U.S.

OUTSOURCED CIO FUNCTION 2017

Identifying Emerging Opportunities Across Institutional Investors

Overview & Methodology

SUBSCRIPTION DETAILS
This report, in its second iteration, explores the evolving outsourced
chief investment officer (CIO) market, including market sizing,
demand and anticipated growth across client segments, types of ANNUAL
outsourcing arrangements, functions outsourced, obstacles to $19,000 120 PAGES
uniformity across provider (i.e., performance track record and fees), 84 EXHIBITS
and reasons why organizations are outsourcing. The report also
examines OCIO providers, industry consolidation, and distribution
strategies used by asset managers building relationships with PURCHASE INCLUDES
OCIO providers.
yy Digital copy and hardcopy in color
Data for this report comes from two proprietary surveys, as well
as various quantitative and qualitative sources. More than 25 yy Online access to one related report
interviews were conducted with OCIO industry professionals yy Unlimited online firm-wide access
from investment consulting, asset management, and dedicated yy Exhibits in Excel
OCIO firms, as well as institutional asset management distribution
yy Key findings
professionals prospecting with OCIOs.
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yy Executive Summary Video NEW
yy Explore the evolution of the OCIO industry
RESEARCH INCLUDED WITH SUBSCRIPTION
yy Comprehensive coverage of the historical and expected asset
growth of the OCIO market yy The Cerulli Report – U.S. Outsourced CIO
Function 2016
yy Examine the competitive landscape of the OCIO market
yy Understand the growth of institutional investors use of search
firms when selecting an OCIO provider
For more information, contact us:
Questions Answered:
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yy What are the growth expectations of the OCIO industry and
corresponding assets under management?
yy How is the OCIO service offering evolving and which providers are
gaining marketshare?
yy Which client segments and size cohorts offer the greatest yy Are asset managers wining mandates through OCIO
growth opportunities? providers and how are they structuring their sales
yy How often are OCIOs engaged by OCIO search consultants? and servicing teams to partner with OCIOs?

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allocation change over the next year by client type.

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 Chapter 6 Asset Managers’ Sales & Service Coverage Models of OCIOs

Exhibit 6.01
Percentage of Asset Managers That Have Won a Mandate(s) Through an Outsourced CIO Provider, 2017
Source: Cerulli Associates

Have not won

business through
an OCIO provider, 10%

Have won business

through an
OCIO provider
90%

94 The Cerulli Report | U.S. Outsourced CIO Function 2017

 Table of Contents

Table of Contents: Expanded

Key Questions Answered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
1. What is the expected growth of worldwide OCIO assets under management? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2. How frequently are OCIO providers being engaged by OCIO search consultants? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
3. What are the top challenges faced by OCIO providers? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
4. Where do OCIO providers expect growth opportunities across non-retirement channels over the next two years? . . . . . . . . . . . . . . 17
5. Which client size cohorts do OCIOs expect to drive future retirement segment mandates? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
6. How do OCIOs expect their use of active and passive strategies to change in the near term? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
7. How important are OCIO-intermediated assets to asset managers’ institutional sales goals? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Chapter 1: OCIO Industry Evolution and Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Why Investors Outsource . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Exhibit 1.01. Top Reasons for Pursuing an OCIO Relationship, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Continuum of the OCIO Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Exhibit 1.02. Spectrum of Outsourcing Providers, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Exhibit 1.03. Types of OCIO Providers, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Investment Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Exhibit 1.04. Investment Consultants’ Anticipated Asset Breakout: Traditional Consulting vs. OCIO Over the Next Year and Three
Years, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Exhibit 1.05. Greatest Threats Presently Challenging Investment Consultants, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
History of OCIO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Exhibit 1.06. OCIO Historical Assets, 1Q 2011–1Q 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
AA Exhibit 1.07. Projected OCIO AUM, 1Q 2017–1Q 2022E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Projection Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Landscape of Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

The Cerulli Report | U.S. Outsourced CIO Function 2017 7

 Table of Contents

Exhibit 1.08. Largest Providers of Global and U.S. Investment Outsourcing by Assets, 1Q 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Exhibit 1.09. Changes in the Leadership of the OCIO Universe, 2014–2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Exhibit 1.10. Historical Asset Growth of the Top-20 OCIO Providers, 1Q 2013–1Q 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Providers’ Views on Market Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Exhibit 1.11. Anticipated Annualized Growth of OCIO Industry Assets, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Chapter 2: OCIO Search Consultants: Choosing the Right Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Exhibit 2.01. Frequently Cited Catalysts for Pursuing an Outsourcing Arrangement, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Reasons Investors Outsource . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Exhibit 2.02. Frequency with Which Institutions Conduct a Formal Search When Selecting an OCIO, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 40
The Search and Selection Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Exhibit 2.03. Percentage of Institutions That Use a Search Consultant When Selecting an OCIO, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Internal Management vs. OCIO Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Understanding Institutions’ Goals and Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Exhibit 2.04. Considerations When Evaluating Skills and Expertise of OCIO Providers, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Search Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Exhibit 2.05. Sample RFP Topics, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Exhibit 2.06. OCIOs’ Experience with Search Consultants, 2016 vs. 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
OCIO Search Firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Exhibit 2.07. Sample List of OCIO Search Consultants, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Exhibit 2.08. OCIOs’ Opinions of the Most Active Search Consultants, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Exhibit 2.09. Client Types Most Likely to Use a Search Consultant, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Exhibit 2.10. OCIO Clients’ Use of Third-Party OCIO Performance Measurement, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
OCIO Performance Monitoring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

8 The Cerulli Report | U.S. Outsourced CIO Function 2017

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Chapter 3: The Range of OCIO Service Offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Exhibit 3.01. Outsourced CIO Providers’ Levels of Customization, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Exhibit 3.02. Global Outsourced CIO Providers’ Vehicle Use, 1Q 2016 vs. 1Q 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Exhibit 3.03. Level of Discretion Provided by Outsourced CIO Providers, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Exhibit 3.04. Sample Checklist/Template for Potential Areas for Discretion, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Exhibit 3.05. Global Outsourced CIO Providers’ Assets Under Management by Level of Discretion, 1Q 2017 . . . . . . . . . . . . . . . . . . . . . . . 55
Exhibit 3.06. Global Outsourced CIO Providers’ Assets Under Management by Mandate Type, 1Q 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Exhibit 3.07. OCIO Providers’ Method(s) of Displaying Performance Track Records, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Exhibit 3.08. Use of GIPS-Compliant Performance Track Record, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Exhibit 3.09. Outsourced CIO Providers’ Fee Structures, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Exhibit 3.10. Average Fees for OCIO Services by Client Assets, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Exhibit 3.11. OCIO Firms’ Measures to Protect Against Conflicts of Interest, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Exhibit 3.12. Outsourced CIO Specialty Services Provided to Clients, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Exhibit 3.13. OCIOs That Have Built/Purchased a Technological System to Support Their Business, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . 63
Exhibit 3.14. Top Challenges Faced by OCIO Providers, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Chapter 4: Manager Selection and Asset Allocation Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

Exhibit 4.01. OCIOs’ Roles/Teams That Have Influence Over Manager Selection, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
Exhibit 4.02. Percentage of OCIO Providers That Have an Approved List of Managers, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Exhibit 4.03. Roles/Teams Asset Managers Should Prospect with at OCIO Firms, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Exhibit 4.04. Percentage of OCIOs That Comprehensively Consider ESG Factors When Conducting Manager Due Diligence, 2017 . . . . 70
Exhibit 4.05. Percentage of OCIOs That Have Dedicated Resources Committed to ESG Incorporation, 2017 . . . . . . . . . . . . . . . . . . . . . . . 71
Exhibit 4.06. OCIOs’ Use of Active vs. Passive Investments, 2016 vs. 2018E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Exhibit 4.07. OCIOs’ Use of Active vs. Passive Management Across Asset Classes, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
AAExhibit 4.08. OCIOs’ Anticipated Changes to Asset Allocation for DB Plan Clients Over the Next Year, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 74
AAExhibit 4.09. O CIOs’ Anticipated Changes to Asset Allocation for Corporate DC Plans and Health/Hospital Clients Over
the Next Year, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
AAExhibit 4.10. OCIOs’ Anticipated Changes to Asset Allocation for Endowment and Foundation Clients Over the Next Year, 2017 . . . . . 76

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Chapter 5: Outsourcing Opportunities Across Client Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

Exhibit 5.01. OCIO Providers’ Origins of New Business, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
Exhibit 5.02. OCIO Providers’ Views on Sources of New Business Opportunities, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
Exhibit 5.03. OCIO Providers’ Assets Under Management by Market Segment, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
Exhibit 5.04. Status of Corporate Defined Benefit Plans, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
Exhibit 5.05. Percentage of Corporate Defined Benefit Plans on an LDI Glidepath, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Exhibit 5.06. Asset Pools Managed by OCIOs for Health and Hospital Clients, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
AA Exhibit 5.07. OCIO Providers’ Client Composition by Account Size, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
AAExhibit 5.08. OCIO Providers’ Client Composition by Level of Discretion, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
AAExhibit 5.09. Importance of Retirement Client Segments to Growth of OCIO Assets Over the Next Two Years, 2017 . . . . . . . . . . . . . . . . 87
AAExhibit 5.10. Importance of Non-Retirement Client Segments to Growth of OCIO Assets Over the Next Two Years, 2017 . . . . . . . . . . . . 88
Exhibit 5.11. Anticipated Change in Use of Discretionary Service Offerings for Health and Hospital Systems, 2017 . . . . . . . . . . . . . . . . . 89
AAExhibit 5.12. OCIO’s Anticipated Growth of Retirement Segment Client Assets by Portfolio Size, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
AAExhibit 5.13. OCIO’s Anticipated Growth of Non-Retirement Segment Client Assets by Portfolio Size, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 91
Chapter 6: Asset Managers’ Sales & Service Coverage Models of OCIOs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
Exhibit 6.01. Percentage of Asset Managers That Have Won a Mandate(s) Through an OCIO Provider, 2017 . . . . . . . . . . . . . . . . . . . . . . 94
Exhibit 6.02. Percentage of Asset Managers That Have Won Incremental Mandate(s) Through an OCIO Provider, 2017 . . . . . . . . . . . . . 95
Exhibit 6.03. Types of OCIO Providers with which Asset Managers Have Been Most Successful, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Exhibit 6.04. Largest OCIO Providers Internally and Externally Assets Under Management, 1Q 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Exhibit 6.05. Percentage of Asset Management Firms’ OCIO-Intermediated Business, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Exhibit 6.06. Asset Managers’ Fee Schedule Bundling for OCIO Providers, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
Exhibit 6.07. Role Responsible for OCIO New Business Development within Asset Management Firms, 2017 . . . . . . . . . . . . . . . . . . . . 100
Exhibit 6.08. Distribution Professionals Compensation Structure for OCIO New Business Development, 2017 . . . . . . . . . . . . . . . . . . . 101
Exhibit 6.09. Role Responsible for OCIO Relationship Management within Asset Management Firms, 2017 . . . . . . . . . . . . . . . . . . . . . 102
Exhibit 6.10. Relationship Professionals Compensation Structure for OCIO Incremental New Business Development, 2017 . . . . . . . 103
Exhibit 6.11. Personnel with Whom Distribution Professionals Prospect at Consulting Firms That Offer OCIO, 2017 . . . . . . . . . . . . . . 104
Exhibit 6.12. Frequency with which Relationship Professional Meet with OCIO Provider, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105
Exhibit 6.13. Frequency with which Portfolio Manager Meets with OCIO Firm, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

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 Table of Contents

Exhibit 6.14. Frequency with which Asset Manager Meets with End-Client Under an OCIO Relationship, 2017 . . . . . . . . . . . . . . . . . . . 107
Exhibit 6.15. Relative Frequency with which Portfolio Manager Meets with OCIOs’ Internal Investment Committee/Board, 2017 . . . 108
Exhibit 6.16. Importance of OCIO Business to Asset Managers’ Institutional Sales Goals, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Appendix: Top-10 OCIO Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

Appendix 1. Mercer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Appendix 2. Russell Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Appendix 3. Northern Trust Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
Appendix 4. Cambridge Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
Appendix 5. Aon Hewitt Investment Consulting Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
Appendix 6. BlackRock Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
Appendix 7. The Goldman Sachs Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
Appendix 8. SEI Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
Appendix 9. Willis Towers Watson Investment Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
Appendix 10. State Street Global Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

Index of Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120

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 Index of Companies

Index of Companies
AON Hewitt....................................................................................................................................................11, 27, 33, 36, 79
BlackRock.................................................................................................................................................11, 27, 33, 85, 91, 96
Cambridge Associates.............................................................................................................................................. 11, 35, 80
Criterium Advisors.......................................................................................................................................................... 37, 45
Ernst & Young.................................................................................................................................................................. 37, 45
Fidelity Investments...............................................................................................................................................................55
GE Asset Management (GEAM)............................................................................................................................... 27, 33, 80
Goldman Sachs......................................................................................................................................................... 11, 27, 35
GSAM.......................................................................................................................................................................................27
Hammond Associates............................................................................................................................................................27
Investure.................................................................................................................................................................... 33, 51, 79
Lane Clark & Peacock............................................................................................................................................................47
Manager Analysis Services............................................................................................................................................. 45, 46
Marquette...............................................................................................................................................................................27
Mercer........................................................................................................................................................................ 11, 27, 33
Mesa Consulting.............................................................................................................................................................. 37, 45
Northern Trust........................................................................................................................................11, 27, 35, 79, 80, 85
Pacific Life Insurance Company...........................................................................................................................................27
Partners Capital.....................................................................................................................................................................33
Pavilion Advisory Group........................................................................................................................................................27
Peirce Park Group..................................................................................................................................................................27
Perella Weinberg....................................................................................................................................................... 33, 55, 71
PriceWaterhouseCoopers.............................................................................................................................................. 37, 45
Russell Investments........................................................................................................................................................ 11, 35
RVK Inc........................................................................................................................................................................ 37, 45, 47
Schroders................................................................................................................................................................................47
Segal Rogerscasey/Marco Consulting Group.....................................................................................................................27
SEI Investments.............................................................................................................................................11, 27, 33, 81, 88
State Street Global Advisors (SSgA).................................................................................................................. 11, 27, 33, 80
Strategic Investment Group.......................................................................................................................................... 33, 79
Towers Perrin.........................................................................................................................................................................27
Townsend Group...................................................................................................................................................................27
Vanguard.................................................................................................................................................................................35
Verus........................................................................................................................................................................................27
Watson Wyatt.........................................................................................................................................................................27
Willis Towers Watson...................................................................................................................................................... 11, 27

120 The Cerulli Report | XXXX 2017