Pioneers take the arrows, settlers take the land – Anonymous
Our latest Outsourced Chief Investment Officer report features a list of 107 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 $472 billion (a 14.4% gain) in AUM, totaling a record $3.74 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 $3.74 trillion AUM.
That’s fifty-five percent of the outsourced pie. And they kept a tight hold on their market share in our latest reporting period, securing forty-five percent or $211 billion of the $472 billion gain.
Big Eight ranked by AUM
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
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.
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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.
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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)
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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) |
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1. Acansa Investment Management Group, Tyson’s Corner, VA $750mil Total Mary L. Cahill, CEO & CIO (404) 357-0213 ———————————————————— 2. Agility, Denver, CO $15.7bn Discretionary assets Chris Bittman, Partner (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 (650) 328-7283 ———————————————————— 4. Alesco Advisors, Pittsford, NY $4.66bn Discretionary assets $5.47bn total Todd D. Green, Principal, Business Development & Client Service (585) 749-0357 ———————————————————— 5. Angeles Investment Advisors, Santa Monica, CA $7.7bn Discretionary assets $45.8bn total Michael A. Rosen, CIO & Managing Partner 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 (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 (212) 895-3012 ———————————————————— 8. Arnerich Massena, Portland, OR $1.2bn Discretionary assets $2.9bn total Ryland Moore, Managing Principal, Business Development, Investment Advisor (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 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 (203) 571-5341 ———————————————————— 13. BBR Partners, New York, NY $23.7bn Discretionary assets $26bn total Todd Whitenack, Co-Managing Partner (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 (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) (609) 282-8950 ———————————————————— 16. Blue Edge Capital, Richmond, VA $560mm Discretionary assets $600mm total Peter H. Bowles, Managing Director (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 (410) 537-5379 ———————————————————— 19. Brown Brothers Harriman, New York, NY $56.2bn Total discretionary assets Tom Davis, Managing Director (212) 493-8699 ———————————————————— 20. Callan, San Francisco, CA $32.1bn Discretionary assets $3.2 trillion advisory James A. Callahan, President (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. CapTrust, Raleigh, NC (Includes Ellwood Associates) $96bn Discretionary assets $618bn advisory Greg Middleton, Senior Director Marketing (919) 278-9814 ———————————————————— 24. Clearbrook Global Advisors, New York, NY $1.7bn Discretionary assets $13bn advisory Elliott Wislar, CEO Gregg Sibert, Chief Marketing Officer (212) 683-6686 ———————————————————— 25. Commonfund, Wilton, CT $14.2bn Discretionary OCIO assets $28.2bn total AUM Mark Anson, President, CEO & CIO Tim Yates, President, CEO & OCIO (203) 563-5238 ———————————————————— 26. 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) ———————————————————— 27. CornerCap Institutional, Atlanta, GA $1.3bn Discretionary assets Derek Tubbs, VP Institutional Development (404) 870-0700 ———————————————————— 28. CornerStone Partners, Charlottesville, VA $9.4bn Discretionary assets $10.9bn total Chris Laing, Senior Managing Director (434) 293-7759 ———————————————————— 29. Crewcial Partners, New York, NY $1.3bn Discretionary assets (3-31-21) $36bn advisory Charlie Georgalas, Managing Director (212) 218-4900 ———————————————————— 30. DeMarche, Merriam, KS $1.3bn Discretionary assets (9-30-21) $21.7bn advisory Thomas C. Woolwine, Vice Chairman, (913) 384-4994 ———————————————————— 31. Disciplina, Nashville, TN $1.644bn Discretionary assets Matthew W. Wright, President & CIO (615) 490-6002 ———————————————————— 32. 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 Christin Sandweiss, Director Client Service c.sandweiss@edgehillendowment.com (203) 654-3553 ———————————————————— 33. Evoke | ARIS, Los Angeles, CA $7.5bn Discretionary assets $14bn advisory Damien Bisserier, Managing Partner, Co-CIO (424) 283-3802 ———————————————————— 34. FEG Investment Advisors, Cincinnati, OH $10.4bn Discretionary assets $81bn advisory Rebecca (Becky) S. Wood, President & CEO Devinne Verst, VP Institutional Sales (513) 827-3204 ———————————————————— 35. Fidelity Institutional Asset Management, Smithfield, RI $35bn Discretionary assets (9-30-20) $1.03 trillion global Jim Zadrozny, SVP Co-Head of Institutional Sales (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 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 (617) 602-1901 ———————————————————— 39. Fiducient Advisors, Chicago, IL $12.8bn Discretionary assets $226.2bn advisory Robert (Bob) DiMeo, CEO Jon Fellows, Partner & Chairman Matt Porter, Partner & Vice-chairman Fiduciary Investment Advisors (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 (781) 591-8265 ———————————————————— 41. Gallagher Fiduciary Advisors, Washington, DC $6.27bn Discretionary assets $77.46bn advisory Michael Johnson, President Phil Fabrizio, Area Director (202) 898-2270 ———————————————————— 42. Gerber Taylor, Memphis, TN $7.1bn Discretionary assets $6.9bn advisory Charles Gerber, President Matthew Kinnear, Client Development (901) 526-9750 ———————————————————— 43. Glenmede, Philadelphia, PA $11.4bn Tax-exempt OCIO $46.3bn total Adam M. Conish, Director of Endowment & Foundation Management (215) 419-6676 ———————————————————— 44. Global Endowment Management, Charlotte, NC $12.4bn Discretionary assets Stephanie Lynch, Partner (704) 333-8282 Alex Kocher, Director (704) 370-1706 ———————————————————— 45. Global Strategic Investment Solutions, Scottsdale, AZ $1.1bn Discretionary assets Don Callaghan, Managing Partner (480) 935-2134 ———————————————————— 46. Goldman Sachs, New York, NY $239bn Discretionary assets Timothy Braude, Managing Director (917) 343-2138 ———————————————————— 47. Hall Capital Partners, San Francisco, CA $18.5bn Discretionary assets $49.3bn total Simon Krinsky, Managing Partner (212) 407-0707 Sarah Butler, Business Development Manager (415) 217-2449 ———————————————————— 48. Harpswell Capital Advisors, New Gloucester, ME $455mm Discretionary assets $535mm advisory John P. Moore, CFA. Managing Partner, CIO Vanessa M. Bryant. COO 207-926-1348 ———————————————————— 49. 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 ———————————————————— 50. Highland Associates, Birmingham, AL $14.4bn Discretionary assets $22.2bn AUA $36.6bn total Trey Echols, CEO Paige Daniel, Managing Director (205) 939-8308 ———————————————————— 51. Hirtle Callaghan, W. Conshohocken, PA $19.6bn Discretionary assets Erica Evans, Head Client Engagement (610) 943-4100 ———————————————————— 52. Holt Capital Partners, Fort Worth, TX $410mm Total Robert M. Holt, Jr., Managing Partner (817) 877-1430 53. ICG Advisors, Los Angeles, CA $7bn Total assets Jeffrey Assaf, Sr.. Managing Director & CIO (424) 270-8900 ———————————————————— 54. Investure, Charlottesville, VA $17bn Discretionary assets Bruce Miller, CEO Puja Seam, COO (434) 220-0280 ———————————————————— 55. Jasper Ridge Partners, Menlo Park, CA $36.2bn Discretionary assets Cori Duncan, CEO & Managing Partner (650) 494-4831 ———————————————————— 56. JPMorgan Asset & Wealth Management, New York, NY $73bn OCIO Discretionary assets $3.1trillion total Monica Issar, Global Head Multi-Asset & Portfolio Solutions (212) 464-2852 ———————————————————— 57. LCG Associates, Atlanta, GA $1.2bn Discretionary assets $115.6bn advisory Ed Johnson, President & CEO (770) 644-0100 ———————————————————— 58. 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 (415) 464-5808 ———————————————————— 59. Lowe, Brockenbrough, Richmond, VA $2.2bn Institutional discretionary assets $4.4bn total Austin Brockenbrough III, Chairman Christopher Dion, Managing Director & CIO (804) 287-2744 ———————————————————— 60. Makena, Menlo Park, CA $20bn Discretionary assets Joseph Magher, Managing Director (650) 926-1339 ———————————————————— 61. Mangham Associates, Charlottesville, VA $1.2bn AUM Joel R. Mangham, Founder & CIO Joel Streeter, Director JoelP.Streeter@manghamassociates.com (434) 973-2223 ———————————————————— 62. 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 ———————————————————— 63. Meketa Investment Group, San Diego, CA $24.3bn Discretionary assets $1.8 trillion advisory Lisa Rubin, Director Marketing (760) 795-3450 ———————————————————— 64. Mercer, New York, NY $415bn Global discretionary AUM (12-31-21) $17.3 trillion advisory (6-30-21) Samantha Davidson, US Investment Solutions Leader (617) 747-9230 ———————————————————— 65. Mill Creek Capital Advisors, Conshohocken, PA Josh Gross, CEO $9.5bn Discretionary assets (610) 941-7714 ———————————————————— 66. Miller Investment Management, W. Conshohocken, PA $1.967bn Discretionary assets $4.0bn total Timothy P. Letter, Managing Director, business development (610) 834-9820 x136 ———————————————————— 67. Morgan Creek Capital Management, Chapel Hill, NC $2.3bn Discretionary assets Mark Yusko, CEO & CIO (919) 933-4004 ———————————————————— 68. 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 ———————————————————— 69. Multilateral Endowment Management Company “MEMCO,” Edmond, OK $1.2bn Discretionary assets Ryan Harms, CIO (405) 334-6588 Ashley Roche COO & General Counsel 405-714-7827 ———————————————————— 70. Natixis Investment Managers Solutions, Boston, MA $5.4bn Discretionary assets $1.1 trillion total firm AUM Patrick Lee, Managing Regional Director (617) 374-1300 ———————————————————— 71. NEPC, Boston, MA $66.3bn Discretionary assets $1.47 trillion total Steve F. Charlton, Director Consulting Services (617) 374-1300 ———————————————————— 72. 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 (646) 292-1272 ———————————————————— 73. Northern Trust, Chicago, IL $105bn OCIO Discretionary assets $55bn advisory Lyndsay Ferencak, Director (312) 444-3297 Darius Gill, National Practice Director (312) 444-7153 ———————————————————— 74. Pacific Portfolio Consulting, Seattle, WA $4.53bn Total Larry Hood, Founder & CEO Kevin O’Connor, Partner, Senior Retirement Program Advisor koconnor@pacific-portfolio.com (206) 623-6641 phone ———————————————————— 75. 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 ———————————————————— 76. Pentegra Investors, White Plains, NY $15.7bn Total discretionary assets (12-31-20) Matthew P. Mintzer, EVP Sales & Marketing (914) 821-9563 ———————————————————— 77. Permanens Capital, New York, NY $4.4bn Discretionary assets John Regan, Founding Partner Alex Goldfarb, Partner (212) 993-7447 ———————————————————— 78. Permit Capital Advisors, W. Conshohocken, PA $1.56bn Discretionary assets Mimi Drake, Co-CEO Bill Curran, Portfolio Manager (610) 940-5331 ———————————————————— 79. PFM Asset Management, Philadelphia, PA $19.9bn Discretionary assets $26.7bn total multi-asset class John Spagnola, Managing Director Jim Link, Managing Director (215) 557-1222 ———————————————————— 80. Pivotal Advisors, New York, NY $400mm Discretionary assets Tiffany McGhee, CEO & CIO (646) 535-1097 ———————————————————— 81. PNC Bank, Philadelphia, PA $69.3bn Discretionary assets Chris McGoldrick, Managing Director OCIO & Retirement Solutions (215) 585-1244 ———————————————————— 82. Prime Buchholz & Associates, Portsmouth, NH $3.5bn Discretionary assets $59bn advisory William F. McCarron, President (603) 433-1143 ———————————————————— 83. Principal Global Advisors, Overland Park, KS $29.7bn Discretionary assets Dan Oldani, Managing Director, Head of Investor Solutions (833) 290-4678 ———————————————————— 84. Prodigy Asset Management, Omaha, NE $3.6bn Discretionary assets Phil Ruden, Managing Partner (770) 299-3832 ———————————————————— 85. Regions Asset Management, Birmingham, AL $52.4bn Discretionary assets Alan McKnight, Jr., CIO (917) 822-3412 ———————————————————— 86. RiskBridge Advisors, New Canaan, CT $400mm Discretionary assets Christopher A. Reynolds, Director Institutional Sales creynolds@riskbridgeadvisors.com (770) 299-3832 ———————————————————— 87. RiskBridge Advisors, New Canaan, CT $400mm Discretionary assets Christopher A. Reynolds, Director Institutional Sales creynolds@riskbridgeadvisors.com (770) 299-3832 ———————————————————— 87. RockCreek, Washington, D.C. $2.3bn Discretionary assets $17bn total Afsaneh Beschloss, President and CEO clientservices@therockcreekgroup.com (202) 331-3400 ———————————————————— 88. Russell Investments, Seattle, WA $280.2bn Discretionary assets Charlie Shaffer, Global Head of Distribution chsaffer@russellinvestments.com (646) 334-9492 (c) ———————————————————— 89. Segal Marco Advisors, Chicago, IL $11.9bn Discretionary assets $500bn advisory TJ Kistner, VP, Head of Discretionary Portfolio Management & Solutions (312) 612-8493 ———————————————————— 90. SEI Institutional Group, Oaks, PA $238.5bn Discretionary assets Michael Cagnina, SVP, Managing Director (610) 676-1496 ———————————————————— 91. Sellwood Consulting, Portland, OR $1.1mm Discretionary assets $8.7bn total Ashlee Moehring, Consultant, Principal ashleemoehring@sellwoodconsulting.com (503) 596-2880 ———————————————————— 92. 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 ———————————————————— 93. Silvercrest Asset Management, New York, NY $25.1bn Discretionary assets $32.3bn total Chris Long, Managing Director (212) 649-0697 ———————————————————— 94. Spider Management Company, Richmond, VA $6.2bn Discretionary assets Tory Sprehe, Director of Investor Relations (804) 200-6902 ———————————————————— 95. State Street Global Advisors, Stamford, CT $191.8bn Discretionary assets Martha Coxe, VP, Investment Solutions Group (203) 326-4255 ———————————————————— 96. Strategic Investment Group, Arlington, VA $27.9bn Discretionary assets $28.6bn total AUM Nikki Kraus, Managing Director Client Development (703) 243-4433 ———————————————————— 97. Syntrinsic Investment Counsel, Denver, CO $1.7bn Discretionary assets $2.3bn total Jim Brauer, Managing Director (917) 501-0241 ———————————————————— 98. TIFF Investment Management, Radnor, PA $8bn Discretionary assets Kane Brenan, CEO Rob Zion, COO Jerrol Charles, Director of Business Development (917) 501-0241 ———————————————————— 99. 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 ———————————————————— 100. Truvvo Partners, New York, NY $4.1bn Total Casey D. Whalen, CEO & CIO Ilka Gregory, Director Client Relations (212) 488-5485 ———————————————————— 101. UBS AG, Chicago, IL $16.1bn OCIO discretionary assets Thomas Digenan, Head of Investment Solutions Specialists for Americas (312) 525-7975 Mohammad Ahmad, Head, Business Development 41 79 629 48 29 Calvin Kim, Director Investment Solutions Specialist Asia Pacific (ex. Japan/Australia) ———————————————————— 102. Vanguard, Malvern, PA $71bn Discretionary assets Christopher Philips, Head Institutional Advisory Services christopher_philips@vanguard.com (610) 503-1089 ———————————————————— 103. VELA Investment Management, New Albany, OH $250mm Discretionary assets Ric Dillon, CEO (614) 323-6916 ———————————————————— 104. Verger Capital Management, Winston-Salem, NC $2.4bn Discretionary assets Patrick Decker, Managing Director (336) 934-4145 ———————————————————— 105. Verus Advisory, Seattle, WA $5.24bn Discretionary assets $659.2bn advisory Shelly J. Heier, President & Senior consultant (206) 622-3700 ———————————————————— 106. Wespath Institutional, Glenview, IL $5.3bn Discretionary assets Joseph Halwax, Managing Director Institutional Services (847) 866-4307 ———————————————————— 107. 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 ———————————————————— 108. Wilshire Associates, Santa Monica, CA $24.03bn Discretionary OCIO assets $1.3 trillion advisory Carolyn Gilbert Pejsa, Vice President, Business Development (630) 464-0456 cell ———————————————————— 109. Worth Venture Partners, New York, NY $395mm Discretionary assets David Wertentheil, Partner (212) 558-9017 ———————————————————— 109 Firms – $3.75 Trillion in Total AUM |
