Our latest Outsourced Chief Investment Officer report features a list of 104 OCIO firms, each with updated contact information and AUM numbers.  It’s the most comprehensive and accurate available.

For the nine months ending December 31st, 2021, the managers on our list added $440 billion (a 13.46% gain) in AUM, totaling a record $3.711 trillion dollars in discretionary outsourced assets.

But after years of steady growth, it’s apparent there’s a shakeout underway.

As we noted in our February 2021 OCIO update, discretionary asset managers without products to sell are notoriously hard to scale.  Brilliant, original strategies lose their potency when they are widely copycatted. Or, a strategy works in one season, in one kind of market, but not in another.

That’s why so many OCIOs and RIAs now have private equity partners or reside within much larger financial or consulting organizations.

As Jon Hirtle, executive chairman of OCIO provider Hirtle Callaghan, remarked to Alicia McElhaney in a recent Institutional Investor article, “In business school, they teach you there’s a group of pioneers. If it works, there’s a flurry of copycat activity. And then there’s a shakeout and a consolidation.”

From our vantagepoint, it looks like the industry is entering the consolidation phase.

Wealth management M&A activity reached an all-time high in 2021, with an announced 307 transactions according to Echelon Partners’ 2021 RIA M&A Deal Report.

Over the last sixteen months, CapTrust acquired Ellwood Associates, iM Global Partners bought Litman Gregory, New Providence joined The Colony Group, Focus Financial bought CornerStone, and US Bank swallowed PFM – five firms on our last OCIO list.

And from what we hear there is plenty of dry powder and amenable prospects waiting in the wings.

Barron’s reported last November that “KKR is taking a stake in Beacon Pointe Advisors, the largest female-led RIA, in a deal that values the acquisitive firm at over $1 billion.”  This after KKR invested in and then exited from Focus Financial, another RIA and OCIO aggregator.

Given this merger merry-go-round, we took our cue from Institutional Investor and spoke with Mr. Hirtle, “a pioneer in the outsourced chief investment officer business,” as Ms. McElhaney put it.

What did he think about the buy-out mania? Is the independent OCIO model still viable? And if so, how does one keep the “barbarians” at bay?

We include our conversation with Mr. Hirtle below.

What about the elephant?

Our data suggests that demand for outsourced investment services will continue to grow at a healthy rate, but that new entrants face formidable odds.

Why?  Because there’s an elephant in the room.  Concentration.  A handful of managers control the bulk of the money.  

Just eight providers – Aon, Blackrock, Goldman Sachs, Mercer, Russell, SEI, State Street, and Willis Towers Watson – manage well over half the OCIO assets, $2.073 trillion of the $3.711 trillion AUM.

That’s fifty-seven percent of the outsourced pie.  And they kept a tight hold on their market share in our latest reporting period, securing forty-eight percent or $211 billion of the $440 billion gain.

Big Eight ranked by AUM Size

FIRM

Mercer

OCIO Assets    $415.0 bn

Percent Increase  9.50%

Dollar Increase $36.0 bn

BlackRock

OCIO Assets    $301.0 bn

Percent Increase  22.36%

Dollar Increase $55.0 bn

Russell Investments

OCIO Assets    $280.2 bn

Percent Increase  4.01%

Dollar Increase $10.8 bn

Goldman Sachs

OCIO Assets    $239.0 bn

Percent Increase  15.07%

Dollar Increase $31.3 bn

SEI Institutional Group

OCIO Assets    $238.5 bn

Percent Increase  14.83%

Dollar Increase $30.8 bn

AON Hewitt

OCIO Assets    $220.7 bn

Percent Increase  8.51%

Dollar Increase $17.3 bn

SSgA

OCIO Assets    $191.8 bn

Percent Increase  5.85%

Dollar Increase $10.6 bn

Willis Towers Watson

OCIO Assets    $186.8 bn

Percent Increase  11.36%

Dollar Increase $19.1 bn

OCIO Assets    $2.073 Tn

Percent Increase  10.17%

Dollar Increase $210.9 bn

 

Big Eight ranked by Percent Growth

Firm

BlackRock

Percent Increase  22.36%

OCIO Assets    $301.0 bn

Dollar Increase $55.0 bn

Goldman Sachs

Percent Increase  15.07%

OCIO Assets    $239.0 bn

Dollar Increase $31.3 bn

SEI Institutional Group

Percent Increase  14.83%

OCIO Assets    $238.5 bn

Dollar Increase $30.8 bn

Willis Towers Watson

Percent Increase  11.36%

OCIO Assets    $186.8 bn

Dollar Increase $19.1 bn

Mercer

Percent Increase  9.50%

OCIO Assets    $415.0 bn

Dollar Increase $36.0 bn

AON Hewitt

Percent Increase  8.51%

OCIO Assets    $220.7 bn

Dollar Increase $17.3 bn

SSgA

Percent Increase  5.85%

OCIO Assets    $191.8 bn

Dollar Increase $10.6 bn

Russell Investments

Percent Increase  4.01%

OCIO Assets    $280.2 bn

Dollar Increase $10.8 bn

Percent Increase  10.17%

OCIO Assets    $2.073 Tn

Dollar Increase $210.9 bn

 

Pioneers take the arrows, settlers take the land

Wealth management in North America generated $150 billion in revenues in 2020 according to the Boston Consulting Group, on $47.2 trillion in managed wealth.  BCG calculates a penetration of about forty-four percent, less than half the estimated market.

It’s no surprise then, that investment managers struggle to sustain any competitive advantage.

With the amount of talent and resources available on Wall Street, the chances of building superior, enduring investment teams capable of vaulting over the competition are slim to none without superior technology, blockbuster products, or a relentless M&A machine.

Take Blackrock and Strategic Investment Group as one extreme example.  The two firms opened for business within a year of each other but look at their relative standing now.

“Strategic was founded as an OCIO provider in 1987 by the World Bank’s former senior investment team to provide sophisticated, customized investment solutions to other institutional investors.”  Current assets under management, $27.9 billion USD.

“BlackRock  began in 1988 with eight people in a single room” emphasizing fixed income and risk management.  Current assets under management, $10 trillion USD.

BlackRock grew through acquisitions and product development.  Strategic stuck with their service model.

Of the nineteen firms managing $50 billion or more in outsourced assets on our latest list, only one – Alan Biller and Associates – launched as a pure-play OCIO and advisory start-up.

They’re just over the $70 billion mark now and will most likely reach $100 billion in discretionary assets in another few years.  But their Taft-Hartley clients are much larger than the average OCIO customer.

Of the other eighteen, six are primarily consultants, four are diversified assets managers, four are money-center banks, three are investment banks, and one is an RIA aggregator.

As an aside, I’ve witnessed the power of good old fashion acquisitive grit firsthand.

When I joined the training program at Chemical Bank, mighty JP Morgan and their money-minting trading desk sat kitty-corner to our headquarters at 20 Pine, Chase Manhattan, the banker’s bank, basked in patrician splendor next door, and Manufacturers Hanover lent to the world from their uptown perch on Park and 47th.

But in the end Chemical ate them all.  Now Chemical – a.k.a. JPMorgan Chase & Co. – lords over the industry and their OCIO business is doing just fine with $73 billion and growing, even though it’s a spec on the bank’s balance sheet.

If you can’t beat them, buy them.

An Iconoclast Offers a Rebuttal

For those unfamiliar with the history of delegated investment services, Jon Hirtle and his partner, Don Callaghan, hatched the concept of an “independent investment office” managing family and institutional money over thirty years ago.

The core idea was to take the proven success of sophisticated multi-billion-dollar investment offices and deliver those same benefits to smaller institutions and high-net-worth families at fees they could afford.

That conviction was the genesis of Hirtle Callaghan.

We asked Jon why he remains independent, invests the way he does, and where the industry is headed?

Last Man Standing: A conversation with Jon Hirtle

Skorina: Jon, what is your rational for sticking with the “endowment model” all these years?  I know you have had opportunities to buy firms with internal product offerings, but so far you haven’t.  You continue to manage money the way Yale and other large endowments manage money.  Why is that?

Hirtle:  High returns with high certainty.  Achieving that most compelling result for clients requires maximizing our investment opportunity set with true open architecture.  Internal products constrain that opportunity set.

Skorina:  But why is open architecture so important?

Hirtle:  Well, this is going to be a little bit of a long answer, but you asked!  First of all, the term “endowment model” is often misunderstood.

David Swensen, Yale’s legendary CIO and the name most associated with the endowment model famously said something like, “Don’t do what I do, think like I think.”  Meaning that if he had been at a different institution or if he were managing taxable money, he would have acted differently, even though his thinking would have been the same.

So, the endowment model is completely flexible within the context of certain irrefutable truths that align to capture high returns with a high degree of certainty.

Skorina:  What irrefutable truths are you referring to?

Hirtle:  So, all great investors are seeking to achieve high returns with certainty.  In other words, the remote possibility of high returns doesn’t cut it.

But the average investor is constrained to exactly that, “high risk – high return” to quote the standard phrase.

Now if high risk reliably meant high returns, it wouldn’t be high risk.  Great investors are interested in low risk – high return or, said another way, high returns with a high probability or certainty of achieving those high returns.

Executed well, that is what the disciplines associated with the endowment model are designed to achieve.

Skorina:  I’ve often wondered why I never hear much about the endowment model on Wall Street.  I suppose it has to do with the different disciplines you just mentioned?

Hirtle:  Well, they center around The Law of Active Management, Harry Markowitz and True Alpha.

The Law of Active Management is Success = Skill X Breadth.  Think about that.  It means that maximizing the breadth of our opportunity set is as powerful as maximizing skill.

If you and I have the same skill but I evaluate and select from 10 investment opportunities while you evaluate and select from 100, you win.

Executed well, the endowment model maximizes the breadth of our opportunity set through true open architecture supported by tens of billions of dollars of purchasing power.

You asked earlier why we do not use internal products; internal products constrain open architecture.

Professor Markowitz taught us that combing a variety of compelling investments, which perform well at different points of the economic cycle, can reduce aggregate volatility.  Or put another way, tightening the distribution of outcomes around an expected return increases certainty.

So, the endowment model maximizes breadth by evaluating all kinds of investment opportunities from all over the world, relies on Markowitz to assemble a combination of the most compelling opportunities to maximize certainty of outcome, then significantly elevates return by working hard to identify and gain access to True Alpha.

True Alpha is generated by specialist managers who have an identifiable, authentic, repeatable edge.  It is tremendously rare, but also tremendously valuable.

Skorina:  Why do so few OCIO firms invest like the top endowments?

Hirtle:  Lack of capability.  Lack of the purchasing power to pay for the talent required to analyze all sorts of opportunities from all over the world.  Conflicts of interest.  For example, it is widely understood that big banks make more money on internal products than external ones.  So, although they may claim to embrace open architecture, the numbers tell a different story.

Skorina:  You pioneered OCIO and put it to work. Three decades later, you’re still at it.  What does the future hold for Hirtle Callaghan?

Hirtle:  Well, onward and upward.  We are deeply committed to the truly independent investment office model.

We have assembled a team of just over 100 of the best investment professionals in the world and we love using our servant-leader ethos to make a real difference for clients, meaning ever better, complete outcomes.

I love being a part of all that.  We also expect reasonable growth, both organic and through acquisition.  Reasonable growth also allows us to attract great talent.

Last year we brought in two terrific teams, one in Minneapolis and one in Scottsdale.  And we could not be more pleased with who they are, how committed they are to clients and the wonderful work they are doing.

Skorina:  So, the endowment model, pure-play OCIO and growth, that ought to keep you busy.

Hirtle:  Every day.

————————————————–

Wanted: Chief Investment Officers

CIO for the Lewis family office

Based at corporate headquarters in Upland, California, we are looking for a experienced CIO who will work with family leadership to develop and implement a strategic investment plan in alignment with the family’s objectives and priorities.

————————————————–

Skorina’s latest OCIO Report and Company Directory

We publish this guide for all those who are considering an OCIO provider and would like a convenient way to review and contact firms.

OCIO firms manage predominantly, but not exclusively, institutional assets, while RIAs manage mostly high net worth money — and vice versa.

That’s why some RIAs are included on our list. If you are not on our list and feel you should be, give us a ring. We’re happy to add you.

And now. . . without further delay. . . the Main Event!

(download Company Directory as PDF)

Outsource Chief Investment Officer (OCIO) Company Guide Spring 2022

Charles Skorina & Company

https://www.charlesskorina.com  skorina@charlesskorina.com

Office: 520-529-5677

(AUM as of December 31, 2021, unless otherwise noted)

 

1. Acansa Investment Management Group, Tyson’s Corner, VA

$750mil total

Mary L. Cahill, CEO & CIO

mcahill@acansa-inv.com

(404) 357-0213

————————————————————

2. Agility, Denver, CO

$15.7bn Discretionary assets

Chris Bittman, Partner

cbittman@agilitycio.com

(303) 813-7910

————————————————————

3. Alan Biller and Associates, Menlo Park, CA

$71.9bn Discretionary assets

$138.6bn total

Alan D. Biller, Chairman

Jennifer Newell, CEO

info@alanbiller.com

(650) 328-7283

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4. Alesco Advisors, Pittsford, NY

$4.66bn Discretionary assets

$5.47bn total

Todd D. Green, Principal, Business Development & Client Service

TGreen@alescoadvisors.com

(585) 749-0357

————————————————————

5. Angeles Investment Advisors, Santa Monica, CA

$7.7bn Discretionary assets

$45.8bn total

Michael A. Rosen, CIO & Managing Partner

mrosen@angelesadvisors.com

Garry Duncan, Director

gduncan@angelesinvestments.com

(310) 857-5825

————————————————————

6. AON, Chicago, IL

$220.7bn Discretionary assets

$3.1 trillion advisory

Ed Bardowski, Partner & Registered Principal

ed.bardowski@aon.com

(484) 941-1409

————————————————————

7. Appomattox Advisory, New York, NY

$1.6bn Discretionary, non-discretionary& committed capital

Susan Webb, Founder, President, CIO

Oscar Gil, Founder, CEO

Drianne Benner, Managing Director Sales

dbenner@ainvadvisors.com

(212) 895-3012

————————————————————

8. Arnerich Massena, Portland, OR

$1.2bn Discretionary assets

$2.9bn total

Ryland Moore, Managing Principal, Business Development, Investment Advisor

rmoore@am-a.com

(971) 263-7860 dir

(503) 239-0475 x147

————————————————————

9. Artemis Wealth Advisors, New York, NY

$1.754bn Discretionary assets

$1.947bn total

Peter M. Rup, Founder & CIO

prup@artemiswa.com

Ron Zdrojeski, Director Business Development

(212) 838-9000

————————————————————

10. Asset Strategy Consultants, Baltimore, MD

$2.4bn Discretionary assets

Andrew W. Conner, CIO

conner@assetstrategyconsultants.com

Juan Buendia, Senior Client Advisor

buendia@assetstrategyconsultants.com

(410) 528-8282

————————————————————

11. Ballentine Partners, Waltham, MA

$9.1bn Discretionary assets (3-31-21)

$17.7bn total

Jayson DeAngelis, Partner

jdeangelis@ballentinepartners.com

(781) 314-1316

————————————————————

12. Bank of America, New York, NY

$40.8bn Institutional Discretionary assets

$360.4bn total Discretionary assets

Bernard Reidy, Managing Director, National

Endowment and Foundations Executive

bernard.reidy@bofa.com

(203) 571-5341

————————————————————

13. BBR Partners, New York, NY

$23.7bn Discretionary assets

$26bn total

Todd Whitenack, Co-Managing Partner

twhitenack@bbrpartners.com

(212) 313-9875

————————————————————

14. Beacon Pointe Advisors, Newport Beach, CA

$20bn Discretionary assets

$25bn Total assets

Felix Lin, Partner, President Institutional Consulting Services

Mike Breller, Managing Director, Sr. Consultant

mbreller@beaconpointe.com

(949) 718-1602

(949) 718-1600 Newport Beach main

————————————————————

15. BlackRock, New York, NY

$301bn global Discretionary asset

Jeff Saef, MD, Head of Americas Portfolio Solutions

within Multi-Asset Strategies & Solutions (MASS)

jeffrey.saef@blackrock.com

(609) 282-8950

————————————————————

16. Blue Edge Capital, Richmond, VA

$560mm Discretionary assets

$600mm total

Peter H. Bowles, Managing Director

pbowles@blueedgecap.com

(804) 673-7404

————————————————————

17. BNY Mellon Investor Solutions, New York, NY

$12.7bn Discretionary assets

$31.3bn total

Camille Alexander, Head of Global Sales & Distribution

camille.alexander@bnymellon.com

(202) 624-7962

————————————————————

18. Brown Advisory, Baltimore, MD

$5.8bn OCIO Discretionary assets

$12bn total Discretionary assets AUM

Brigid Peterson, Head Endowment & Foundations

bpeterson@brownadvisory.com

(410) 537-5379

————————————————————

19. Brown Brothers Harriman, New York, NY

$56.2bn Total discretionary assets

Tom Davis, Managing Director

thomas.davis@bbh.com

(212) 493-8699

————————————————————

20. Callan, San Francisco, CA

$32.1bn Discretionary assets

$3.2trillion advisory

James A. Callahan, President

callahan@callan.com

(415) 974-5060

————————————————————

21. Cambridge Associates, Boston, MA

$65.9bn Discretionary assets

$540.8bn advisory

Deirdre Nectow, Managing Director

dnectow@cambridgeassociates.com

(617) 457-1781

————————————————————

22. Canterbury Consulting, Newport Beach, CA

$3.3bn Discretionary assets

$28.6bn advisory

Robinson (Bob) Cluck, Chairman

bcluck@canterburyconsulting.com

(949) 718-2229

Poorvi Parekh, Director OCIO

pparekh@canterburyconsulting.com

(949) 718-2224

————————————————————

23. Clearbrook Global Advisors, New York, NY

$1.7bn Discretionary assets

$13bn advisory

Elliott Wislar, CEO

ewislar@clrbrk.com

Gregg Sibert, Chief Marketing Officer

gsibert@clrbrk.com

(212) 683-6686

————————————————————

24. Commonfund, Wilton, CT

$14.2bn Discretionary OCIO assets

$28.2bn total AUM

Mark Anson, President, CEO & CIO

Tim Yates, President, CEO & OCIO

tim.yates@commonfund.org

(203) 563-5238

————————————————————

25. Cornerstone Advisors AM, Bethlehem, PA

$2.6bn Discretionary assets

$7.6bn total

JP Cavaliere, Senior Consultant

jcavaliere@cornerstone-companies.com

(610) 694-0900 (o)

(484) 941-2685 (c)

————————————————————

26. CornerCap Institutional, Atlanta, GA

$1.3bn Discretionary assets

Derek Tubbs, VP Institutional Development

dtubbs@cornercap.com

(404) 870-0700

————————————————————

27. CornerStone Partners, Charlottesville, VA

$9.4bn Discretionary assets

$10.9bn total

Chris Laing, Senior Managing Director

claing@cstonellc.com

(434) 293-7759

————————————————————

28. Crewcial Partners, New York, NY

$1.3bn Discretionary assets (3-31-21)

$36bn advisory

Charlie Georgalas, Managing Director

ccg@crewcialpartners.com

(212) 218-4900

————————————————————

29. DeMarche, Merriam, KS

$1.3bn Discretionary assets (9-30-21)

$21.7bn advisory

Thomas C. Woolwine, Vice Chairman,

twoolwine@demarche.com

(913) 384-4994

————————————————————

30. Disciplina, Nashville, TN

$1.644bn Discretionary assets

Matthew W. Wright, President & CIO

mww@disciplina.com

(615) 490-6002

————————————————————

31. Edgehill Endowment Partners, New Haven, CT

$2.3bn Discretionary assets

Nina F. Scherago, Co-Founder and Managing Partner

n.scherago@edgehillendowment.com

Jason Raiti, Partner

j.raiti@edgehillendowment.com

Christin Sandweiss, Director Client Service           

c.sandweiss@edgehillendowment.com

(203) 654-3553

————————————————————

32. CapTrust, Raleigh, NC

(Includes Ellwood Associates)

$96bn Discretionary assets

$618bn advisory

Gref Middleton, Senior Director Marketing

greg.middleton@captrust.com

(919) 278-9814

————————————————————

33. Evoke | ARIS, Los Angeles, CA

$7.5bn discretion

$14bn advisory

Damien Bisserier, Managing Partner, Co-CIO

dbisserier@arisconsulting.com 

(424) 283-3802

————————————————————

34. FEG Investment Advisors, Cincinnati, OH

$10.4bn Discretionary assets

$81bn advisory

Rebecca (Becky) S. Wood, President & CEO

bwood@feg.com

Devinne Verst, VP Institutional Sales

dverst@feg.com

(513) 827-3204

————————————————————

35. Fidelity Institutional Asset Management, Smithfield, RI

$35bn Discretionary assets (9-30-20)

$1.03trillion global

Jim Zadrozny, SVP Co-Head of Institutional Sales

jim.zadrozny@pyramis.com

(401) 292-4760

(401) 209-0523 cell

————————————————————

36. Fiduciary Trust Company, Boston, MA

$7.2bn Discretionary assets (3-31-21)

$19bn total

Rick Tyson, Vice President & Investment Officer

tyson@fiduciary-trust.com

(617) 292-6799

————————————————————

37. Fiduciary Trust International, New York, NY

$10.2bn OCIO advisory solutions

$38.1bn total

Ronald Sanchez, CIO

rsanchez@ftci.com

Kate Huntington, Head of Advisory Solutions Group

kate.huntington@fiduciarytrust.com

(877) 384-1111

————————————————————

38. Fiduciary Wealth Partners, Boston, MA

$1.5bn Discretionary assets

$2.2bn total AUM and AUA

Preston McSwain, Managing Partner

preston@fwp.partners

(617) 602-1901

————————————————————

39. Fiducient Advisors, Chicago, IL

$12.8bn Discretionary assets

$226.2bn advisory

Robert (Bob) DiMeo, CEO

bdimeo@fiducient.com

Jon Fellows, Partner & Chairman

jfellows@fiducient.com

Matt Porter, Partner & Vice-chairman Fiduciary

Investment Advisors  

mporter@fiducient.com

(312) 853-1000

————————————————————

40. F.L. Putnam Investment Management Company, Wellesley, MA

$4.5bn Discretionary assets

$5.3bn total

Chris McVey, Director of Business Development

cmcvey@flputnam.com 

(781) 591-8265

————————————————————

41. Gallagher Fiduciary Advisors, Washington, DC

$6.27bn Discretionary assets

$77.46bn advisory

Michael Johnson, President

michael_w_johnson@ajg.com

Phil Fabrizio, Area Director

(202) 898-2270

————————————————————

42. Gerber Taylor, Memphis, TN

$7.1bn Discretionary assets

$6.9bn advisory

Charles Gerber, President

cgerber@gerbertaylor.com

Matthew Kinnear, Client Development

mkinnear@gerbertaylor.com

(901) 526-9750

————————————————————

43. Glenmede, Philadelphia, PA

$11.4bn tax-exempt OCIO

$46.3bn total

Adam M. Conish, Director of Endowment & Foundation Management

adam.conish@glenmede.com

(215) 419-6676

————————————————————

44. Global Endowment Management, Charlotte, NC

$12.4bn Discretionary assets

Stephanie Lynch, Partner

slynch@globalendowment.com

(704) 333-8282

Alex Kocher, Director

akocher@globalendowment.com

(704) 370-1706

————————————————————

45. Global Strategic Investment Solutions, Scottsdale, AZ

$1.1bn Discretionary assets

Don Callaghan, Managing Partner

dcallaghan@gsisus.com

(480) 935-2134

————————————————————

46. Goldman Sachs, New York, NY

$239bn Discretionary assets

Timothy Braude, Managing Directo

timothy.braude@gs.com

(917) 343-2138

————————————————————

47. Hall Capital Partners, San Francisco, CA

$18.5bn Discretionary assets

$49.3bn total

Simon Krinsky, Managing Partner

skrinsky@hallcapital.com

(212) 407-0707

Sarah Butler, Business Development Manager

sbutler@hallcapital.com

(415) 217-2449

————————————————————

48. HighGround Advisors, Dallas, TX

$1.5bn Discretionary assets

$2.5bn total

David M. Slover, SVP & Chief Strategy Officer

david.slover@highgroundadvisors.org

(214) 978-3300

————————————————————

49. Highland Associates, Birmingham, AL

$14.4bn Discretionary assets

$22.2bn AUA

$36.6bn total

Trey Echols, CEO

Paige Daniel, Managing Director

pdaniel@highlandassoc.com

(205) 939-8308

————————————————————

50. Hirtle Callaghan, W. Conshohocken, PA

$19.6bn Discretionary assets

Erica Evans, Head Client Engagement

eevans@hirtlecallaghan.com

(610) 943-4100

————————————————————

51. Holt Capital Partners, Fort Worth, TX

$410mm total

Robert M. Holt, Jr., Managing Partner

rholt@holtcap.com

(817) 877-1430


52. ICG Advisors, Los Angeles, CA

$7bn Total assets

Jeffrey Assaf, Sr.. Managing Director & CIO

jassaf@icgadvisors.com

(424) 270-8900

————————————————————

53. Investure, Charlottesville, VA

$17bn Discretionary assets

Bruce Miller, CEO

bmiller@investure.com

Puja Seam, COO

pseam@investure.com

(434) 220-0280

————————————————————

54. Jasper Ridge Partners, Menlo Park, CA

$36.2bn Discretionary assets

Cori Duncan, CEO & Managing Partner

cduncan@jasperridge.com

(650) 494-4831

————————————————————

55. JPMorgan Asset & Wealth Management, New York, NY

$73bn OCIO Discretionary assets

$3.1trillion total

Monica Issar, Global Head Multi-Asset

& Portfolio Solutions

monica.issar@jpmorgan.com

(212) 464-2852

————————————————————

56. LCG Associates, Atlanta, GA

$1.2bn Discretionary assets

$115.6bn advisory

Ed Johnson, President & CEO

ejohnson@lcgassociates.com

(770) 644-0100

————————————————————

57. Litman Gregory Asset Management, Walnut Creek, CA

(Bought by iM Global Partners, close 2nd Q 2021)

$2.2bn Discretionary assets (3-31-21)

$6.3 bn total

(iM Global Partner)

Craig Keller, Managing Director, Senior Advisor

craig.keller@lgam.com

(415) 464-5808

————————————————————

58. Lowe, Brockenbrough, Richmond, VA

$2.2bn Institutional Discretionary assets

$4.4bn total

Austin Brockenbrough III, Chairman

abiii@lowebrockenbrough.com

Christopher Dion, Managing Director & CIO

cdion@lowebrockenbrough.com

(804) 287-2744

————————————————————

59. Makena, Menlo Park, CA

$20bn Discretionary assets

Joseph Magher, Managing Director

jmagher@makenacap.com

(650) 926-1339

————————————————————

60. Mangham Associates, Charlottesville, VA

$1.2bn AUM

Joel R. Mangham, Founder & CIO

Joel Streeter, Director

JoelP.Streeter@manghamassociates.com

(434) 973-2223

————————————————————

61. Marquette Associates, Chicago, IL

$15.2bn Discretionary assets

$341.5bn advisory

Brian Wrubel, President & CEO

bwrubel@marquetteassociates.com

Patrick McDowell, SVP, OCIO Services

pmcdowell@marquetteassociates.com

(312) 527-5500

————————————————————

62. Meketa Investment Group, San Diego, CA

$24.3bn Discretionary assets

$1.8 trillion advisory

Lisa Rubin, Director Marketing

lrubin@meketa.com

(760) 795-3450

————————————————————

63. Mercer, New York, NY

$415bn global discretionary AUM (12-31-21)

$17.3tr advisory (6-30-21)

Samantha Davidson, US Investment Solutions Leader

samantha.davidson@mercer.com

(617) 747-9230

————————————————————

64. Mill Creek Capital Advisors, Conshohocken, PA

Josh Gross, CEO

$9.5bn Discretionary assets

jgross@millcreekcap.com

(610) 941-7714

————————————————————

65. Miller Investment Management, West Conshohocken, PA

$1.967bn Discretionary assets

$4.0bn total

Timothy P. Letter, Managing Director, business development

tletter@millerinv.com

(610) 834-9820 x136

————————————————————

66. Morgan Creek Capital Management, Chapel Hill, NC

$2.3bn Discretionary assets

Mark Yusko, CEO & CIO

myusko@morgancreekcap.com

(919) 933-4004

pclark@morgancreekcap.com

————————————————————

67. Morgan Stanley OCIO/Graystone Consulting, New York, NY

$52.6bn OCIO Discretionary assets

General OCIO Inquiries

mscustomsolutions@morganstanley.com

(212) 296-6651

Tom Williams, Managing Director, Head of Institutional

Portfolio Solutions, Head of Custom Solutions OCIO

tom.williams@morganstanley.com

(212) 296-6960

Robert Mandel, Managing Director, Head of Graystone

Business & Team Development

robert.j.mandel@morganstanley.com

(914) 225-5420

————————————————————

68. Multilateral Endowment Management Company

“MEMCO,” Edmond, OK

$1.2bn Discretionary assets

Ryan Harms, CIO

rharms@memco-invest.com

(405) 334-6588 

Ashley Roche COO & General Counsel

aroche@memco-invest.com

405-714-7827

————————————————————

69. NEPC, Boston, MA

$66.3bn Discretionary assets

$1.47trillion total

Steve F. Charlton, Director Consulting Services

scharlton@nepc.com

(617) 374-1300

————————————————————

70. New Providence Asset Management, New York, NY

(Sold to Colony 2021 RIA $16bn)

$2.7bn Discretionary assets (3-31-21)

Andrew Vogelstein, Chairman

Sarah Withers, Associate Director

sarah@newprov.com

(646) 292-1272

————————————————————

71. Northern Trust, Chicago, IL

$105bn OCIO Discretionary assets

$55bn advisory

Lyndsay Ferencak, Director

LRF4@ntrs.com

(312) 444-3297

Darius Gill, National Practice Director

DAG9@ntrs.com

(312) 444-7153

————————————————————

72. Pacific Portfolio Consulting, Seattle, WA

$4.53bn total

Larry Hood, Founder & CEO

larry@pacific-portfolio.com

Kevin O’Connor, Partner, Senior Retirement Program Advisor

koconnor@pacific-portfolio.com

(206) 623-6641 phone

————————————————————

73. Partners Capital, Boston, MA & UK

$47.9bn total

Paul Dimitruk, Co-Founder and Senior Partner

paul.dimitruk@partners-cap.com

(617) 292-2575

Leslie Ahlstrand, Principal

leslie.ahlstrand@partners-cap.com

(617) 778-7046

Cathleen Lawless, Business Development Associate

cathleen.lawless@partners-cap.com

(617) 292-1936

————————————————————

74. Pentegra Investors, White Plains, NY

$15.7bn total Discretionary assets (12-31-20)

Matthew P. Mintzer, EVP Sales & Marketing

matthew.mintzer@pentegra.com

(914) 821-9563

————————————————————

75. Permanens Capital, New York, NY

$4.4bn Discretionary assets

John Regan, Founding Partner

jr@permcap.com

Alex Goldfarb, Partner

alex@permcap.com

(212) 993-7447

————————————————————

76. Permit Capital Advisors, W. Conshohocken, PA

$1.56bn Discretionary assets

Mimi Drake, Co-CEO

mdrake@permitcapital.com

Bill Curran, Portfolio Manager

wcurran@permitcapital.com

(610) 940-5331

————————————————————

77. PFM Asset Management, Philadelphia, PA

$19.9bn Discretionary assets

$26.7bn total Multi-Asset Class

John Spagnola, Managing Director

spagnolaj@pfmam.com

Jim Link, Managing Director

linkj@pfmam.com

(215) 557-1222

————————————————————

78. Pivotal Advisors, New York, NY

$400mm Discretionary assets

Tiffany McGhee, CEO & CIO

tiffany@pivotal-advisors.com

(646) 535-1097

————————————————————

79. PNC Bank, Philadelphia, PA

$69.3bn Discretionary assets

Chris McGoldrick, Managing Director OCIO

& Retirement Solutions

chris.mcgoldrick@pnc.com

(215) 585-1244

————————————————————

80. Prime Buchholz & Associates, Portsmouth, NH

$3.5bn Discretionary assets

$59bn advisory

William F. McCarron, President

bmc@primebuchholz.com

(603) 433-1143

————————————————————

81. Regions Asset Management, Birmingham, AL

$52.4bn Discretionary assets

  1. Alan McKnight, Jr., CIO

alan.mcknight@regions.com

(917) 822-3412

————————————————————

82. RiskBridge Advisors, New Canaan, CT

$400mm Discretionary assets

Christopher A. Reynolds, Director Institutional Sales

creynolds@riskbridgeadvisors.com

(770) 299-3832

————————————————————

83. RockCreek, Washington, D.C.

$2.3bn Discretionary assets

$17bn total

Afsaneh Beschloss, President and CEO

clientservices@therockcreekgroup.com

(202) 331-3400

————————————————————

84. Russell Investments, Seattle, WA

$280.2bn Discretionary assets

Charlie Shaffer, Global Head of Distribution

chsaffer@russellinvestments.com

(646) 334-9492 (c)

————————————————————

85. Segal Marco Advisors, Chicago, IL

$11.9bn Discretionary assets

$500bn advisory

TJ Kistner, VP, Head of Discretionary

Portfolio Management & Solutions

tkistner@segalmarco.com

(312) 612-8493

————————————————————

86. SEI Institutional Group, Oaks, PA

$238.5bn Discretionary assets

Michael Cagnina, SVP, Managing Director

mcagnina@seic.com

(610) 676-1496

————————————————————

87. Sellwood Consulting, Portland, OR

$1.1mm Discretionary assets

$8.7bn total

Ashlee Moehring, Consultant, Principal

ashleemoehring@sellwoodconsulting.com

(503) 596-2880

————————————————————

88. Seven Bridges Advisors, New York, NY

$6.9bn total

Ram Lee, Partner & CIO

ramlee@sevenbridgesadvisors.com

(212) 490-6320

Elise Rosenberg, Managing Director

erosenberg@sevenbridgesadvisors.com

(212) 490-6325

————————————————————

89. Silvercrest Asset Management, New York, NY

$25.1bn Discretionary assets

$32.3bn total

Chris Long, Managing Director

clong@silvercrestgroup.com

(212) 649-0697

————————————————————

90. Spider Management Company, Richmond, VA

$6.2bn Discretionary assets

Tory Sprehe, Director of Investor Relations

tsprehe@richmond.edu

(804) 200-6902

————————————————————

91. State Street Global Advisors, Stamford, CT

$191.8bn Discretionary assets

Gary Sems, VP, Global Fiduciary Solutions

gary_sems@ssga.com

(203) 326-4255

————————————————————

92. Strategic Investment Group, Arlington, VA

$27.9bn Discretionary assets

$28.6bn total AUM

Nikki Kraus, Managing Director Client Development

nkraus@strategicgroup.com

(703) 243-4433

————————————————————

93. TIFF Investment Management, Radnor, PA

$8bn Discretionary assets

Kane Brenan, CEO

Rob Zion, COO

Jerrol Charles, Director of Business Development

jcharles@tiff.org

(917) 501-0241

————————————————————

94. Truist Bank, Atlanta, GA

$16.5bn Discretionary assets

Elizabeth Cabell Jennings, Managing Director

Regional Practice Leader / Truist

Foundations and Endowments Specialty Practice

Elizabeth.C.Jennings@Truist.com

(804) 782-7016 office

(804) 314-5269 Mobile

————————————————————

95. Truvvo Partners, New York, NY

$4.1bn total

Casey D. Whalen, CEO & CIO

cwhalen@truvvo.com

Ilka Gregory, Director Client Relations

igregory@truvvo.com

(212) 488-5485

————————————————————

96. UBS AG, Chicago, IL

$16.1bn OCIO Discretionary assets

Thomas Digenan, Head of Investment Solutions Specialists for Americas

thomas.digenan@ubs.com

(312) 525-7975

Mohammad Ahmad, Head, Business Development

mohammad.ahmad@ubs.com

41 79 629 48 29

Calvin Kim, Director Investment Solutions Specialist

Asia Pacific (ex. Japan/Australia)

calvin.kim@ubs.com

————————————————————

97. Vanguard, Malvern, PA

$71bn Discretionary assets

Christopher Philips, Head Institutional Advisory Services

christopher_philips@vanguard.com

(610) 503-1089

————————————————————

98. VELA Investment Management, New Albany, OH

$250mm Discretionary assets

Ric Dillon, CEO

rdillon@vela-im.com

(614) 323-6916

————————————————————

99. Verger Capital Management, Winston-Salem, NC

$2.4bn Discretionary assets

Patrick Decker, Managing Director

pdecker@vergercapital.com

(336) 934-4145

————————————————————

100. Verus Advisory, Seattle, WA

$5.24bn Discretionary assets

$659.2bn advisory

Shelly J. Heier, President & Senior consultant

sheier@verusinvestments.com

(206) 622-3700

————————————————————

101. Wespath Institutional, Glenview, IL

$5.3bn Discretionary assets

Joseph Halwax, Managing Director Institutional Services

jhalwax@wespath.org

(847) 866-4307

————————————————————

102. Willis Towers Watson, Chicago, IL

$186.8bn Discretionary assets

Nimisha Srivastava, Head of Investments, North America

nimisha.srivastava@willistowerswatson.com

(312) 525-2111

Mark Calnan, Head, Head of Investments, EMEA

mark.calnan@willistowerswatson.com

44 (0) 207 170 2819

————————————————————

103. Wilshire Associates, Santa Monica, CA

$24.03bn Discretionary OCIO assets

$1.3trillion advisory

Carolyn Gilbert Pejsa, Vice President, Business Development

cgilbert@wilshire.com

(630) 464-0456 cell

————————————————————

104. Worth Venture Partners, New York, NY

$395mm Discretionary assets

David Wertentheil, Partner

dwertentheil@worthventure.com

(212) 558-9017

————————————————————            

104 Firms – $3.711 Trillion in Total AUM

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