OCIO assets up over 21% in Skorina’s latest OCIO list!

09 / 20 / 2017
Download this post as a PDF file
by Charles Skorina | Comments are closed

In this issue

  • Our 2017 OCIO List: Outsourced AUM up over 21%
  • Harvard lags in early-innings endowment returns
  • President needed for West Coast asset manager
  • A short guide to OCIO happiness

 

————————————————–

Outsourced assets under management up over 21 percent year-over-year in Skorina’s latest OCIO list!

With 77 firms heard from, we’re now reporting $1.7 Trillion in full-discretion assets under management by outsourced chief investment officer firms.

That’s a year-over-year jump of $364 billion – or a little over twenty one percent – since September, 2016!

See last year’s report, here: http://www.charlesskorina.com/?p=3916

The number of reported RFPs is also rising as institutions seek better returns and broader investment options.  OCIO providers, in turn, are beefing up their resources to meet the needs of current and prospective clients.

For example: Alan Biller, Hirtle Callaghan, Goldman Sachs, and Cambridge Associates, among others, all continue to add headcount and expand capabilities.

Hirtle Callaghan is hiring senior client-centric investment professionals, Goldman and Cambridge continue to mobilize and deploy their deep internal resources, and Alan Biller continues to build for the future and consolidate their commanding position in the multi-employer pension space.

Where are CIOs to come from?

As a search-committee chairman remarked to me recently, there are very few Joe Montanas to be had among nonprofit CIOs.  The accomplished stars and no-brainer candidates are mostly immovable. 

That’s obviously true among the mega-endowments. Seth Alexander, Andrew Golden, and Scott Malpass are happy where they are.  Recent hires like Narv Narvekar and Britt Harris were well-known to Harvard and UTIMCO, respectively, for years.  And in each case that is probably the only move either would have considered.

But much the same problem exists at smaller funds.  Proven leaders are already well-paid; and/or they’re closer to the end than the beginning of their careers.

Paula Volent, for instance, has done a stellar job at the $1.3 billion AUM Bowdoin College endowment, and is still relatively young.  But her board is – wisely – taking very good care of her.  It’s unlikely that another fund that size could match what’s she’s making.

See: https://bowdoinorient.com/2017/09/15/volents-pay-jumps-930k/

Talent is still available at a reasonable price, lots of it.  But you have to look deeper and harder, and may need to move down to next-generation leaders who don’t have the long track-records that reassure nervous, picky boards.  Next-gen candidates bring less hands-on experience and must survive harder scrutiny.

Big Fortune 500 firms like GE spend years and millions of dollars training their leaders for top jobs.  Nonprofits don’t have the time or budget for that.

New CIOs must show up full-fledged ready to hit the ground running.

OCIO firms can offer the proven performance of those unobtainable super-stars at a reasonable price.  And they can replicate the entire investment office with the process and structure to cope with the complexity of modern portfolios and mounting operational and regulatory burdens.

An OCIO isn’t necessarily the best choice for your institution, but it’s an attractive proposition for many.  That’s why their AUM is still growing at that blistering pace.

Stay tuned for Part 2:

In our next newsletter, we will have more to say about the pros and cons of outsourcing, plus an extended analysis of endowment investment management costs, and conversations with some prominent outsourcing leaders.

For now, let’s just look at how the sector is doing and who’s available to take your call per our latest research.

On to the 2017 edition of Skorina’s Ultimate Outsourcer List!

Skorina’s OCIO list 77 firms

September 2017 edition

(most firms as of 6-30-17)

Agility (Perella Weinberg)

Chris Bittman, CIO

Denver, CO

(303) 813-7910

$8bn (5-31-17)

cbittman@pwpartners.com

     

Alan Biller and Associates

Alan D. Biller, CEO & Sr Consultant

Menlo Park, CA

(650) 328-7283

$88bn total

$37.8bn discretionary (6-30-17)

alan@alanbiller.com

     

Angeles Investment Advisors

Leslie B. Kautz, Principal

Tatijana S. Janko, Director

Santa Monica, CA

(310) 393-6300

(310) 463-7964

$26bn advisory

$2.9bn discretionary (3/31/17)

lkautz@angelesadvisors.com              

tjanko@angelesadvisors.com

     

AON Hewitt

Steve Cummings, President

Chicago, IL

(847) 442-0064

$104bn discretionary (3-31-17)

steve.cummings@aonhewitt.com

     

Appomattox Advisory

Drianne Benner, MD Institutional Marketing

New York, NY

(212) 546-6247

$1.5bn discretionary (5-31-17)

dbenner@ainvadvisors.com

     

Aptitude Investment Management (ex Federal Way)

Jeff Klein, CEO & Deputy CIO

Michael Hillman, Head of IR

Seattle, WA

(206) 788-8808

$5.6bn total

$5.3bn discretionary (6-30-17)

mhillman@aptitudeinvest.com

     

Artemis Wealth Advisors

Peter M. Rup, Founder & CIO

New York, NY

(212) 838-9000

$825mm total 

$625mm discretionary (3-31-17)

prup@artemiswa.com

 

 

 

Arthur J. Gallagher & Co.

Michael W. Johnson, Area President Institutional Investment & Fiduciary Services

Washington, DC

(202) 898-2270

$53.6bn advisory, 

$2.6bn discretionary (6-30-17)

michael_w_johnson@ajg.com

 

 

 

Athena Capital Advisors

Lisette Cooper, MP/CIO

Lincoln, MA

(781) 274-9300

$5.498bn total 

$4.884bn discretionary (6/30/17)

lcooper@athenacapital.com

 

   

Balentine

M. Rob Ragsdale, Partner

Atlanta, GA

(404) 537-4800

$2.6bn (6-30-17)

rragsdale@balentine.com

     

BlackRock

Edward Ng, MD, Head of US OCIO/LDI/Portfolio Mgmt

New York, NY

(212) 810-5300

$122bn discretionary (6/30/17)

Edward.ng@blackrock.com

     

BNY Mellon Investment Management

Andrew D. Wozniak, Head of Fiduciary Management

New York, NY

(412) 236-7940

$9.5bn total

$8.2bn discretionary (6/30/17)

andrew.wozniak@bnymellon.com

     

Callan Associates

Jim Callahan, Executive VP

San Francisco, CA

(415) 974-5060

$2tn advisory

$24.1bn discretionary (6-30-17)

callahan@callan.com

     

Cambridge Associates

Deirdre Nectow, Mgn Director

Boston, MA

(617) 457-1781

$147.9bn advisory 

$21.6bn discretionary (6-30-17)

dnectow@cambridgeassociates.com

     

Canterbury Consulting

Poorvi Parekh, Director of Outsourced Investments

Newport Beach, CA

(949) 718-2224

$15.07bn advisory, 

$2.41bn discretionary (6-30-17)

pparekh@canterburyconsulting.com

     

Clearbrook Global Advisors

Elliott Wislar, CEO

Gregg Sibert, Chief Mrktg Officer

New York, NY

(212) 683-6686

$28bn advisory 

$825mm discretionary (3-31-17)

ewislar@clrbrk.com

gsibert@clrbrk.com

     

Commonfund

Tim Yates, Mgn Dir, Head Strategic Solutions

Wilton, CT

(203) 563 -­5254

$24bn discretionary (6-30-17)

tim.yates@commonfund.org

     

CornerStone Partners

David Russell, Sr Mgn Dir

Charlottesville, VA (434) 295-3947

$10bn (6-30-17)

drussell@cstonellc.com

     

Covariance Capital Management (TIAA-CREF)

Cara Howe, Sr Dir bus dev

Chris Carabell, MD, head of bus dev

Houston, TX

(713) 770-2042

 

(713) 770-2072

$2.4bn discretionary (6/30/17)

chowe@covariancecapital.com

 

ccarabell@covariancecapital.com

 

   

DiMeo Schneider & Assoc.

Robert (Bob) A. DiMeo, MD & Co-Founder

Jon Fellows, Partner & Chair,

Discretionary Committee

Chicago, IL

(312) 853-1000

$67.6bn advisory, 

$2.8bn discretionary (5-31-17)

bdimeo@dimeoschneider.com

jfellows@dimeoschneider.com

 

   

Disciplina

Matthew W. Wright, President & CIO

Nashville, TN

(615) 490-6007

AUM not available

mww@disciplina.com

 

   

Discretionary Management Services (DeMarche Assoc.)

Thomas C. Woolwine, President

Overland Park, KS

(913) 981-1345

$22.7bn advisory, 

$295mm discretionary (3-31-17)

twoolwine@demarche.com

 

   

Edgehill Endowment Partners

Ellen Shuman, Mgn Partner

Nina F. Scherago, Mgn Partner

New Haven, CT

(203) 654-3552

(203) 654-3551

$670mm discretionary (6-30-17)

d.e.shuman@edgehillendowment.com

n.scherago@edgehillendowment.com

     

Fidelity Institutional Asset Management (ex Pyramis)

Jim Zadrozny, SVP institutional sales

Smithfield, RI

(401) 292-4760

401-209-0523 cell

$690bn global

$18bn discretionary (6-30-17)

jim.zadrozny@pyramis.com

     

Fund Evaluation Group

Christina Drake, Sr Client Development Associate

Cincinnati, OH

(513) 592-2107

$54bn advisory, 

$6.9bn discretionary (6-30-17)

cdrake@feg.com

     

Gerber Taylor

Matthew Kinnear, Client dev

Memphis, TN

(901) 526-9750

$7.8bn advisory

$5.3bn discretionary (6-30-17)

mkinnear@gerbertaylor.com

     

Glenmede
Gordon Fowler, Jr., President, CEO & CIO

Philadelphia, PA

(215) 419-6640

$37.2bn total

$17.8bn institutional discretion (6-30-17)

gordon.fowler@glenmede.com

     

Global Endowment Mgmt

Stephanie Lynch, Partner

Charlotte, NC

(704) 333-8282

$8.4bn (6/30/17)

slynch@globalendowment.com

     

Goldman Sachs

Kane Brenan, Mgn Director

New York, NY

(212) 855-9851

$126.4bn discretionary (6/30/17)

kane.brenan@gs.com

     

Hall Capital Partners

Sarah Stein, Managing Partner

Alison Bowe Diessner, Principal

San Francisco, CA

(415) 277-2634

(415) 217-2494

$31bn

$7.1bn discretionary (6-30-17)

sstein@hallcapital.com

abowediessner@hallcapital.com

     

Highland Associates

Kelly Campbell, Mrktg Assoc

Birmingham, AL

(205) 939-8307

$22bn total

$10.5bn discretionary (6/30/17)

kcampbell@highlandassoc.com

     

HighVista

Andre Perold, CIO

Boston, MA

(617) 406-6510

$3.1bn discretionary (6-30-17)

aperold@highvista.com

     

Hirtle Callaghan

Erica Evans, Head of Client Engagement

W. Conshohocken, PA

(610) 943-4100

$23bn (6-30-17)

smcevoy@hirtlecallaghan.com

     

Investment Performance Services

David A. Russell, Sr Investment Strategist

Newtown, PA

Savannah, GA

(215) 867-2330

$39bn advisory

$10bn discretionary (3-31-17)

drussell@ips-net.com

     

Investure

Ellen Meyer, Client Team Dir

Charlottesville, VA (434) 220-0280

$13.5bn discretionary (7-31-17)

emeyer@investure.com

     

J.P. Morgan Asset & Wealth Management

Monica Issar, Head Endowments & Foundations Group

New York, NY

(212) 464-2852

$2.6 trillion

$27.3bn discretionary (6/30/17)

monica.issar@jpmorgan.com

     

Lowe, Brockenbrough & Co. (Bespoke Strategies)

Christopher Dion, MD & CIO

Richmond, VA

(804) 287-2744

$2.3bn total, 

$1.0bn institutional discretion (6-30-17)

cdion@lowebrockenbrough.com

     

Makena

Bill Miller, Partner & COO

Menlo Park, CA

(650) 926-0510

$19bn (6-30-17)

bmiller@makenacap.com

     

Mangham Associates

Elizabeth Aycock, Director 

Charlottesville, VA

(434) 973-2223

$1.5bn discretionary (6-30-17)

elizabeth.aycock@manghamassociates.com

     

Marquette Associates

Doug Oest, Mgn Partner

Chicago, IL

(312) 527-5500

$156bn advisory

$6.9bn discretionary (6-30-17)

tburdick@marquetteassociates.com

     

Meketa Fiduciary Mgmt

Chaunice Peebles, Relationship Manager

San Diego, CA

(760) 795-3455

$550bn advisory

$6.4bn discretionary (6-30-17)

cpeebles@meketafm.com

     

Mercer

Rich Joseph, US delegated solutions leader

Boston, MA

(617) 747-9540

$10.2Trillion advisory

$191bn delegated global AUM (6-30-17)

rich.joseph@mercer.com

     

Mill Creek Capital Advisors

Josh Gross, President

Conshohocken, PA

(610) 941-7714

$5.6bn total

$5.1bn discretionary (6/30/17)

jgross@millcreekcap.com

     

Morgan Creek Capital Mgmt

Mark Yusko, CEO & CIO

Chapel Hill, NC

(919) 933-4004

$2.3bn discretionary (6-30-17)

myusko@morgancreekcap.com

     

Morgan Stanley/Graystone

Robert Mandel, Exec Dir

Suzanne Lindquist, Exec Dir

New York, NY

(914) 225-5420

(212) 296-1064  

$23.2bn OCIO discretionary (6-30-17)

robert.j.mandel@morganstanley.com

suzanne.lindquist@morganstanley.com

     

NEPC

Steve F. Charlton, Director consulting services

Boston, MA

(617) 374-1300

$15.3bn discretionary (6-30-17)

scharlton@nepc.com

     

New Providence Asset Mgmt

Lance Odden, Mgn Director

New York, NY

(646) 292-1200

$3bn discretionary (6-30-17)

lance@newprov.com

     

Northern Trust

Margret Duvall, Sr Solutions Strategist

Chicago, IL

(312) 444-7336

$123bn

$64.9bn discretionary (6-30-17)

md64@ntrs.com

     

Okabena Investment Services

Deborah D. Weiss, Client Relationship Manager

Minneapolis, MN

(612) 217-6225

$1.5bn discretionary (6-30-17)

dweiss@okabena.com

     

Partners Capital

Paul Dimitruk, Chair, Partner

Brendan Corcoran, Partner

Boston, MA & UK

(617) 292-2575

(617) 330-7679

$20.7bn total (6-30-17)

paul.dimitruk@partners-cap.com

brendan.corcoran@partners-cap.com

 

 

 

Pavilion Advisory Group Inc. /U.S. operations (bought Slocum)

Deanna Allen, VP Mrktg

Chicago, IL

(312) 798-3200

Minneapolis, MN

(612) 338-7020

$226bn advisory

$2.3bn discretionary (12-31-16)

dallen@pavilioncorp.com

 

 

 

Pentegra Investors Inc.

Sarah Coxe Lange, MD, Institutional Client Solutions

White Plains, NY

(914) 821-9563

$11bn total discretionary (6-30-17)

sarah.lange@pentegra.com

     

Permanens Capital

Gary Yannazzo, CFO

New York, NY

(212) 993-7440

$2.6bn discretionary (6-30-17)

gary@permcap.com

 

   

PFM Asset Mgmt

John Spagnola, Mgn Dir

Philadelphia, PA

(215) 567-6100

$8.7bn advisory

$9.4 discretionary (6-30-17)

spagnolaj@pfm.com

     

PNC Bank

Deborah A. Kolsovsky, EVP & MD Institutional Advisory Solutions

Scranton, PA

(570) 961-6868

$22bn discretionary AUM (6-30-17)

deborah.kolsovsky@pnc.com

     

Regions Asset Mgmt

S. Alan McKnight, Jr., CIO

Birmingham, AL

(205) 264-6621

$90.9 advisory

$30.76bn discretionary (6/30/17)

alan.mcknight@regions.com

 

   

Rocaton Investment Advisors

John Hartman, Mgn Director

Norwalk, CT

(203) 621-1717

$532bn advisory, 

$10.2bn discretionary (6-30-17)

john.hartman@rocaton.com

     

Rockefeller & Co.

Patricia Verrochi, Mgn Dir

New York, NY

(212) 549-5314

$26.4bn total

$10.9bn discretionary (6/30/17)

pverrochi@rockco.com

     

Roundtable Investment Partners (merged with Post Rock)

Geoffrey T. Boisi, Chairman & CEO

New York, NY

(212) 488-4700

$4.5bn total (6-30-17)

gboisi@roundtableip.com

 

     

Russell Investments

Eric Macy, Mgn Dir

New York, NY

(212) 702-7941

$2.3 trillion advisory (12-31-16)

$123.7bn OCIO global institutional (3/31/17)

$48.6bn OCIO US institutional (3/31/17)

emacy@russellinvestments.com

     

Segal Marco Advisors

Ryan M. Hanna, SVP, Head Global Portfolio Solutions

Chicago, IL

(312) 612-8469

$9.1bn discretionary (6-30-17)

rhanna@segalmarco.com

Segal Marco Advisors

     

SEI Institutional Group

Michael Cagnina, VP, MD

Oaks, PA

(610) 676-1496

$88.5bn discretionary (6/30/17)

mcagnina@seic.com

     

Seven Bridges Advisors

M. Ram Lee, Partner

New York, NY

(212) 490-6320

$4.25bn total (6-30-17)

ramlee@sevenbridgesadvisors.com

     

Spider Management Co.

Rob Blandford, President, CIO

Richmond, VA

(804) 289-6010

$4.3bn discretionary (6-30-17)

rblandfo@richmond.edu

     

Spruceview Capital Partners

John A. Garibaldi, Mgn Partner

New York, NY

(212) 485-8617

AUM not available

jgaribaldi@spruceviewpartners.com

 

 

 

State Street Global Advisors

Keith Malcher, MD, Investment Solutions Group – OCIO

Stamford, CT

(203) 708-2501 

$83.9bn discretionary (6/30/17)

keith_malcher@ssga.com

     

Strategic Investment Group

Nikki Kraus, MD, Client dev

Arlington, VA

(703) 243-4433

$34.7bn total

$25.1bn discretionary (6-30-17)

nkraus@strategicgroup.com

     

Summit Solutions (Summit Strategies Group)

Don Wehrmann, Principal

Saint Louis, MO

(314) 727-7211

$3.3bn OCIO assets (5-31-17)

dwehrmann@ssgstl.com

     

SunTrust Bank

Elizabeth Cabell Jennings, SVP, Dir Institutional Investments Foundations, Endowments Specialty Practice

Atlanta, GA

(404) 813-1538

Richmond, VA

(804) 782-7016

$9.3bn discretionary (6-30-17)

Elizabeth.C.Jennings@SunTrust.com

 

     

The Investment Fund for Foundations (TIFF)

Pat Torrey, Mgn Director

Radnor, PA

(610) 684-8201

$9.2bn discretionary (6/30/17)

ptorrey@tiff.org

     

UBS AG

Charles Service, MD, Investment Solutions

Chicago, IL

(312) 525-7016

$13bn OCIO mandates (6-30-17)

charles.service@ubs.com

 

 

 

US Trust Bank of America

Bernard Reidy, National Philanthropic Sales Executive

New York, NY

(646) 855-5647

$30.9bn discretionary (6-30-17)

bernard.reidy@ustrust.com

     

Vanguard

Kevin T. Jestice, Principal

Malvern, PA

(610) 669-6449

$36bn discretionary (5-31-17)

kevin_t_jestice@vanguard.com

     

Verger Capital Management

Patrick Decker, Client Development, MD

Wesley Carroccio, Client Development, Director

Winston-Salem, NC

(336) 758-4129

$1.6bn discretionary (6-30-17)

 

pdecker@vergercapital.com

wcarroccio@vergercapital.com

     

Wells Fargo – Institutional Asset Advisors

Rob Kent, VP national sales dir

Overland Park, KS

(913) 234-2929

$23.5bn discretionary (3/31/17)

robert.j.kent@wellsfargo.com

     

Willis Towers Watson

Kemp Ross, Global Head of Delegated

Debra Woida, Head, Delegated Investment Services, Americas

Pieter Steyn, EMEA head Delegated Investment Services

Chicago, IL

(312) 525-2436

(312) 525-2336

 

44 (0) 207 170 2714

$88bn discretionary (6/30/17)

kemp.ross@willistowerswatson.com

debra.woida@willistowerswatson.com

pieter.steyn@willistowerswatson.com

     

Wilshire Associates

Kristofer T. Kelleher, Managing Director

Pittsburgh, PA

(412) 434-1602

$940.4bn advisory 

$7.9bn discretionary (6/30/17)

kkelleher@wilshire.com

 

————————————————–

Northern California asset manager is looking for a President/Entrepreneur

We’re looking for a leader who combines entrepreneurial flair with outstanding investment-management skills.

He or she must be an accomplished strategist/portfolio manager across all asset classes.  Ideally, we also want to see some hands-on experience as a business founder, owner, or partner.

The firm provides fiduciary consulting and full-discretion outsourced Chief Investment Officer services (OCIO) to large employee benefit plans, manages close to $40 billion under full discretion, and advises on an additional $50 billion in client relationships. 

The firm has maintained steady growth for over thirty years, employs thirty-five professionals and staff, and has achieved eminence in its field.  

This position offers an opportunity to build a substantial equity position and comes with a very competitive compensation and benefits package.

Call: Charles Skorina, 415-391-3431

skorina@charlesskorina.com

————————————————–

A short guide to OCIO happiness

If you are a board-member or senior exec, you should have good answers to at least two questions before you cold-call any of those numbers.

First: Why are you thinking of outsourcing? 

Return-envy?  Peer funds seem to be doing better than you are?  Sure, returns aren’t everything, especially in the short term; and especially without taking risk-return balance into account.  But you’re tired of explaining that to your stakeholders and that nasty reporter who keeps writing bad things about you.  A high-performing OCIO might get you better returns.

And that would make your life easier.

Meeting-fatigue?  You’re a smallish fund and you use a committee-and-consultant model.  But the work-load on your volunteer members keeps ratcheting up.  And your selfless investment-committee chair is retiring.  And nobody else wants the job, especially not you.  And setting up an internal investment office is not cost-effective.

Boards, you recall, are supposed to set policy, not manage.  An OCIO is an actual manager.

An OCIO could manage, while your people set policy.

Again, your life gets easier.

Second: What is an easier life worth to you?

Good OCIOs (like good CIOs) are not cheap.  If you prioritize cheap, then you shouldn’t be thinking in terms of active investment management.  Call Vanguard and get a menu of index funds for a simple, diversified portfolio.  You can buy all the beta you want for very little.  That works for some people, but probably not for you and your stakeholders or you wouldn’t be reading this list.

You probably know what your consultant and external managers are charging you in terms of basis-points-per-AUM dollar to manage your money.  But if an OCIO can get you an easier life, then what premium will you be willing to pay over that?

When and if you’re ready to issue RFPs and interview firms, then it will be time to warm up the lawyers and accountants and do full-tilt due-diligence.  There are pre-fab checklists out there with many, many boxes to tick.  But that, conveniently, is beyond the scope of this letter.

Good luck.  And tell them Skorina sent you.

————————————————–

A very early look at some FY17 endowment returns:

writes-offs drag Harvard down

As we go to press we have 1-year returns for 10 major endowments, with Harvard reporting on Tuesday, 19 September.  HMC is 10th out of 10 thus far.

Rank

Rtn

AUM

$bn

Endowment

Chief

Investment

Officer

1

18.8

$1.80

Grinnell College

Wilson, Scott

2

15.1

$10.80

U California Regents

Bachher, Jagdeep

3

15.0

$1.20

U of Colorado

Bittman/PWP

4

14.6

$4.96

Dartmouth College

(Peedin, Pamela)

Ruth, Alice

5

14.3

$14.80

MIT

Alexander, Seth

6

13.4

$28.80

U of Texas/UTIMCO

(Zimmerman, Bruce)

Harris, Britt

7

12.4

$8.60

U of Virginia/UVIMCO

Kochard, Lawrence

8

12.1

$3.00

U of No Carolina – Chapel Hill

King, Jonathon

9

10.3

$0.98

U of Iowa Fdn

Bethea, Jim

10

8.1

$37.10

Harvard U

Narvekar, Narv

 

Scott Wilson at Grinnell College leads the pack.  We took a close look at him in last week’s letter, here: http://www.charlesskorina.com/?p=5094

Our friend Brandon Dixon at the Crimson has the skinny on Harvard here:

http://www.thecrimson.com/article/2017/9/20/hmc-2017-results/

And see Michael McDonald at Bloomberg:

https://www.bloomberg.com/news/articles/2017-09-19/harvard-ceo-says-8-1-return-signals-deep-structural-problems

In a letter to the Harvard community Mr. Narvekar says forthrightly:

“Our performance is disappointing…”

He sets out the changes he’s making (at a brisk pace).  He attributes most of the bad news to write offs in several asset classes.  But promises no miracles.

“I expect it will take a number of years to re-position HMC in order to perform up to our expectations…”

We’ll have more commentary in due course as more returns are announced.

————————————————–

The Skorina Letter

Each issue explores how the world’s most accomplished asset managers think and invest.  Original content includes profiles and interviews with industry veterans and research on compensation and investment performance.

Our insights and commentary come from our clients – board members, CEOs, chief investment officers – and the global investment community within which we work as executive search professionals.

Institutional investors operate at the crossroads of capital, talent, and ideas, shepherding over seventy trillion dollars in global assets.  It’s a constantly evolving spectacle and The Skorina Letter gives readers a ringside seat.

Prior issues can be found in “archives” on our website,

http://www.charlesskorina.com/

Download this post as a PDF file