In the first place, God made idiots. That was for practice. Then he made school boards.

— Mark Twain

We added HighGround Advisors, Pivotal Advisors, Principal Global Advisors, and Harpswell Capital Advisors to our OCIO Spring 2022 Directory. Outsourced AUM now totals $3.74 trillion, a new record. You will find our full report here and updated directory below.

Principal Global Advisors, a subsidiary of the Principal Financial Group, acquired the OCIO assets of Wells Fargo and some of the staff.  AUM totals $29.7bn under full discretion.

HighGround Advisors, founded in 1930 to manage the Baptist Congregation pension and endowment assets, now serves over four-hundred nonprofit organizations with total AUM of $2.5bn and $1.5bn under full discretion.

Harpswell Capital Advisors founded by Jack Moore, manages $455 million in discretionary assets.

Pivotal Advisors and Ms. Tiffany McGhee, African-American founder and CIO, currently manage about $400 million with full discretion.

This now means we have two African-American owned OCIO firms in our directory of one-hundred-five outsourcing managers.

Disciplina, founded by Matthew Wright, president and CIO (former Vanderbilt CIO) is our second African-American owned OCIO firm.

That works out to less than two percent, consistent with the handful of African-American stalwarts we found in our reference database of nonprofit chief investment officers and highlighted two years ago.




Kim Y. Lew, CEO, Columbia University IMC

Brooke Jones, CIO, Bryn Mawr College

Charmel Maynard, CIO & Treasurer, University of Miami

Frank Bello, CIO Howard University



Joseph Boateng, CIO, Casey Family Programs

Rukaiyah Adams, CIO, Meyer Memorial Trust (departs 8/31/22)

Nickol Hackett, CIO, Joyce Foundation

Bola Olusanya, CIO, The Nature Conservancy


Corporate Pensions

Dekia M. Scott, CIO, Southern Company

Bryan Lewis, CIO, US Steel


Public Pensions

Mansco Perry III, ExecDir/CIO, Minnesota SBI (retire 10-31-22)

Angela Miller-May, CIO, Illinois Municipal Retirement Fund

Cheryl Alston, CIO, Employees Retirement Fund City of Dallas

Edward “Ted” Wright, CIO, Connecticut Retirement Plans & Trust Funds



Kris Chikelue, CIO, Memorial Hermann Health System


Source: Charles Skorina & Company

Since our report, minority progress has stalled.

Danny Flanigan joined Spelman College in Atlanta in 1970 and became CIO in 2019. He passed away on March 17, 2021.

Alex Done, CIO at the Bureau of Asset Management New York City retirement system, left BAM officially on December 31st, 2021.

Mansco Perry III, executive director and CIO at the Minnesota State Board of Investments retires on October 31th this year. All the best Mansco, we’ll miss you.

And Ms. Rukaiyah Adams the long-serving CIO at the Meyer Memorial Trust in Portland, Oregon departs on August 31st 2022.

(If there are any African-American CIO additions since this last review, please let us know who you are so we can update our next report.)

(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, Managing Director, Head of Client Development

(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

$3.2trillion 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. Clearbrook Global Advisors, New York, NY

$1.7bn Discretionary assets

$13bn advisory

Elliott Wislar, CEO

Gregg Sibert, Chief Marketing Officer

(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

(203) 563-5238


25. Cornerstone Advisors AM, Bethlehem, PA

$2.6bn Discretionary assets

$7.6bn total

JP Cavaliere, Senior Consultant

(610) 694-0900 (o)

(484) 941-2685 (c)


26. CornerCap Institutional, Atlanta, GA

$1.3bn Discretionary assets

Derek Tubbs, VP Institutional Development

(404) 870-0700


27. CornerStone Partners, Charlottesville, VA

$9.4bn Discretionary assets

$10.9bn total

Chris Laing, Senior Managing Director

(434) 293-7759


28. Crewcial Partners, New York, NY

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

$36bn advisory

Charlie Georgalas, Managing Director

(212) 218-4900


29. DeMarche, Merriam, KS

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

$21.7bn advisory

Thomas C. Woolwine, Vice Chairman,

(913) 384-4994


30. Disciplina, Nashville, TN

$1.644bn Discretionary assets

Matthew W. Wright, President & CIO

(615) 490-6002


31. 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


32. CapTrust, Raleigh, NC

(Includes Ellwood Associates)

$96bn Discretionary assets

$618bn advisory

Gref Middleton, Senior Director Marketing

(919) 278-9814


33. Evoke | ARIS, Los Angeles, CA

$7.5bn discretion

$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)

$1.03trillion 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 Directo

(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)

$17.3tr 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, West 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 OCIO discretionary assets

$1.1 trillion total firm AUM

Patrick Lee, Managing Regional Director

(310) 383-6257


71. NEPC, Boston, MA

$66.3bn Discretionary assets

$1.47trillion 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,

$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

(402) 493-9875


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. 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

(303) 518-6370


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

$1.3trillion 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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