OCIO Growth Tops 15.8 Percent in 2020
Our latest Outsourced Chief Investment Officer report features a list of 104 OCIO firms, each with updated contact information and AUM numbers. It’s the most comprehensive and accurate available.
We also have a deep-dive interview with Jon Hirtle, a pivotal leader in the industry he helped create.
We invite both institutions and high-net-worth families to check out our list – below and on our website – and call a few of the firms if you’re in the market for money-management help.
It may not be as exciting as Tinder, but it could still be the start of a beautiful new relationship!
Observations on a Plague Year
2020 was a strange and tumultuous year.
But, after trudging through a cruel pandemic, rancorous politics, and vertiginous markets, there still seems to be some hope left in the world.
In the OCIO industry, for example, managers have amassed an additional $431 billion AUM over the last twelve months, topping out at a record $2.812 Trillion as of 30 June 2020.
That’s a year-over-year growth of 15.8 percent!
And yet, as we’ve noted in past reports, the same big six – Aon, Blackrock, Goldman Sachs, Mercer, Russell, and Willis Towers Watson – still manage almost half (45%) the OCIO money.
A few firms sold themselves to larger players in 2020. Athena Capital Advisors joined Franklin Templeton, Focus Financial Partners acquired CornerStone Partners, and private equity investors CC Capital and Motive Partners teamed up to buy Wilshire Associates.
We’ve been charting the growth of the OCIO industry for over a decade in our annual OCIO reports and the heirs of Hirtle, big and small, seem (mostly) to have flourished.
Jon Hirtle of Hirtle Callaghan hatched the concept of an “independent investment office” managing family and institutional money over thirty years ago.
The idea was conceptually simple, but not necessarily easy to execute – or to market: take the proven success of sophisticated multi-billion-dollar investment offices and deliver those same benefits to smaller institutions and high-net-worth families at fees they could afford.
Four decades later we see not only independent firms like Hirtle Callaghan and Alan Biller and Associates, but also giants like JPMorgan, Blackrock, Vanguard, and AON; and boutiques like Edgehill and Disciplina. It’s a big, wonderfully diverse industry and, as we’ve seen, still growing briskly.
Jon Hirtle and the OCIO Juggernaut
Mr. Hirtle was born in a small town outside of Pittsburgh. He had a very American boyhood; working with horses, learning to fish, camping with the Boy Scouts, and playing football.
At fifteen he and a classmate hiked several hundred miles on the Appalachian Trail – by themselves. The following summer he landed a job in Wyoming after typing (remember typing?) 100 letters to all the ranches advertising in the back of Outdoor Life magazine.
That first summer in Wyoming he dug ditches, built fence, rode broncs (the fun part according to Jon) and fell in love with the west.
As a Penn State undergrad he studied pre-veterinary medicine, walked onto the football team, appeared in musicals, joined a fraternity and, most importantly, met Debby, his wife of over 40 years and counting.
After graduation, Jon joined the Marines where he earned honors in officer training, led troops overseas, trained recruits at Parris Island and finally, returned to Penn State to recruit more candidates for officer training and earn an MBA .
After the Marine Corps he headed for Wall Street and Goldman Sachs. And that’s where the story of OCIO begins.
The Promise-Driven Investor
Skorina: Jon, you served seven years in the Marine Corp after your BA. Not the standard money-manager career track. How did that come about?
Hirtle: Joining the Marines is hard for many people to grasp; when I told my mother, she burst into tears.
In some ways, it seemed like just my next great adventure. On another level, being a Marine is not a job; it’s a calling; I felt I was called. I love being a Marine.
Skorina: A career at Goldman is something a lot of young men and women would kill for. But eventually you left to start your own business. Why?
Hirtle: I joined Goldman right out of the service, with a strong sense of idealism and mission.
On my first day in training, I asked my mentor to describe “the noble cause.” He immediately replied, “the client”, which spoke volumes about the firm I had just joined.
Skorina: Did you find Goldman a dramatic transition from the Marines?
Hirtle: Not really. My time at Goldman was the great foundational, professional blessing of my life. And it was exciting! Goldman was still led by The Greatest Generation. Integrity, hard work and success were just expected of us. In many ways it was just the commercial extension of standards I had been living for the past seven years.
Skorina: And that’s where you conceived this idea of becoming a chief investment officer, but for many clients?
Hirtle: Right. I had the advantage of an outsider’s perspective and an intense desire to never disappoint a client who, after all, was our noble cause.
I was fascinated to learn that the most successful investors in the world relied not on the big banks and traditional product-driven investment firms, but on their own, fully-staffed, internal, investment office led by an exceptional, big picture, money manager called a Chief Investment Officer.
Our founding idea was to deliver the indisputable advantages of that structure to our clients.
Skorina: And you took the idea to your managers at Goldman?
Hirtle: I did; they decided it was inconsistent with their business model because it conflicted with their core business.
That was unquestionably the right principle-driven decision for them. But since the client was our noble cause and we had discovered a better way to serve them, but couldn’t do it at Goldman, we had to start our own firm.
Skorina: Was it hard to get started?
Hirtle: Yes it was. Debby and I often talk about the financial low point, when our checking account had dropped to $17, but we got through it together.
What kept us going was that everyone loved the concept. The idea of powerful, informed, energetic advocacy without the conflicts-of-interest that define the traditional investment industry was compelling.
They often said, “Come back and see me when you have some assets under management,” but they all loved the concept.
Skorina: Turning back to Goldman for a minute, aren’t they in the OCIO business today? We have them on our OCIO list.
Hirtle: Yes, they say they are. Goldman is still a wonderful firm, but much larger and much more complex than it was 35 years ago.
I will say, the notion that banks or other product shops can function as a CIO is absurd.
The first and most important requirement of a CIO is to be conflict free. Traditional Wall Street is riddled with embedded conflicts-of-interest.
Traditional firms are trying to claim the CIO role as just another way to gather assets. That’s nonsense. Banks as CIOs is a non-starter.
Skorina: So Jon, don’t hold back. Tell us how you really feel!
Hirtle: Think of it this way, Merck and The Mayo Clinic are both in the healthcare business. But Merck is a product shop while The Mayo Clinic delivers wellness programs or “solutions,” if you will. Those solutions may or may not include Merck products.
In this metaphor, firms like Goldman and JP Morgan are Merck. Hirtle Callaghan is The Mayo Clinic. No one goes to a product shop like Merck for their wellness program.
Skorina: Jon, you also draw a bright-line between what you call serious investing and speculating?
Hirtle: I am baffled by how many people confuse speculating and even gambling with serious investing. The media doesn’t help with their trading-screen-type visuals, their sensational story lines, and their hair-on-fire speech patterns about simple day-to-day market movements.
We don’t speculate and we don’t gamble. We manage serious, mission-driven money.
Skorina: Mission-driven?
Hirtle: Definitely. First of all, we work exclusively for providers of capital, serious investors who provide the capital to fuel democratic free enterprise, by far the most powerful economic system in the history of the world.
Working together, we are responsible for a meaningful portion of society’s “monetized patrimony,” if you will, wealth that drives philanthropy, security, scholarship, research…human progress. Manage it well: more progress. Manage it poorly: the opposite is true.
Skorina: Jon, you talk about promise-driven investing. I haven’t heard that term before, and neither has Google. I believe it’s another Hirtle Callaghan first. But what do you mean by that?
Hirtle: We all live in an uncertain world and yet, every day, we make promises.
We promise our families that we will continue to live in a certain way, we promise to support the causes we care for and often we promise to help provide for our children and grandchildren. In an institutional setting, we promise to support current needs as well as the needs of our community’s future.
Those promises can be tallied up to calculate a “required return.” Achieve that required return and we can fulfill our promises; fail to achieve it and we are likely to disappoint the people and causes we love.
Skorina: So, in that framework, you see unfulfilled promises as a risk?
Hirtle: The most important risk of all.
There are many kinds of risk – risk of financial loss, volatility risk, benchmark risk, career risk, etc. – and we work with clients to explore, explain, gauge, and prioritize these different kinds of risk.
But, when we ask our clients which risk matters most, they almost always place “mission failure” at the top of the list.
Serious investors care deeply about keeping their promises.
Skorina: So, speaking in terms of portfolio theory, I assume the goal is to maximize certainty around achieving a required return?
Hirtle: Right and the best way to maximize certainty is to maximize the breadth of our global opportunity set through what has come to be called “the endowment model” – but it can be custom applied to all serious investment challenges with great effect.
Skorina: Why do you say that is the best way?
Hirtle: It’s the Law of Active Management:
Success = Skill X Breadth of the Opportunity Set
So, given a similar level of skill, the team that can evaluate the broadest number of opportunities wins.
The endowment model, without question, maximizes the opportunity set.
Skillfully selecting and assembling investments from that broadest opportunity set can maximize certainty around a required return.
Skorina: But in the end, Jon, isn’t it just about the highest return?
Hirtle: Actually, a high reliable return is much better than a somewhat higher but unreliable return.
Skorina: Would you expand on that?
Hirtle: Serious investing is about consistency. Of course, a higher return is better and if only we could invest in retrospect we could simply pick which asset performed best last year and capture high returns with absolute certainty. But we can’t.
Serious investors position their portfolios to succeed in a highly uncertain future. Each year, one of the worthy assets included in the program will perform best and one worst, – by random.
Skorina: But it’s enticing to think, “if I could only predict which will be which…” but you can’t?
Hirtle: No one can. Consistently predicting which asset will do best each year has proven to be impossible and trying to do so will almost certainly lead to mission failure – promises unfulfilled.
Skorina: How does the endowment model improve consistency and get your clients where they need to go?
Hirtle: It’s the magic of skillful diversification, not just owning a bunch of things; but a carefully assembled collection of investments (from that broadest opportunity set) to generate complementary cash flows that rise and fall at different points in the economic cycle.
They offset each other’s volatility, tighten the distribution around an expected return, and increase the certainty of success.
Skorina: And that is what you say an outsourced CIO firm is supposed to do?
Hirtle: It’s what all serious investors are supposed to do and what a skilled, powerful CIO capability is best structured to execute. Delivering that capability broadly is the mission of OCIO and it’s a breakthrough for promise-driven investors.
Skorina: Finishing up, Jon, one last question. I understand Hirtle Callaghan is open to acquiring other like-minded, OCIO firms and RIAs. Can you tell me more about that?
Hirtle: Well, we have always intended to build a new kind of idealistic, 21st century institution to serve our clients with excellence in perpetuity. And we always enjoy talking with like-minded professionals who share that passion.
Some may be interested in affiliating with an institution that adds real investment power and earned access without the unavoidable conflicts-of-interest that are so imbedded in the business models of banks and large product-driven investment firms.
Skorina: It’s been a heck of a journey, Jon, and you have built a great firm. Pension and Investments named you “The Oracle of Outsource” a few years back and the industry you helped create is still growing at a record pace. But, apparently you aren’t slowing down.
Hirtle: It’s still early days at Hirtle Callaghan. Today, our talent, capability and distributed leadership make us twice the firm that we were just 5 years ago, even as my role is maturing.
The next generation of our firm’s leadership runs things day-to-day giving me more time to do what I love: spending time with clients and mentoring teammates.
Why slow down? What could be more fun than building the next great investment institution?
Skorina: Thanks Jon.
Hirtle: Always a pleasure Charles.
————————————————–
Skorina’s annual 2020 OCIO List
OCIO firms manage predominantly institutional assets, while RIAs manage mostly high net worth money. However, many RIAs also manage some endowment and foundation assets.
That’s why some RIAs are included on our list. If you are not on our list and feel you should be, give us a ring. We’re happy to add you.
We publish this guide for all those who are considering an OCIO provider and would like a convenient way to review and contact firms.
And now. . . without further delay. . . the Main Event!
|
Outsource Chief Investment Officer (OCIO) Company Guide 2020 Charles Skorina & Company https://www.charlesskorina.com/ (AUM as of June 30, 2020 unless otherwise noted) |
1. Abbot Downing, Minneapolis, MN
Douglas W. Evans, Head of Portfolio Managers
$39.2bn Discretionary assets
$44.4bn total
douglas.evans@abbotdowning.com
(415) 222-1490
————————————————————
2. Agility, Denver, CO
Chris Bittman, Partner
$10.4bn discretion
(303) 813-7910
————————————————————
3. Alan Biller and Associates, Menlo Park, CA
Alan D. Biller, Chairman
John Skjervem, CEO
$51.1bn discretion
$102.2.bn total
(650) 328-7283
————————————————————
4. Alesco Advisors, Pittsford, NY
Todd D. Green, Principal, Business Development & Client Service
$4.1bn discretion (12-31-20)
$4.9bn total
(585) 749-0357
————————————————————
5. Angeles Investment Advisors, Santa Monica, CA
Michael A. Rosen, CIO & Managing Partner
Chaunice A. Peebles, Director
$5.6bn discretion
$28.4bn advisory
chaunice@angelesinvestments.com
(310) 393-6300
————————————————————
6. AON, Chicago, IL
Ed Bardowski, Partner, Sales Leader
& Registered Principal
$162.7bn discretion
$3.1trillion advisory
(484) 941-1409
————————————————————
7. Appomattox Advisory, New York, NY
Susan Webb, Founder, President, CIO
Oscar Gil, Founder, CEO
Drianne Benner, Managing Director Sales
$1.7bn discretion
(212) 895-3012
————————————————————
8. Arnerich Massena, Portland, OR
Ryland Moore, Principal, Director of Business Development
$1.07bn discretion (9-30-20)
$7.45bn total
(503) 595-0247
————————————————————
9. Artemis Wealth Advisors, New York, NY
Peter M. Rup, Founder & CIO
Ron Zdrojeski, Director Business Development
$862mm discretion
$1.4bn total
(212) 838-9000
————————————————————
10. Arthur J. Gallagher & Co., Washington, DC
Michael W. Johnson, Area President Institutional
Investment & Fiduciary Services
$5.84bn discretion (3-31-20)
$52.68bn advisory
(202) 898-2270
————————————————————
11. Asset Strategy Consultants, Baltimore, MD
Alfred J. Morrison, Managing Principal
Andrew W. Conner, CIO
$1.5bn discretion
morrison@assetstrategyconsultants.com
conner@assetstrategyconsultants.com
(410) 528-8282 x1043
(410) 528-8282 x1043
————————————————————
12. Ballentine Partners, Waltham, MA
Jayson DeAngelis, Partner
$7.5bn discretion
$15bn total
jdeangelis@ballentinepartners.com
(781) 314-1316
————————————————————
13. Bank of America, New York, NY
Bernard Reidy, Managing Director, National
Philanthropic Sales
$30bn institutional discretion
$279.2 total discretion
(203) 571-5341
————————————————————
14. BBR Partners, New York, NY
Todd Whitenack, Co-Managing Partner
$16.4bn discretion
$19bn total (11-30-20)
(212) 313-9875
————————————————————
15. Beacon Pointe Advisors, Newport Beach, CA
Felix Lin, Partner, President Institutional
Consulting Services
Mike Breller, Managing Director, Sr. Consultant
$11.8bn OCIO discretion
(949) 718-1602
————————————————————
16. BlackRock, New York, NY
Jeff Saef, Managing Director, Head Americas
& Client Portfolio Solutions
$228bn global discretion
(609) 282-8950
————————————————————
17. Blue Edge Capital, Richmond, VA
Peter H. Bowles, Managing Director
$450mm discretion (all ETFs)
$500mm total
(804) 673-7404
————————————————————
18. BNY Mellon, New York, NY
Jamie W. Lewin, Head of Investor Solutions
Andrew D. Wozniak, Head of Client Consulting
& Investor Solutions
$18bn discretion
$34bn total
(212) 922-4524
(412) 236-7940
————————————————————
19. Brown Advisory, Baltimore, MD
Brigid Peterson, Head Endowment & Foundations
$6.5bn OCIO discretion
$49bn total discretionary AUM
(410) 537-5379
————————————————————
20. Brown Brothers Harriman, New York, NY
Tom Davis, Managing Director
$4.6bn OCIO discretionary
$39.0bn total discretionary AUM
(212) 493-8699
————————————————————
21. Callan, San Francisco, CA
James A. Callahan, President
$26bn discretion
$2.5trillion advisory
(415) 974-5060
————————————————————
22. Cambridge Associates, Boston, MA
Deirdre Nectow, Managing Director
$36.2bn discretion
$396.8bn advisory
dnectow@cambridgeassociates.com
(617) 457-1781
————————————————————
23. Canterbury Consulting, Newport Beach, CA
Robinson (Bob) Cluck, Chairman
Poorvi Parekh, Director OCIO
$2.2bn discretion
$23.6bn advisory
bcluck@canterburyconsulting.com
pparekh@canterburyconsulting.com
(949) 718-2224
(949) 718-2229
24. Clearbrook Global Advisors, New York, NY
Elliott Wislar, CEO
Gregg Sibert, Chief Marketing Officer
$1.7bn discretion (3-30-20)
$14bn advisory
(212) 683-6686
————————————————————
25. Commonfund, Wilton, CT
Mark Anson, President, CEO & CIO
Tim Yates, President, CEO & OCIO
$11.25bn discretion
$24bn total AUM
(203) 563-5238
————————————————————
26. CornerCap Institutional
Derek Tubbs, VP Institutional Development
$1.3bn discretion
(404) 870-0700
————————————————————
27. CornerStone Partners, Charlottesville, VA
(now part of Focus Financial Partners group Dec 2020)
David Russell, Sr. Managing Director
Christopher Laing, Sr. Managing Director
$5.6bn discretion
$9bn total
(434) 293-7759
————————————————————
28. Crewcial Partners, New York, NY
(formerly Colonial Consulting)
Charlie Georgalas, Managing Director
$927mm discretion
$33bn advisory
(212) 218-4900
————————————————————
29. DeMarche, Merriam, KS
Thomas C. Woolwine, President & Vice Chairman,
Discretionary Management Services
$336.6mm discretion (12-31-19)
$25bn advisory
(913) 384-4994
————————————————————
30. Deutsche Bank, New York, NY
Brett Lane, Head of Institutional Advisory Services
$14.93bn discretion (9-30-20)
$6.74bn advisory
(212) 454-0816
————————————————————
31. Fiducient Advisors, Chicago, IL
(x DiMeo Schneider & Assoc.)
Robert (Bob) DiMeo, CEO
Jon Fellows, Partner & Chairman
Matt Porter, Partner & Vice-chairman Fiduciary
Investment Advisors
$11.6bn discretion
$184bn advisory
(312) 853-1000
(773) 562-0849
————————————————————
32. Disciplina, Nashville, TN
Matthew W. Wright, President & CIO
$400mm discretion
(615) 490-6007
————————————————————
33. Edgehill Endowment Partners, New Haven, CT
Nina F. Scherago, Managing Partner
Jason Raiti, Partner
Christin Sandweiss, Director Client Service
$1.9bn discretion
n.scherago@edgehillendowment.com
c.sandweiss@edgehillendowment.com
(203) 654-3553
————————————————————
34. Ellwood Associates, Chicago, IL
Andrew Schwark, Director OCIO Consulting
$1.1bn discretion (3-31-20)
$63bn advisory
dan.simon@ellwoodassociates.com
(312) 782-5432
————————————————————
35. Evoke | ARIS
Brendan Corcoran, Senior Vice President
$7.5bn discretion (3-31-21)
$14bn advisory
(617) 233-0428
————————————————————
36. FEG Investment Advisors, Cincinnati, OH
Rebecca (Becky) S. Wood, President & CEO
Devinne C. Kelly, Sr. Client Development Associate
$8.06bn discretion
$64bn advisory
(513) 827-3204
————————————————————
37. Fidelity Institutional Asset Management, Smithfield, RI
Jim Zadrozny, SVP Co-Head of Institutional Sales
$35bn discretion (9-30-20)
$1.03trillion global
(401) 292-4760
(401) 209-0523 cell
————————————————————
38. Fiduciary Trust Company, Boston, MA
Rick Tyson, Vice President & Investment Officer
$7.1bn discretion
$19bn total
tyson@fiduciary-trust.com
(617) 292-6799
39. Fiduciary Trust International, New York, NY
Ronald Sanchez, CIO
Kate Huntington, Head of Advisory Solutions Group
$8.6bn OCIO advisory solutions (12-31-20)
$32bn total
kate.huntington@fiduciarytrust.com
(877) 384-1111
————————————————————
40. Fiduciary Wealth Partners, Boston, MA
Preston McSwain, Managing Partner
$1.1bn discretion (12-31-20)
$2bn total
(617) 602-1901
41. F.L. Putnam Investment Management Company, Wellesley, MA
Chris McVey, Director of Business Development
$3.7bn Discretionary assets
$4.1 Billion Total assets
(781) 591-8265
————————————————————
42. Gallagher Fiduciary Advisors, Washington, DC
Michael Johnson, President
Phil Sabrizio, Area Director
$5.84bn discretion (3-31-20)
$52.68bn advisory
(202) 898-2270
————————————————————
43. Gerber Taylor, Memphis, TN
Charles Gerber, President
Matthew Kinnear, Client Development
$5.4bn discretion
$6.8bn advisory
(901) 526-9750
————————————————————
44. Glenmede, Philadelphia, PA
Gordon Fowler, Jr., President, CEO, CIO
$8.7bn tax-exempt OCIO
$36.8bn total
(215) 419-6640
————————————————————
45. Global Endowment Management, Charlotte, NC
Stephanie Lynch, Partner
$10bn discretion (7-1-20)
(704) 333-8282
————————————————————
46. Global Strategic Investment Solutions, Scottsdale, AZ
Don Callaghan, Managing Partner
$700mm discretion
(480) 935-2134
————————————————————
47. Goldman Sachs, New York, NY
Gregory Calnon, Managing Director
$168bn discretion
(212) 855-0124
————————————————————
48. Hall Capital Partners, San Francisco, CA
Sarah Stein, Managing Partner
Sarah Butler, Business Development Manager
$12.3bn discretion
$36.9bn total
(415) 277-2634
(415) 217-2449
————————————————————
49. Highland Associates, Birmingham, AL
(RIA owned by Regions Bank)
Trey Echols, CEO
Paige Daniel, Managing Director
$8.8bn discretion
$28.1bn total
(205) 939-8308
(205) 939-8308
————————————————————
50. Hirtle Callaghan, W. Conshohocken, PA
Erica Evans, Head Client Engagement
$17.8bn discretion
(610) 943-4100
————————————————————
51. Holt Capital Partners, Fort Worth, TX
Robert M. Holt, Jr., Managing Partner
$280mm total
(817) 877-1430
————————————————————
52. ICG Advisors, Los Angeles, CA
J. Jeffrey Assaf, Sr., Managing Director & CIO
$564.98mm discretion
$4.15bn advisory
(424) 270-8900
————————————————————
53. Investure, Charlottesville, VA
Bruce Miller, CEO
Puja Seam, COO
$14.2bn discretion
(434) 220-0280
54. Jasper Ridge Partners, Menlo Park, CA
Cori Duncan, CEO & Managing Partner
$27.5bn Discretionary assets (12-31-20)
(650) 494-4831
————————————————————
55. JPMorgan Asset & Wealth Management, New York, NY
Monica Issar, Global Head Multi-Asset
& Portfolio Solutions
$63.3bn OCIO discretion
$2.5trillion
(212) 464-2852
————————————————————
56. LCG Associates, Atlanta, GA
Lauren Moore, VP Marketing
Ed Johnson, President & CEO
$891mm discretion
$90bn advisory
(770) 644-0100
————————————————————
57. Litman Gregory Asset Management, Walnut Creek, CA
Bill Thompson, Director, Endowments & Foundations Group, Senior Advisor
$2.1bn discretion (12-31-20)
$6.2 bn total
(415) 464-5808
————————————————————
58. Lowe, Brockenbrough, Richmond, VA
Austin Brockenbrough III, Chairman
Christopher Dion, Managing Director & CIO
$1.4bn Institutional discretion
$3.1bn total
(804) 287-2744
————————————————————
58. Makena, Menlo Park, CA
Joseph Magher, Managing Director
$20bn discretion
(650) 926-1339
————————————————————
60. Mangham Associates, Charlottesville, VA
Joel R. Mangham, Founder Co-CIO
Edward W. Karppi, Partner, Co-CIO
Joel Streeter, VP
$1.6bn discretion
edward.karppi@manghamassociates.com
JoelP.Streeter@manghamassociates.com
(434) 973-2223
————————————————————
61. Marquette Associates, Chicago, IL
Brian Wrubel, President & CEO
Patrick McDowell, SVP, OCIO Services
$8.9bn discretion
$231.5bn advisory
bwrubel@marquetteassociates.com
pmcdowell@marquetteassociates.com
(312) 527-5500
————————————————————
62. Meketa Investment Group, San Diego, CA
Lisa Rubin, Director Marketing
$17.4bn discretion
$1.4 trillion advisory
(760) 795-3450
————————————————————
63. Mercer, Boston, MA
Rich Joseph, US Delegated Solutions Leader
$305.9bn delegated global
$10.2trillion advisory
(617) 747-9540
————————————————————
64. Mill Creek Capital Advisors, Conshohocken, PA
Josh Gross, CEO
$6.2bn discretion
$6.9bn total
(610) 941-7714
————————————————————
65. Miller Investment Management, West Conshohocken, PA
Timothy P. Letter, Managing Director, business development
$1.6bn discretion (12-31-19)
(610) 834-9820 x136
————————————————————
66. Morgan Creek Capital Management, Chapel Hill, NC
Mark Yusko, CEO & CIO
$1.6bn discretion (6-30-19)
(919) 933-4004
————————————————————
67. Morgan Stanley/Graystone, New York, NY
Robert Mandel, Managing Director
Suzanne Lindquist, Managing Director
$35.6bn OCIO discretion
robert.j.mandel@morganstanley.com
suzanne.lindquist@morganstanley.com
(914) 225-5420
(212) 296-1064
————————————————————
68. Multilateral Endowment Management Co.
“MEMCO”, Edmond, OK
Ryan S. Tidwell, CEO & CIO
$1bn discretion
(405) 385-3146
————————————————————
69. NEPC, Boston, MA
Steve F. Charlton, Director Consulting Services
$35.9bn discretion
$1.09trillion advisory
(617) 374-1300
————————————————————
70. New Providence Asset Management, New York, NY
Andrew Vogelstein, Chairman
Sarah Withers, Associate Director
$2.4bn discretion
(646) 292-1272
————————————————————
71. Northern Trust, Chicago, IL
Lyndsay Ferencak, Director
Darius Gill, National Practice Director
$88.7bn OCIO discretion
$36.2bn advisory
(312) 444-3297
(312) 444-7153
————————————————————
72. Pacific Portfolio Consulting, Seattle, WA
Larry Hood, Founder & CEO
Kevin O’Connor, Managing Director Institutional Services
$3.47bn total
koconnor@pacific-portfolio.com
(206) 623-6641
————————————————————
73. Partners Capital, Boston, MA & UK
Paul Dimitruk, Chairman, Partner
Leslie Ahlstrand, Principal
$32.2.bn total
paul.dimitruk@partners-cap.com
leslie.ahlstrand@partners-cap.com
(617) 292-2575
(617) 778-7046
————————————————————
74. Pentegra Investors, White Plains, NY
Matthew P. Mintzer, EVP Sales & Marketing
$15.7bn total discretion
(914) 821-9563
————————————————————
75. Permanens Capital, New York, NY
John Regan, Founding Partner
Alex Goldfarb, Partner
$3.2bn discretion
(212) 993-7447
————————————————————
76. Permit Capital Advisors, W. Conshohocken, PA
Mimi Drake, Co-CEO
Bill Curran, Portfolio Manager
$1.2bn discretion
(610) 940-5331
————————————————————
77. PFM Asset Management, Philadelphia, PA
John Spagnola, Managing Director
Jim Link, Managing Director
$13.7bn discretion
$6.7bn advisory
(215) 557-6700
————————————————————
78. PNC Bank, Scranton, PA
Deborah A. Kolsovsky, EVP & Managing Director
OCIO & Retirement Solutions
$26.87bn discretion
(570) 961-6868
————————————————————
79. Prime Buchholz & Associates, Portsmouth, NH
William F. McCarron, President
$3bn discretion
$50bn advisory
(603) 433-1143
————————————————————
80. Regions Asset Management, Birmingham, AL
S. Alan McKnight, Jr., CIO
$41bn discretion
(404) 979-5418
————————————————————
81. Rockefeller Capital Management, New York, NY
Grace Yoon, Managing Director
$15.8bn discretion (6-30-19)
$34.8bn total
(212) 549-5100
————————————————————
82. Russell Investments, New York, NY
Eric Macy, Managing Director
$234.7bn discretion
(212) 702-7941
————————————————————
83. Segal Marco Advisors, Chicago, IL
TJ Kistner, VP, Head of Discretionary Portfolio Management & Solutions
$11.2bn discretion
(312) 612-8493
————————————————————
84. SEI Institutional Group, Oaks, PA
Michael Cagnina, SVP, Managing Director
$181bn discretion
(610) 676-1496
————————————————————
85. Sellwood Consulting, Portland, OR
Ashlee Moehring, Consultant,
Principal, Chief Compliance Officer
$542mm discretion
$6.4bn total
ashleemoehring@sellwoodconsulting.com
(503) 596-2885
————————————————————
86. Seven Bridges Advisors, New York, NY
M. Ram Lee, Partner
$5.4bn total
ramlee@sevenbridgesadvisors.com
(212) 490-6320
————————————————————
87. Silvercrest Asset Management, New York, NY
Chris Long, Managing Director
$17.3bn discretion
$23.8bn total
(212) 649-0697
————————————————————
88. Spider Management Co., Richmond, VA
Tory Sprehe, Director of Investor Relations
$5.1bn discretionary ( 3-1-21)
(804) 289-6010
————————————————————
89. State Street Global Advisors, Stamford, CT
Gary Sems, VP, Global Fiduciary Solutions
$145.6bn discretionary
(203) 326-4255
————————————————————
90. Strategic Investment Group, Arlington, VA
Nikki Kraus, Managing Director Client Development
$25.9bn discretionary
$26.4bn total AUM
(703) 243-4433
————————————————————
91. TIFF Investment Management, Radnor, PA
Kane Brenan, CEO
Rob Zion, COO
Pat Torrey, Managing Director
$7bn discretionary
(610) 684-8201
————————————————————
92. Truist Bank (x SunTrust), Atlanta, GA
Elizabeth Cabell Jennings, SVP, Director Institutional Investment E&F Practice
$14.6bn discretionary
Elizabeth.C.Jennings@SunTrust.com
(404) 813-1538
————————————————————
93. Truvvo Partners, New York, NY
Casey D. Whalen, CEO & CIO
Ilka Gregory, Director Client Relations
$3bn total
(212) 488-5485
————————————————————
94. UBS AG, Chicago, IL
Andrea Fisher, Head Specialist, Americas
Mohammad Ahmad, Head, Business Development
Calvin Kim, Director Investment Solutions Specialist Asia Pacific (ex. Japan/Australia)
$15.6bn OCIO discretion
($16.1bn as of 9-30-20)
(212) 882-5147
41 79 629 48 29
————————————————————
95. Vanguard, Malvern, PA
Christopher Philips, Head Institutional Advisory Services
$57bn discretionary
christopher_philips@vanguard.com
(610) 503-1089
————————————————————
96. VELA Investment Management, New Albany, OH
Ric Dillon, CEO
$130mm discretion (12-31-20)
(614) 653-8352
————————————————————
97. Verger Capital Management, Winston-Salem, NC
Jim Dunn, CEO
Patrick Decker, Managing Director
Wesley Carroccio, Managing Director
$1.7bn discretionary
(336) 934-4101
————————————————————
98. Verus Investments, Seattle, WA
Shelly J. Heier, President & COO
$4.04bn discretionary
$433.9bn advisory
(206) 622-3700
————————————————————
99. Wealth Strategist Partners, Chicago, Il
Susan K. Lucas, COO
$1bn total
(312) 863-6082
————————————————————
100. Wells Fargo Institutional Asset Advisors, Glenbrook, NY
(Acquired by Principal Financial Group)
Dan Oldani, SVP
$32bn discretionary
daniel.d.oldani@wellsfargo.com
(833) 290-4678
————————————————————
101. Wespath II, Glenview, IL
T. Joseph Halwax, Managing Director Institutional Services
$3.8bn discretionary
(847) 866-4307
————————————————————
102. Willis Towers Watson, Chicago, IL
Kemp Ross, Global Head of Delegated
Clint Cary, Head, Delegated Investment Services, Americas
Pieter Steyn, EMEA Head Delegated Investment Services
$148bn discretionary
kemp.ross@willistowerswatson.com
clint.cary@willistowerswatson.com
pieter.steyn@willistowerswatson.com
(312) 525-2436
(312) 525-2406
44 (0) 207 170 2714
————————————————————
103. Wilshire Associates, Pittsburgh, PA
Phillip Enochs, MD, Head Institutional Business Development
$73.4bn discretionary
$1.1trillion advisory
(312) 762-5506
————————————————————
104. Worth Venture Partners, New York, NY
David Wertentheil, Partner
$300mm discretionary
(212) 558-9017
————————————————————
104 Firms – Total AUM – $2.812 Trillion
————————————————–
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.
————————————————–
