OCIO assets near $2 trillion after six-month 17.4% jump

06 / 20 / 2018
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by Charles Skorina | Comments are closed

In this issue

  • Latest OCIO list: growth accelerates
  • Skorina seeks a chief investment officer
  • The 15 fastest-growing OCIO firms
  • Goldman Sachs’ OCIO machine
  • Breaking news: Pomona College gets their first CIO

 

OCIO assets climb over 17% in six months: introducing our latest OCIO report

Eighty-one firms have updated their AUM and contact information for our latest Outsourced Chief Investment Officer (OCIO) list.

They include four new listings: Deutsche Bank with $15.5 billion, Ellwood Associates with $1.2 billion, LCG Associates with $0.382 billion, and Ballentine Partners with $6.6 billion in discretionary OCIO assets.

Our total reported OCIO assets have grown 17.4 percent in just six months.  That’s double the year-over-year increase we measured over all of 2017.  And, almost all of that is organic growth in firms we were already covering.

That’s what we call exponential growth!

While we’re talking OCIO, we should note a major deal reported just last week: the American National Red Cross in Washington, D.C. tapped Cambridge Associates to manage its pension and endowment assets.  That’s about $3 billion total, which any of these firms would have been happy to land.  So, congrats to our friend Margaret Chen and her team at CA’s OCIO shop.

The Red Cross deal is interesting from a headhunter’s point of view because investment performance seems to have been good under former CIO Greg Williamson (who left in April).  But, as a non-profit, ANRC is obliged to report the CIO compensation on IRS filings for all the world to see.  As a public charity soliciting donations, the board is sensitive about exhibiting that number.

We have it on good authority that this was a major factor in their choosing to outsource.

We also note a big move for Catherine Keating of Commonfund which is OCIO-relevant.  She’s gone from running OCIO money for non-profits to serving BNY Mellon’s HNW customers ($2 million minimum).  Which is sort of where she started.  Before Commonfund she spent twenty years at JPMorgan Chase in investment-management/private banking jobs.

Fortunately, Commonfund had a big gun – their formidably-credentialed chief investment officer Mark Anson – ready to pick up the reins as their new president and CEO.  We wish him luck in this increasingly-competitive niche.

Mr. Williamson’s total W2 comp at the Red Cross was $650,000 in calendar 2016, including a $250,000 performance bonus for managing about $2.9 billion.  And that’s reasonable pay, in our opinion, for the size of the job and his credentials.

The whole issue of disclosing investment-staff comp is a ticklish subject in the non-profit world.  Journalists recently went to court to flush out Erik Lundberg’s full salary at the University of Michigan, even though state law seems to require disclosure of salaries at public universities.  (We will look at that interesting episode in our upcoming report on endowment CIO compensation.)

Whatever the reasons, Cambridge Associates has the resources and track record to handle the $850 million endowment and $2 billion pension; and the Red Cross board probably feels better now that those investment-management salaries are invisible.

Our OCIO coverage continues further below.  It includes our updated list of all vendors and an analysis of industry growth.

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Skorina seeks CIO for $1.5 Billion portfolio

We’re looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio.  This new position is with a highly rated, multi-line insurance company located in greater Philadelphia.

We need a senior investment officer with experience at a top-tier asset owner such as an insurer, health system, endowment, foundation, pension fund, family office, or institutional asset manager.

A strong background in fixed income/credit is necessary; but broad experience with asset allocations to all classes (including alternatives) is highly desirable.

Compensation for this key position is competitive.

If you’re interested, send me your resume. If you have a friend or colleague who might be suitable, please spread the word.

Charles Skorina & Co. is the exclusive search agent for this position.

Contact: skorina@charlesskorina.com

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Pomona College appoints David Wallace their first CIO

The college has quietly promoted David Wallace from managing director to chief investment officer, making him the first Pomonan to wear that title.

And, they are looking to hire both a director of investments and a cash manager to backstop Mr. Wallace.

Treasurer Karen Sisson has effectively headed the investment office for the last ten years, along with her other duties.  But there seem to be changes afoot as the endowment steams past the $2 billion mark ($2.2 billion as of June 2017).

Mr. Wallace, who earned his MBA at Azusa Pacific University, joined the school as an analyst in 2012, and was promoted to managing director in 2015.

In a note to us he said: “I feel very fortunate to be Pomona’s first CIO and I’m doing my best not to screw up the track record of admirable performance the institution has built over the years.”

Not screwing up is definitely the way to go, David!  Best of luck in your new role.

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Goldman Sachs’ mighty OCIO machine

Speaking of resources and track record, we’re focusing in this letter on Goldman Sachs’ multi-asset business.  The mammoth investment bank is big in all dimensions, and the $135 billion OCIO assets under supervision as of March 31, 2018 ranks them fourth on our list.

Kane Brenan, GS partner and co-chief investment officer of their Global Portfolio Solutions Group, leads the multi-asset function along with Jen Barbetta, a fellow partner.  He’s backed up by a deep bench including Greg Calnon who runs the OCIO business within the multi-asset function.  There are also several former institutional CIOs, ten PhDs, and all the broader resources of Goldman Sachs.

I recently talked to him about state of play in the OCIO sphere generally, and how OCIO fits into Goldman’s business.

Skorina: Kane, your OCIO assets are huge by industry standards, but only a relatively small piece of Goldman’s business.  Still, every time I talk to you, you seem very excited about it.  What keeps you so motivated?

Brenan: This is a challenging job, Charles.  Every client is unique and requires a custom fit.  Our customers include defined-benefit and defined-contribution plans, healthcare, and non-profit institutions.  And our business is global, not just U.S.; so, we have many different legal and reporting jurisdictions to deal with.  Not to mention a steady stream of technology and security upgrades.

Not only are we designing unique investment solutions, but we are dealing with all asset classes and all markets at all times.  The opportunity set is constantly changing.  We are charged with managing risk but also finding alpha.  We’re big, but we have to figure out how to use our size advantageously.  We have plenty of competition from much smaller firms, and we know it.  Altogether, it’s a very fast-moving business.

Take pensions.  We often help our clients through changes in their risk posture frequently reducing the risk in their pension.  In certain transactions, the sponsor may be de-risking from a corporate level and the pension needs to be managed during that transaction.  There is hedging, third-party relations, triggers, bond covenants, market movements, beneficiary impact etc.  All sorts of issues.  You spoke with one of our clients: Motorola.  They’re a good example of the challenges.

Skorina: What about the notion that an asset-owner can just buy cheap index funds instead of outsourcing to professionals with more sophisticated tools?  Why shouldn’t the client just buy a global index and go home?

Brenan: I wish it were that easy.  First, cheap beta does not really solve the allocation decision, no matter what anyone tells you.  These days we need to be tactical and nimble.

But perhaps the highest value-added input of any OCIO firm is in educating the boards and officers of our clients.  We offer on-call, hands-on advice on the issues, provide options, and craft solutions.  And when the markets get weird, as they always do eventually, we’ll be there to help them deal with it.  We’ve been there for a hundred years.  That’s longevity few firms can claim.

Motorola rolls with Goldman

Motorola Solutions, the current version of the historic Motorola company, could have picked any one of the many excellent OCIOs on our list when they decided to de-risk and outsource their $9.5 billion of legacy pension assets.  Why did they choose Goldman?  More important, are they still happy with that decision?

I had a chance to ask Rob O’Keefe, Motorola’s VP finance, how the process looks from the customer’s perspective.

Skorina: Rob, there must have been lots of factors behind your outsourcing decision.  How did you work through the problem?

O’Keef: First of all, Charles, pension management just isn’t a core corporate function.  That’s especially true today for our smaller, more specialized Motorola.  Secondly, in our case, the plan was closed and underfunded, which was a problem in itself.  Finally, there are major risk and liability issues when you’re actively managing pension money, and this was of concern to the board.

When I arrived five years ago, Motorola had evolved from a $150 billion enterprise into what is now Motorola Solutions, a profitable high-tech communications company with $7 billion in revenue.  So, we were about one-twentieth our former size, while still bearing the weight of a legacy DB plan.  It was closed, with $11 billion in liabilities, $9.5 billion in assets, 95 thousand beneficiaries, and only 15 thousand active employees.  Our company is in excellent financial shape, but we had one-third of our free cash flow going into the pension each year.  That was just way too much risk.

And, I personally had a resource problem.  I came from General Motors finance where we had hundreds of experienced people in treasury that could work through pension issues.  But when I arrived at Motorola, I looked around for the pension staff and found one lonely, overworked soul.

We’re in the communications business, not the pension business.  The drain on our resources and the risk overhang had to be dealt with.

So, I called everyone I could think of to get some suggestions and learn how others had dealt with the challenge.  “OCIO” really wasn’t in my vocabulary back then.

Skorina:  So, you just jumped in and started calling your corporate-finance contacts?

O’Keef:  Yes, exactly.  By the way — you might appreciate this — about the time I first started hearing the term “OCIO,” I also heard: “Remember, OCIO means no CIO.”  Meaning: you could work yourself right out of a nice job.  Fortunately, I still have a few other things to do around here besides manage the pension!

So, I called all the big consultants and money-managers, especially the ones marketing themselves as OCIOs.  Many were very helpful to me in helping frame my situation and work through the issues.

But pension management and de-risking is complicated.  Nonprofit CIOs may get a lot of glory for supporting their good works.  But we on the corporate side have responsibilities, too.  Thousands of current and future pensioners rely on us.  And, we have fiduciary responsibilities and legal obligations to meet.  We’re running a machine with a lot of moving parts.

Who has the talent and expertise to handle all these issues?  Who could we trust to do it right?  It’s much more than just portfolio management.

Take risk transfer, for example.  We moved about three and a half billion in liabilities to Prudential and as it turned out, Goldman had some very smart people who helped us with the transfer.  We also did about a billion in pension buyouts and GS helped with that.  And they were very creative in coming up with some solutions to offset our risks.  Greg Calnon and Scott McDermott headed Goldman’s team and they were able to source assets to hedge and mitigate our risk.  And, they had access to very bright GS people in many specialties.

There are a lot of OCIO firms, as I discovered.  But many were started by ex-endowment CIOs.  I’m sure they’re excellent investors, but they’ve never dealt with pensions.  And some of the big consultants reverse-engineered their way into asset management by hiring some managers and mining their client base.  That doesn’t mean they can’t run money, but Goldman has been around for a long time and has the staff and resources that we needed for our specific needs.

We’ve never regretted going with them.

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The Fastest-Growing OCIOs

We’ve put together a couple of mini-charts which spotlight that prodigious OCIO growth in the six months from September (our last report) to March, 2018.

Of course, not all that increase is new customer money.  In a few cases, there was a change in the way the firms classified discretionary assets; or firms merged and the same money is now under a new letterhead.  It was also a pretty good ride in the financial markets, so some of that increase represents investment returns.

We report the numbers vouchsafed to us by the OCIOs, and don’t attempt to disaggregate them into those different categories.  But we’re confident that the lion’s share of that growth is new business.

The first chart ranks the Top 15 firms by percentage growth in assets, whether the firm is large or small.

The second chart ranks the Top 15 firms in dollar growth which, as you might expect, is dominated by the big guys.

Chart #1: A women-led firm closes a big deal

Leading the pack in Chart No.1 is a pair of female money-managers at Edgehill Endowment Partners, a newish firm in New Haven.  And we can tell you exactly how they more than doubled their AUM: The Jewish Federation of Metropolitan Chicago outsourced its $1 billion endowment to Edgehill in November.

Edgehill was started in 2013 by Ellen Shuman and Nina Scherago.

Ms. Shuman, of course, is the former CIO of the Carnegie Corporation (see our profile of her successor at Carnegie, Ms. Kim Y. Lew).  And, before that, she was a Swensen protegee at the Yale endowment.  Ms. Scherago was deputy CIO at TIFF and she also worked at the Howard Hughes Medical Foundation.

That left the JFMC’s long-time CIO David Brief (who helped engineer the outsourcing) out of a job himself.  Another case of “OCIO means no CIO.”

But the vivacious Tatijana Janko of Angeles Investment Advisors tells me that Mr. Brief and his JFMC deputy Brandon Pevnick have landed safely at Angeles and are working on an interesting new project.

Another smallish OCIO player from the bottom quartile of our list, Pavilion Advisory Group in Chicago, is up 35 percent in six months.  It used to be Stratford Advisory, but was re-organized in 2012 as part of Pavilion Financial Corp of Canada.  Keith Mote, a veteran of Mercer, leads Pavilion’s whole institutional advisory group on both sides of the border and he and his business-development team seem to be doing it pretty well.

Chart #2: The Pareto Principle strikes again

Leading the herd here is Mercer (part of Marsh and McLennan), which has been the biggest OCIO for three years running.  With $242 billion in OCIO AUM, mercer owns 12 percent of all the money is this niche.

But massive Mercer is still limber, growing its OCIO stable by 26.5 percent over this last half-year.

Russell, the second-biggest OCIO, had the second-biggest dollar growth over the half-year, and grew even faster than Mercer on a percentage basis.

As Billie Holiday used to sing: Them that has will get.  The Italian savant Vifredo Pareto quantified that insight with the Pareto Principle, aka the 80/20 rule.

In economics we see that 80 percent of the taxes are paid by 20 percent of the taxpayers, with uncanny consistency.  And anyone who’s worked in a big firm will quickly conclude that eighty (or more) percent of the useful work is accomplished by 20 (or fewer) percent of the workers, regardless of their titles.  A useful insight for headhunting.

The 81 OCIOs on our list as a group grew 17.4 percent in six months, but the top 15 growers lifted their average AUM by 36.2 percent.  See chart #1.

Fifteen is 18.5 percent (reasonably close to 20 percent) of the 81 firms on our list.  When we do the math, we see that the top dollar-growers added $249 billion AUM, while the whole list added just $296 billion.

So, 84 percent of the AUM growth was produced by 18.5 percent of the firms.  84/18.5 isn’t quite 80/20, but close.

Spooky, isn’t it?

Top 15 OCIO firms by percentage growth in AUM

September 2017 to March 2018

Company 

PERCENT increase in AUM

DOLLAR Increase in AUM    $billions

Total       Discretionary               AUM                 Mar 2018      $billions

Total         Discretionary        AUM          Sep 2017  $billions

 –

– 

– 

– 

– 

 –

1

Edgehill Endowment Partners

161.2%

$1.08

$1.75

$0.67

2

J.P. Morgan Asset Mgmt

145.4%

$39.7

$67.0

$27.3

3

Verus Investments

47.8%

$1.10

$3.4

$2.3

4

DiMeo Schneider & Associates

42.9%

$1.20

$4.0

$2.8

5

Cambridge Associates

38.4%

$8.30

$29.9

$21.6

6

Willis Towers Watson

36.4%

$32.0

$120.0

$88.0

7

Pavilion Advisory Group

34.8%

$0.80

$3.1

$2.3

8

Russell Investments

32.3%

$40.0

$163.7

$123.7

9

AON Hewitt

31.4%

$32.7

$136.7

$104.0

10

Mercer (Marsh & McLennan)

26.6%

$50.7

$241.7

$191.0

11

Segal Marco Advisors

26.4%

$2.40

$11.5

$9.1

12

Bespoke Strategies

(Lowe, Brockenbrough)

20.0%

$0.20

$1.2

$1.0

13

Balentine

19.2%

$0.50

$3.1

$2.6

14

Rocaton Investment Adv

17.6%

$1.80

$12.0

$10.2

15

Discretionary Mgmt Services

(DeMarche Associates)

17.2%

$0.051

$0.346

$0.295

Average/Total

36.2%

$212.53

$799.40

$586.87

Note 1: Willis Towers Watson AUM update now as of March 31, 2018

Note 2: We excluded TIAA Endowment & Philanthropic Services from our mini charts because TIAA merged the assets of Covariance with other assets within the company.  The combined new AUM for TIAA E&F is included in our master list below.

Top 15 OCIO firms by dollar growth in AUM

September 2017 to March 2018

– 

Company 

Dollar increase in AUM $billions

Percent increase in AUM

  Total   Discretionary     AUM       March 2017   $ billions

Total   Discretionary     AUM       September 2017     $ billions

1

Mercer (Marsh & McLennan)

$50.7

26.6%

$241.7

$191.0

2

Russell Investments

$40.0

32.3%

$163.7

$123.7

3

J.P. Morgan Asset Mgmt

$39.7

145.4%

$67.0

$27.3

4

AON Hewitt

$32.7

31.4%

$136.7

$104.0

5

Willis Towers Watson

$32.0

36.4%

$120.0

$88.0

6

Goldman Sachs

$8.8

6.96%

$135.2

$126.4

7

Cambridge Associates

$8.3

38.4%

$29.9

$21.6

8

State Street Global Advisors

$7.5

8.94%

$91.4

$83.9

9

Northern Trust

$7.2

11.1%

$72.1

$64.9

10

Vanguard

$6.0

16.7%

$42.0

$36.0

11

SEI Institutional Group

$4.1

4.63%

$92.6

$88.5

12

Morgan Stanley/Graystone

$3.6

15.5%

$26.8

$23.2

13

Alan Biller and Associates

$3.2

8.47%

$41.0

$37.8

14

Strategic Investment Group

$3.0

12.0%

$28.1

$25.1

15

Segal Marco Advisors

$2.4

26.4%

$11.5

$9.1

 –

– 

– 

Total/Average

$249.2

23.7%

$1,299.7

$1,050.5

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 –

 –

– 

 

And now…without further delay…the Main Event!

Skorina’s OCIO list: 81 firms

June 2018 edition

(most firms as of 3-31-18)

Company

OCIO contact

Title of contact

Location

Phone number

Total AUM

Discretionary AUM

(most firms AUM as of 3-31-18)

Contact email

     

Agility (Perella Weinberg)

Chris Bittman, CIO

Denver, CO

(303) 813-7910

$8.6bn (12-31-17)

cbittman@pwpartners.com

     

Alan Biller and Associates

Alan D. Biller, CEO & Sr Consultant

Menlo Park, CA

(650) 328-7283

$94.1bn total

$41bn discretionary (12-31-17)

alan@alanbiller.com

     

Angeles Investment Advisors

Michael A. Rosen, CIO and Managing Partner

Santa Monica, CA

(310) 857-5821

$28.7bn advisory (12-31-17)

$7.6bn full/hybrid discretion

$3.2bn fully discretionary (12/31/17)

mrosen@angelesadvisors.com              

     

AON Hewitt

Ed Bardowski, Director, Business Development

Chicago, IL

(615) 771-8136

$136.7bn discretionary (3-31-18)

ed.bardowski@aon.com

     

Appomattox Advisory

Susan Webb, Founder, President, CIO

Oscar Gil, Founder, CEO

Drianne Benner, MD

New York, NY

212 895-3012

$1.7bn discretionary (3-31-18)

dbenner@ainvadvisors.com

     

Aptitude Investment Management

Jeff Klein, CEO & Deputy CIO

Michael Hillman, Head of IR

Seattle, WA

(206) 788-8808

$5.8bn total

$4bn discretionary (12-31-17)

mhillman@aptitudeinvest.com

     

Artemis Wealth Advisors

Peter M. Rup, Founder & CIO

New York, NY

(212) 838-9000

$840mm total 

$640mm discretionary (12-31-17)

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 (3-31-18)

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

$3.1bn (3-31-18)

rragsdale@balentine.com

     

Ballentine Partners

Will Braman, CIO

Waltham, MA

(781) 314-1300

$12.2bn total

$6.6bn discretionary (3-31-18)

wbraman@ballentinepartners.com

     

BlackRock

Jeff Saef, MD, Head Americas Region/ Client Portfolio Solutions

New York, NY

(609) 282-8950

$124bn discretionary (3/31/18)

jeffrey.saef@blackrock.com

     

BNY Mellon Investment Management

Andrew D. Wozniak, Head of Fiduciary Management

New York, NY

(412) 236-7940

$8.7bn total

$7.7bn discretionary (3/31/18)

andrew.wozniak@bnymellon.com

     

Callan LLC

Jim Callahan, President

San Francisco, CA

(415) 974-5060

$2trillion advisory

$19.4bn discretionary (3-31-18)

callahan@callan.com

     

Cambridge Associates

Deirdre Nectow, Mgn Director

Boston, MA

(617) 457-1781

$359.7bn advisory 

$29.9bn discretionary (12-31-17)

dnectow@cambridgeassociates.com

     

Canterbury Consulting

Poorvi Parekh, Director of Outsourced Investments

Newport Beach, CA

(949) 718-2224

$16.4bn advisory

$1.9bn discretionary (12-31-17)

pparekh@canterburyconsulting.com

     

Clearbrook Global Advisors

Elliott Wislar, CEO

Gregg Sibert, Chief Mrktg Officer

New York, NY

(212) 683-6686

$28bn advisory 

$825mm discretionary (3-31-18)

ewislar@clrbrk.com

gsibert@clrbrk.com

     

Commonfund

Tim Yates, Mgn Dir, Head Strategic Solutions

Wilton, CT

(203) 563 -­5238

$24.9bn discretionary (3-31-18)

tim.yates@commonfund.org

     

CornerStone Partners

David Russell, Sr Mgn Dir

Charlottesville, VA (434) 295-3947

$10bn (3-31-18)

drussell@cstonellc.com

     

Deutsche Bank

Brett Lane, Head of Institutional Advisory Services

New York, NY

(212) 454-0816

$6.55bn advisory (3-31-18)

$15.45bn discretionary (3-31-18)

     

DiMeo Schneider & Assoc.

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

Jon Fellows, Partner & Chair,

Discretionary Committee

Chicago, IL

(312) 853-1000

$78bn advisory

$4bn discretionary (3-31-18)

bdimeo@dimeoschneider.com

jfellows@dimeoschneider.com

     

Disciplina

Matthew W. Wright, President & CIO

Nashville, TN

(615) 490-6007

AUM not available (3-31-18)

mww@disciplina.com

     

Discretionary Management Services (DeMarche Assoc.)

Thomas C. Woolwine, President

Overland Park, KS

(913) 981-1345

$24.2bn advisory 

$345.8mm discretionary (12-31-17)

twoolwine@demarche.com

deborah

     

Edgehill Endowment Partners

Ellen Shuman, Mgn Partner

Nina F. Scherago, Mgn Partner

New Haven, CT

(203) 654-3552

(203) 654-3551

$1.75 discretionary (3-31-18)

d.e.shuman@edgehillendowment.com

n.scherago@edgehillendowment.com

     

Ellwood Associates

Daniel Simon, Director OCIO consulting

Chicago, IL

(312) 782-5432

$65.9bn advisory

$1.2bn discretionary (12-30-17)

dan.simon@ellwoodassociates.com

     

Fidelity Institutional Asset Management (ex Pyramis)

Jim Zadrozny, SVP institutional sales

Smithfield, RI

(401) 292-4760

(401) 209-0523 cell

$775bn global

$19bn discretionary (3-31-18)

jim.zadrozny@pyramis.com

     

FEG Investment Advisors

Devinne Kelly, Sr Client Development Associate

Cincinnati, OH

(513) 827-3204

$61.3bn advisory 

$6.6bn discretionary (12-31-17)

dkelly@feg.com

 

 

 

Gerber Taylor

Matthew Kinnear, Client dev

Memphis, TN

(901) 526-9750

$7.8bn advisory

$5.6bn discretionary (3-31-18)

mkinnear@gerbertaylor.com

     

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

Philadelphia, PA

(215) 419-6640

$9.0bn tax-exempt OCIO (3-31-18)

gordon.fowler@glenmede.com

     

Global Endowment Mgmt

Stephanie Lynch, Partner

Charlotte, NC

(704) 333-8282

$9.1bn (3/31/18)

slynch@globalendowment.com

     

Goldman Sachs

Gregory Calnon, Mgn Director

New York, NY

(212) 855-0124

$135.2bn discretionary (3/31/18)

gregory.calnon@gs.com

     

Hall Capital Partners

Sarah Stein, Managing Partner

Alison Bowe Diessner, Principal

San Francisco, CA

(415) 277-2634

(415) 217-2494

$32.9bn

$7.6bn discretionary (12-31-17)

sstein@hallcapital.com

abowediessner@hallcapital.com

     

Highland Associates

Paige Daniel, Mgn Dir

Birmingham, AL

(205) 939-8308

$23.57bn total

$10.97bn discretionary (12/31/17) pdaniel@highlandassoc.com

     

HighVista

Andre Perold, CIO

Boston, MA

(617) 406-6510

$3.1bn discretionary (3-31-18)

aperold@highvista.com

     

Hirtle Callaghan

Erica Evans, Head of Client Engagement

W. Conshohocken, PA

(610) 943-4100

$21.7bn (12-31-17)

eevans@hirtlecallaghan.com

     

Investment Performance Services

Dan Melloh, Dir Research

Newtown, PA

Savannah, GA

(215) 867-2330

$39bn advisory

$10bn discretionary (3-31-18)

dmelloh@ips-net.com

     

Investure

Ellen Meyer, Client Team Dir

Charlottesville, VA (434) 220-0280

$13.6bn discretionary (3-31-18)

emeyer@investure.com

     

J.P. Morgan Asset & Wealth Management

Monica Issar, Global Head of Multi-Asset & Portfolio Solutions

New York, NY

(212) 464-2852

$2.8trillion

$67bn discretionary (12/31/17)

monica.issar@jpmorgan.com

     

LCG Associates

Lauren Cangelosi, VP Mrktg

Atlanta, GA

(770) 644-0100

$0.382bn discretionary (3-31-18)

lcangelosi@lcgassociates.com

     

Lowe, Brockenbrough & Co. (Bespoke Strategies)

Christopher Dion, MD & CIO

Richmond, VA

(804) 287-2744

$2.7bn total

$1.2bn institutional discretion (12-31-17)

cdion@lowebrockenbrough.com

     

Makena

Matthew Farrar, Head of client strategy

Menlo Park, CA

(650) 926-0510

$19.5bn (3-31-18)

mfarrar@makenacap.com

     

Mangham Associates

Edward W. Karppi, Partner, Deputy Chief Investment Officerr 

Charlottesville, VA

(434) 973-2223

$1.6bn total (3-31-18)

edward.karppi@manghamassociates.com

     

Marquette Associates

Doug Oest, Mgn Partner

Chicago, IL

(312) 527-5500

$169bn advisory

$7.6bn discretionary (3-31-18)

doest@marquetteassociates.com

     

Meketa Fiduciary Mgmt

Chaunice Peebles, Relationship Manager

San Diego, CA

(760) 795-3455

$600bn advisory

$7.4bn discretionary (3-31-18)

cpeebles@meketafm.com

     

Mercer

Rich Joseph, US delegated solutions leader

Boston, MA

(617) 747-9540

$10.2trillion advisory

$241.7bn delegated global AUM (3-31-18)

rich.joseph@mercer.com

     

Mill Creek Capital Advisors

Josh Gross, CEO

Conshohocken, PA

(610) 941-7714

$6.1bn total

$5.6bn discretionary (3/31/18)

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  

$26.8bn OCIO discretionary (12-31-17)

robert.j.mandel@morganstanley.com

suzanne.lindquist@morganstanley.com

     

NEPC

Steve F. Charlton, Director consulting services

Boston, MA

(617) 374-1300

$1trillion advisory

$17.7bn discretionary (3-31-18)

scharlton@nepc.com

     

New Providence Asset Mgmt

Lance Odden, Mgn Director

New York, NY

(646) 292-1200

$3bn discretionary (3-31-18)

lance@newprov.com

     

Northern Trust

Joseph McInerney,

Managing Executive

Chicago, IL

(312) 444-7336

$136bn

$72.1bn discretionary (12-31-17)

jwm4@ntrs.com

     

Okabena Investment Services

Deborah D. Weiss, Client Relationship Manager

Minneapolis, MN

(612) 217-6225

$100mm nondiscretionary

$1.4bn discretionary (3-31-18)

dweiss@okabena.com

     

Partners Capital

Paul Dimitruk, Chair, Partner

Brendan Corcoran, Partner

Boston, MA & UK

(617) 292-2575

(617) 330-7679

$23bn total (12-31-17)

paul.dimitruk@partners-cap.com

brendan.corcoran@partners-cap.com

     

Pavilion Advisory Group Inc.

Deanna Allen, VP Mrktg

Chicago, IL

(312) 798-3200

Minneapolis, MN

(612) 338-7020

$247bn advisory

$3.1bn discretionary (12-31-17)

dallen@pavilioncorp.com

     

Pentegra Investors Inc.

Mary Fedorak, MD, Institutional Investment Solutions

White Plains, NY

(914) 607-6826

$12bn total discretionary (3-31-18) mary.fedorak@pentegra.com

     

Permanens Capital

Tom Butler, Partner

New York, NY

(212) 993-7447

$2.8bn discretionary (1-1-18)

gary@permcap.com

     

PFM Asset Mgmt

John Spagnola, Mgn Dir

Philadelphia, PA

(215) 567-6100

$9.3bn advisory

$10.9 discretionary (12-31-17)

spagnolaj@pfm.com

     

PNC Bank

Deborah A. Kolsovsky, EVP & MD Institutional Advisory Solutions

Scranton, PA

(570) 961-6868

$23.8bn discretionary AUM (3-31-18)

deborah.kolsovsky@pnc.com

     

Regions Asset Mgmt

S. Alan McKnight, Jr., CIO

Birmingham, AL

(205) 264-6621

$90.9 advisory

$32.8bn discretionary (3/31/18)

alan.mcknight@regions.com

     

Rocaton Investment Advisors

John Hartman, Mgn Director

Norwalk, CT

(203) 621-1717

$575bn advisory

$12bn discretionary (3-31-18)

john.hartman@rocaton.com

     

Rockefeller Capital Mgmt

Patricia Verrochi, Mgn Dir

New York, NY

(212) 549-5313

$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 (3-31-18)

gboisi@roundtableip.com

 

     

Russell Investments

Eric Macy, Mgn Dir

New York, NY

(212) 702-7941

$2.58trillion advisory (12-31-17)

$163.7.4bn discretionary (3-31-18)

emacy@russellinvestments.com

     

Segal Marco Advisors

Ryan M. Hanna, SVP, Head Global Portfolio Solutions

Chicago, IL

(312) 612-8469

$11.5bn discretionary (3-31-18)

rhanna@segalmarco.com

     

SEI Institutional Group

Michael Cagnina, SVP, MD

Oaks, PA

(610) 676-1496

$92.6bn discretionary (3/31/18)

mcagnina@seic.com

     

Seven Bridges Advisors

M. Ram Lee, Partner

New York, NY

(212) 490-6320

$4.5bn total (12-31-17)

ramlee@sevenbridgesadvisors.com

     

Spider Management Co.

Rob Blandford, President, CIO

Richmond, VA

(804) 289-6010

$4.6bn discretionary (12-31-17)

rblandfo@richmond.edu

     

State Street Global Advisors

David Wiederecht, EVP, Head of OCIO

Stamford, CT

(203) 326-2376 

$91.4bn discretionary (3/31/18)

david_wiederecht@ssga.com

     

Strategic Investment Group

Nikki Kraus, MD, Client dev

Arlington, VA

(703) 243-4433

$38.1bn total

$28.1bn discretionary (12-31-17)

nkraus@strategicgroup.com

     

Summit Solutions (Summit Strategies Group)

Don Wehrmann, Principal

Saint Louis, MO

(314) 727-7211

$3.8bn OCIO assets (3-31-18)

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

$10.2bn discretionary (12-31-17)

Elizabeth.C.Jennings@SunTrust.com

 

     

TIAA Endowment & Philanthropic Services

Michael Murray, Head of Distribution

Chris Kohler, Consultant Relations

Boston, MA

 

(847) 305-6089 

(814) 360-1500

$12.3bn AUM

$11.2bn discretionary (3-31-18)

michael.murray@tiaa.org

christopher.kohler@tiaa.org

 

     

TIFF Investment Mgmt

Pat Torrey, Mgn Director

Radnor, PA

(610) 684-8201

$9.1bn discretionary (12/31/17)

ptorrey@tiff.org

     

UBS AG

Charles Service, MD, Investment Solutions

Chicago, IL

(312) 525-7016

$13bn OCIO mandates (12-31-17)

charles.service@ubs.com

     

US Trust Bank of America

Bernard Reidy, National Philanthropic Sales Executive

New York, NY

(203) 571-5341

$32bn discretionary (3-31-18)

bernard.reidy@ustrust.com

     

Vanguard

Christopher Philips, Principal

Malvern, PA

(610) 503-1089

$42bn discretionary (3-31-18)

christopher_philips@vanguard.com

     

Verger Capital Management

Patrick Decker, Mgn Director

Wesley Carroccio, Mgn Director

Winston-Salem, NC

(336) 758-4240

$1.7bn discretionary (3-31-18)

 

pdecker@vergercapital.com

wcarroccio@vergercapital.com

     

Verus Investments

Shelly J. Heier, Pres & COO

Seattle, WA

(206) 622-3700

$434.5bn advisory

$3.4bn discretionary (3-31-18)

sheier@verusinvestments.com

     

Wells Fargo – Institutional Asset Advisors

Rob Kent, VP national sales dir

Overland Park, KS

(913) 234-2929

$24bn discretionary (3/31/18)

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

$120bn discretionary (3/31/18)

kemp.ross@willistowerswatson.com

debra.woida@willistowerswatson.com

pieter.steyn@willistowerswatson.com

     

Wilshire Associates

Kristofer T. Kelleher, Managing Director

Pittsburgh, PA

(412) 434-1602

$1trillion advisory 

$8.3bn discretionary (12/31/17)

kkelleher@wilshire.com

 

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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, www.charlesskorina.com

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