacity as OCIO,” Mike Miller, chief investment officer of Crewcial Partners, said in the Community Foundation announcement. “Our deep familiarity with their mission, values, and long-term goals allows us to act with both speed and conviction in navigating today’s ever-evolving investment landscape to help ensure they can sustain their impact, grow with intention, and operate effectively for generations to come.” The transition to an OCIO model will allow Community Foundation staff and the IAG to “concentrate more fully” on strategic priorities, core operations, and philanthropic growth. However, the advantages of this partnership extend beyond just internal capacity, the Community Foundation notes. The Community Foundation’s Nonprofit Agency Funds provide local charitable organizations with investment and gift-administration services. Through this new OCIO partnership, organizations that establish an Agency Fund will also benefit from the same investment expertise and oversight. “It is our responsibility to steward our community’s assets both now and for years to come,” Erika Eastman, chief financial officer of the Community Foundation, said. “This new model supports our mission and future, and we feel confident that with Crewcial’s deep knowledge of our organization and proven expertise that we are set up for great success.”