Alice Handy, outsourced-CIO pioneer and a major contributor to the field of nonprofit institutional investing, has died. Handy’s company, Investure LLC, manages close to $12 billion for 14 private liberal arts colleges and philanthropic foundations. Her 10-year returns are in the top quartile of data compiled by the National Association of College and University Business Officers (NACUBO). Handy formed Investure in 2003, pioneering the full-service outsourcing of investing for smaller institutions that have traditionally managed their endowments with board committees or modest in-house staffs. She looks for clients who are like-minded when it comes to investment philosophies; they include the Commonwealth Fund, the Henry Luce Foundation, the Houston Endowment, the Edna McConnell Clark Foundation, Colonial Williamsburg, the Skillman Foundation, the Carnegie Endowment for International Peace, and Smith, Middlebury, Barnard, Trinity, Tulsa and Dickinson colleges. Handy, the granddaughter of a Cape Cod cranberry farmer and daughter of a chemist, started Investure in Charlottesville, Va., after 29 years managing the endowment of the University of Virginia. Her first job out of College was at Travelers Insurance in Hartford, where she began as a bond portfolio manager.