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Investor Directory

OCIO Providers

This directory profiles outsourced chief investment officer providers, firms that take full discretionary control of a client's investment portfolio rather than simply advising on it. Where a traditional consultant recommends decisions for a client's board to approve, an OCIO provider executes them directly, covering asset allocation, manager selection, and ongoing risk management under one accountable relationship. Figures shown here measure the assets each firm manages with that discretionary authority; several of these firms also advise on much larger pools of assets on a non-discretionary basis, and those advisory figures are described in prose but never folded into the managed-asset totals shown on the cards below.

29 Firms Listed$3.7+ trillion Combined AUM (22 of 29 firms reporting)

Data last verified: August 2026

By AUM band

0 <$500M0 $500M-$1B0 $1B-$5B1 $5B-$10B6 $10B-$50B15 >=$50B7 Undisclosed

22 of 29 disclose AUM

By region

28 North America1 Europe0 Middle East0 Asia-Pacific0 Latin America0 Africa

29 firms

  • OCIOFirm-reported

    Angeles Investments

    Santa Monica, CAEst.2001

    AUM

    $7.2 billion discretionary

    Angeles Investments describes itself as a multi asset investment firm operating as an outsourced investment office and advisory provider, building customized portfolios for institutional and private wealth clients, with services spanning proprietary research, portfolio implementation, and back office support.[Firm website]

    The firm states that it is employee owned, a certified B Corporation, GIPS compliant, and a signatory to responsible investment principles, and describes its investment officers as bringing extensive industry experience to its institutional and private wealth client relationships.[Firm website]

    Focus

    Employee-owned OCIO and outsourced investment office for institutions and private wealth

    Visit
  • OCIOFirm-reported

    Aon Investments

    Chicago, IL

    AUM

    $189 billion OCIO

    Aon Investments provides investment advice and consulting services as part of Aon, a professional services firm organized around risk and human capital consulting, with its investment practice built on an open architecture model that selects third party managers rather than offering proprietary investment products.[Firm website]

    The firm points to its parent's broader risk and actuarial capabilities as a differentiator for pension focused OCIO mandates, where liability modeling plays a significant role in shaping portfolio strategy, and describes a footprint spanning multiple global regions.[Firm website]

    Focus

    Consultant-based OCIO with open-architecture manager selection serving global pension and institutional clients

    Visit
  • OCIOFirm-reported

    BlackRock OCIO

    New York, NY

    AUM

    $400 billion OCIO

    BlackRock lists its outsourced solutions among its institutional offerings, with a dedicated manager research team that conducts third party manager due diligence for OCIO clients in coordination with the firm's private equity and other investment teams.[Firm website]

    The firm states that its OCIO practice serves a broad range of client types, including consultants, corporate and public pension plans, defined contribution plans, endowments and foundations, family capital, healthcare organizations, insurers, and Taft Hartley plans, reflecting the scale of the platform behind the offering.[Firm website]

    Focus

    Institutional OCIO backed by the world's largest asset manager platform across all asset classes

    Visit
  • OCIOFirm-reported

    Brown Advisory

    Baltimore, MD

    AUM

    $15 billion discretionary

    Brown Advisory describes itself as an independent investment management and strategic advisory firm serving private clients, institutions, endowments, foundations, and international clients, with capabilities spanning private client and endowment or foundation portfolio management, institutional investment services, and impact investing.[Firm website]

    The firm's practice combines its outsourced CIO style institutional work with a broader private wealth and impact investing platform, an integrated structure the firm frames as allowing nonprofit clients to draw on capabilities developed across its private client business as well.[Firm website]

    Focus

    OCIO and investment advisory for nonprofit institutions with integrated wealth management platform

    Visit
  • OCIOSEC Form ADV

    Cambridge Associates

    Boston, MAEst.1973

    AUM

    $101 billion discretionary AUM

    U.S. registered $85.9B discretionary (Form ADV, Dec 2023)

    as of 2024-12

    Cambridge Associates describes itself as a global investment consulting and OCIO firm that builds custom portfolios spanning traditional and alternative asset classes, including private equity, venture capital, credit, real assets, and hedge funds, for institutional investors, endowments, foundations, private clients, and family offices.[Firm website]

    The firm highlights its research capabilities, including benchmark data the industry treats as a standard reference, and recently partnered with other data providers to launch new private markets performance datasets, an initiative the firm frames as extending its research franchise into private credit and real assets coverage.[Firm website]

    Focus

    OCIO and investment advisory for endowments, foundations, pensions, and family offices with deep alternatives expertise

    CRD#104942
    Visit
  • OCIOFirm-reported

    CAPTRUST

    Raleigh, NC

    AUM

    $172 billion OCIO

    CAPTRUST describes itself as a majority employee owned, independent registered investment advisor providing fiduciary advisory services across three main client segments: individuals and families, retirement plan sponsors, and endowments and foundations, with services spanning investment management, plan consulting, governance, and mission aligned strategies.[Firm website]

    The firm frames its continued expansion as substantially driven by acquisitions of other advisory practices, a pattern that according to the firm has built one of the larger independent platforms of its kind in the country, alongside an emphasis on independence from any bank or insurance parent.[Firm website]

    Focus

    Independent OCIO and retirement plan advisory serving defined contribution, defined benefit, and nonprofit institutions

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  • OCIOFirm-reported

    Commonfund

    Wilton, CTEst.1971

    AUM

    $15 billion OCIO

    Commonfund describes itself as an asset management firm built to serve nonprofit and other institutions through two platforms: an outsourced CIO service for nonprofit organizations, and a private equity focused platform for sophisticated investors, with clients spanning educational endowments, foundations, healthcare organizations, and family offices and trusts.[Firm website]

    The firm publishes research and benchmarking studies developed with partner associations covering endowment trends and higher education costs, positioning this research output as a complement to its core outsourced investment management services.[Firm website]

    Focus

    Nonprofit-focused OCIO and investment management serving educational endowments, foundations, and healthcare organizations

    Visit
  • OCIO

    CornerStone Partners

    Charlottesville
    Visit
  • OCIOFirm-reported

    Goldman Sachs Asset Management OCIO

    New York, NY

    AUM

    $450 billion OCIO

    Goldman Sachs describes its OCIO and fiduciary management offering as an open architecture platform that blends the firm's own proprietary strategies with third party managers across public and private markets, built to serve retirement plans, insurance companies, endowments, foundations, healthcare organizations, family offices, and other financial institutions.[Firm website]

    The firm highlights defined contribution and multi asset solutions with customized asset allocation, ongoing market views, and risk management as core parts of its OCIO offering, and cites independent industry rankings placing it among the leading providers in the United States and globally.[Firm website]

    Focus

    Discretionary OCIO for corporate pensions, sovereign entities, and large institutional portfolios

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  • OCIOFirm-reported

    Hirtle Callaghan

    West Conshohocken, PA

    AUM

    $25.4 billion

    Hirtle Callaghan describes itself as an independent investment management firm operating as a multi family office and outsourced chief investment officer, serving institutional and high net worth clients through portfolios spanning public equity and other asset classes, guided by a long term, disciplined investment philosophy.[Firm website]

    The firm publishes recurring investment perspective commentary and states that its approach emphasizes selective private equity exposure alongside its core public markets strategy, reflecting what it describes as a client centric approach built around long standing relationships.[Firm website]

    Focus

    Pioneer OCIO serving endowments, foundations, and wealthy families with organic growth model

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  • OCIOFirm-reported

    J.P. Morgan OCIO

    New York, NY

    AUM

    $199 billion OCIO

    J.P. Morgan lists Outsourced CIO as one of the portfolio management services offered through its private bank, positioned alongside investment management and sustainable investing, with a dedicated offering referenced for family clients.[Firm website]

    The firm describes its approach as flexible, allowing clients to choose a largely in house managed strategy using J.P. Morgan's own investment views or a more fully outsourced multi manager solution drawing on external managers, depending on client preference.[Firm website]

    Focus

    Discretionary OCIO for family offices, endowments, foundations, and institutional portfolios

    Visit
  • OCIOSEC Form ADV

    Makena Capital Management

    San Mateo, CA

    AUM

    $19 billion

    as of 2024-03

    Makena Capital Management describes its approach as endowment style investing intended to protect and grow multigenerational capital over the long term, building alternative asset class portfolios across private equity, real assets, public equity, and hedge funds, with manager selection and due diligence identified as core strengths.[Firm website]

    The firm states that it maintains a responsible investing framework and offers an outsourced CIO custom portfolio service to its client base of endowments, foundations, family offices, and sovereign and pension clients, and highlights ongoing governance additions to its board of directors as part of its institutional development.[Firm website]

    Focus

    Endowment-style OCIO founded by Stanford Management Company alumni

    CRD#156855
    Visit
  • OCIOFirm-reported

    Mercer Investments

    New York, NY

    AUM

    $670 billion OCIO

    Mercer describes its practice as a full discretionary OCIO service, taking responsibility for asset allocation, manager selection, and risk management on behalf of institutional and nonprofit portfolios while the client's own board retains policy and governance authority. The firm positions this OCIO offering within a broader employee benefits and investment consulting platform and states that it serves pension, endowment, foundation, and insurance clients.[Firm website]

    The firm's own recent updates point to changes within its investment leadership ranks and the creation of a dedicated senior role focused on private markets and alternatives, developments the firm frames as part of a broader push to expand its capabilities in that area.[Firm website]

    Focus

    Largest global OCIO provider serving pensions, endowments, foundations, and insurance portfolios

    Visit
  • OCIOFirm-reported

    Morgan Stanley Graystone OCIO

    New York, NY

    AUM

    $247 billion U.S. OCIO

    Morgan Stanley describes its Graystone Consulting Outsourced Chief Investment Officer program as a discretionary investment management solution delivered through its wealth management division, positioned for institutional clients seeking to delegate day to day portfolio decisions.[Firm website]

    According to reporting drawing on the firm's own commentary, Graystone's leadership points to scale and differentiation within the broader wealth management platform as continuing supports for growth in its OCIO business.[Firm website]

    Focus

    Top-ranked U.S. OCIO provider through Graystone Consulting institutional platform

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  • OCIOSEC Form ADV

    NEPC

    Boston, MA

    AUM

    $132 billion OCIO

    as of 2024-10

    NEPC describes itself as a full service investment consulting firm offering research driven solutions to governments, institutions, families, and individuals, with a service lineup spanning advisory consulting, OCIO services, sustainable investing solutions, and a pooled employer retirement plan.[Firm website]

    The firm's own recent publications include market commentary, private markets research, and governance focused guidance aimed at its institutional client base, reflecting an ongoing emphasis on thought leadership alongside its advisory and OCIO practices.[Firm website]

    Focus

    Independent investment consultant and OCIO serving endowments, foundations, pensions, and healthcare systems

    CRD#110562
    Visit
  • OCIOFirm-reported

    Northern Trust Asset Management OCIO

    Chicago, IL

    AUM

    $87 billion discretionary OCIO

    Northern Trust Asset Management describes its Outsourced Chief Investment Officer service as delivered by dedicated senior investment teams for retirement plans, not for profits, and family offices, with custom portfolios built around each client's objectives, including liability driven investing, alternatives exposure, and governance support, delivered in a fiduciary capacity.[Firm website]

    The firm situates its OCIO practice within the broader Northern Trust platform, drawing on the parent company's custody, fund administration, and asset servicing infrastructure to offer what it describes as an integrated solution for institutional clients.[Firm website]

    Focus

    OCIO solutions backed by one of the largest global custodians with integrated asset servicing

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  • OCIOFirm-reported

    Russell Investments

    Seattle, WA

    AUM

    $355 billion AUM

    Russell Investments describes itself as a global multi asset investment manager providing outsourced CIO, discretionary portfolio management, and fund management services to institutional investors, including pension funds, retirement plan sponsors, endowments, and nonprofits, alongside financial professionals and individual investors across multiple regions.[Firm website]

    The firm's own site states that it has provided OCIO solutions to defined benefit plans and healthcare systems for an extended period and to nonprofit organizations since early in the firm's history, positioning its OCIO practice as one of the longer standing offerings among its peers.[Firm website]

    Focus

    Pioneer OCIO provider with deep expertise in pensions, healthcare, and defined contribution plans

    Visit
  • OCIOFirm-reported

    SEI Institutional Group

    Oaks, PA

    AUM

    $198 billion OCIO

    SEI describes itself as a global financial services and technology company that provides investment management, wealth management, and technology solutions to institutional investors, financial advisors, banks, and wealth managers, with its OCIO style offerings delivered through this broader platform.[Firm website]

    The firm's own recent communications emphasize technology and artificial intelligence tools intended to improve investment manager efficiency and to unify data access, transparency, and operational scale for its institutional clients, reflecting a technology forward positioning within its investment offering.[Firm website]

    Focus

    Technology-driven OCIO provider with integrated investment management and operational platform

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  • OCIOFirm-reported

    State Street Global Advisors OCIO

    Boston, MA

    AUM

    $176 billion OCIO

    State Street Global Advisors describes its Outsourced CIO solutions as spanning full outsourcing, partial delegation, multi asset mandates, liability driven investment and overlay strategies, and outsourced trading, built to serve clients ranging from smaller foundations to large retirement plans.[Firm website]

    The firm states that its differentiators include an open architecture approach to manager selection, tactical asset allocation, dedicated trading and implementation capabilities, and a long standing commitment to institutional partnership, drawing on the scale of the broader State Street platform.[Firm website]

    Focus

    Institutional OCIO backed by one of the world's largest custodian and asset management platforms

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  • OCIOFirm-reported

    Strategic Investment Group

    Arlington, VAEst.1987

    AUM

    $33 billion discretionary

    Key:Nikki Kraus, CFA, CEO

    Strategic Investment Group describes itself as a pure play Outsourced Chief Investment Office provider, dedicated exclusively to OCIO work rather than competing product lines, offering discretionary, open architecture access to managers across traditional and alternative asset classes.[Firm website]

    The firm states that it serves endowments and foundations, pension plans, healthcare systems, family offices, and other institutions, and frames its singular focus on outsourced investment management, without proprietary funds or other business lines, as a defining feature of its model.[Firm website]

    Focus

    Pure-play OCIO provider dedicated exclusively to outsourced investment management since 1987

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  • OCIO

    The Haverford Trust company

    Radnor
    Visit
  • OCIOFirm-reported

    Verus Investments

    Seattle, WA

    AUM

    $17 billion discretionary

    Verus Investments manages over $17 billion in discretionary OCIO assets and advises on over $1.1 trillion in total client assets as of late 2025. Founded as an independent, employee-owned firm, Verus provides both non-discretionary consulting and full discretionary OCIO services to endowments, foundations, corporate defined benefit and defined contribution plans, public pension plans, and Taft-Hartley trusts. In 2025, Cerity Partners announced a combination with Verus that upon closing would create a combined platform overseeing $1.2 trillion in client assets. The combination formally welcomed Verus into Cerity Partners in February 2026.

    Focus

    Independent employee-owned OCIO and consulting firm serving pensions, endowments, and Taft-Hartley trusts

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  • OCIOFirm-reported

    Willis Towers Watson

    London, United Kingdom

    AUM

    $167 billion OCIO

    WTW describes its investment solutions as tailored strategies and disciplined risk management built for institutional investors and asset owners, including plan sponsors, insurers, and endowments and foundations, alongside wealth and financial intermediary clients.[Firm website]

    The firm states that it has provided solutions to institutional investor challenges for an extended period, and its OCIO practice is positioned within a broader global professional services platform spanning investment, risk, and human capital consulting.[Firm website]

    Focus

    Global delegated investment solutions for corporate pensions, insurance, and institutional investors

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  • OCIOFirm-reported

    Wilshire Advisors

    Santa Monica, CA

    AUM

    $124 billion AUM

    Wilshire Advisors describes itself as a provider of investment advisory and outsourced CIO solutions, financial products, and analytics for institutional investors, including central banks, pension funds, insurers, foundations, and endowments, alongside financial advisors and intermediaries.[Firm website]

    The firm's own published research includes recurring commentary on corporate pension funding trends and broader market index coverage, positioning its research and analytics capabilities as complementary to its advisory and discretionary OCIO services.[Firm website]

    Focus

    OCIO and investment advisory serving public pensions, endowments, and institutional portfolios

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CAPITAL LANDSCAPE

The Global OCIO Provider Landscape

OCIO providers take full discretionary control of institutional portfolios, from asset allocation through manager hiring and rebalancing, a model adopted as alternatives allocations and operational complexity outgrew the small internal investment staffs of most endowments, foundations, and pensions.

Figures in this directory measure outsourced assets each firm manages with discretion. Several firms also advise far larger pools on a non-discretionary basis; those advisement figures are described in prose but never added into the managed-asset totals shown here.

Related Articles

Frequently Asked Questions

What is an outsourced chief investment officer (OCIO)?

An outsourced chief investment officer, or OCIO, is a provider a client's board hires to take on full discretionary responsibility for its investment portfolio, rather than simply advising on it. The OCIO makes and executes decisions directly, covering asset allocation, manager selection and replacement, rebalancing, and risk management, while the client's own board or investment committee retains oversight of policy and objectives rather than day to day decisions. This differs from a traditional investment consultant, who researches and recommends a course of action that the client's board must separately approve, often introducing delay between a recommendation and its implementation.

Which OCIO firms manage the most institutional assets?

Among the providers profiled in this directory, the largest by their own disclosed outsourced or discretionary asset figures include Mercer, Goldman Sachs, BlackRock, Russell Investments, and Morgan Stanley Graystone. Each firm's card below shows its own labeled figure and what that figure measures, since providers disclose different bases for their numbers, so the cards themselves, not this summary, are the place to compare firms directly.

Why do institutions switch OCIO providers?

Institutions most often move OCIO providers over fee levels, the depth of service they receive relative to the size of their mandate, and access to differentiated alternative investment opportunities that a smaller or more generalist provider cannot offer. Performance accountability is another common driver: because an OCIO holds full discretion, a board that is dissatisfied with results has a single relationship to hold responsible, which can make switching feel more decisive than it would with a consultant relationship split across many manager decisions. Ongoing consolidation among providers, as firms merge or are acquired, has also pushed some institutions to reevaluate their OCIO relationship even when service quality has not changed.

What is the difference between an OCIO and an investment consultant?

The core difference is discretion. An investment consultant researches managers and strategies and brings recommendations to a client's board, which must approve any change before it takes effect. An OCIO instead holds discretionary authority to make and execute those same decisions directly, without a separate approval step for each one. Some providers, including several profiled here, offer both models side by side, letting an institution choose full discretion or retain final say while still drawing on the same research and manager access. Institutions that prefer to keep that final decision in house, rather than delegate it, are often better served by a traditional investment consultant relationship instead.