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

OCIO Assets    $415.0 bn
Percent Increase   9.50%
Dollar Increase $ 36.0 bn

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

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

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

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

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

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

(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

(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

Juan Buendia, Senior Client Advisor

(410) 528-8282


11. Ballentine Partners, Waltham, MA

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

$17.7bn total

Jayson DeAngelis, Partner

(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

(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

(617) 457-1781


22. Canterbury Consulting, Newport Beach, CA

$3.3bn Discretionary assets

$28.6bn advisory

Robinson (Bob) Cluck, Chairman

(949) 718-2229

Poorvi Parekh, Director OCIO

(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

(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

Jason Raiti, Partner

Christin Sandweiss, Director Client Service   

(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

(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

(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



49. HighGround Advisors, Dallas, TX

$1.5bn Discretionary assets

$2.5bn total

David M. Slover, SVP & Chief Strategy Officer

(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

(434) 973-2223


62. Marquette Associates, Chicago, IL

$15.2bn Discretionary assets

$341.5bn advisory

Brian Wrubel, President & CEO

Patrick McDowell, SVP, OCIO Services

(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

(212) 296-6651

Tom Williams, Managing Director, Head of Institutional

Portfolio Solutions, Head of Custom Solutions OCIO

(212) 296-6960

Robert Mandel, Managing Director, Head of Graystone

Business & Team Development

(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



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

(206) 623-6641 phone


75. Partners Capital, Boston, MA & UK

$47.9bn Total

Paul Dimitruk, Co-Founder and Senior Partner

(617) 292-2575

Leslie Ahlstrand, Principal

(617) 778-7046

Cathleen Lawless, Business Development Associate

(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

(770) 299-3832


87. RiskBridge Advisors, New Canaan, CT

$400mm Discretionary assets

Christopher A. Reynolds, Director Institutional Sales

(770) 299-3832


87. RockCreek, Washington, D.C.

$2.3bn Discretionary assets

$17bn total

Afsaneh Beschloss, President and CEO

(202) 331-3400


88. Russell Investments, Seattle, WA

$280.2bn Discretionary assets

Charlie Shaffer, Global Head of Distribution

(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

(503) 596-2880


92. Seven Bridges Advisors, New York, NY

$6.9bn Total

Ram Lee, Partner & CIO

(212) 490-6320

Elise Rosenberg, Managing Director

(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

(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

(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

(312) 525-2111

Mark Calnan, Head, Head of Investments, EMEA

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

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