Investment consulting firm Cambridge Associates announced Wednesday that it is opening a new office in Milan and announced two senior hires to service institutional investors and family offices in Europe.
Raphael Heynold will join the firm’s client solutions team in London as head of EMEA and APAC. Cambridge also appointed Riccardo Pianeti to lead the Milan office.
“Having a presence on the ground in Milan is a natural next step in Cambridge Associates’ longstanding work with Italian clients,” said Alex Koriath, Cambridge Associates’ EMEA regional head, in a statement. “The office will build on our established relationships by providing an additional local point of connection and support. Italy continues to be an important market for the firm, and our local presence will help us deepen relationships with institutions across Italy and Southern Europe.”
The market for outsourced CIO services and fiduciary management in Europe is growing. According to a 2025 report by UBS Asset Management, OCIO assets under management grew to $3 trillion in 2023 from $90 billion in 2007, and further growth is anticipated.
Cambridge has worked in Europe for 30 years, a spokesperson for the firm said. In addition to Milan, Cambridge has European offices in London, Munich and Zurich. The firm also opened a Dubai office in 2025.
Cambridge plans to offer its European clients a “custom approach to portfolio management across the total portfolio, or single asset class mandates in areas like private markets or sustainable and impact investing – all executed either via full OCIO/discretionary services or in an advisory capacity,” according to the firm spokesperson.
| Cambridge Associates Reshuffles Leadership | |
| Cambridge Associates Expands Senior Pension Team | |
| Boston University Endowment Hires from Cambridge Associates |
Tags: Cambridge Associates