OCIO Providers

Angeles Investments manages $7.2 billion in discretionary assets, $35 billion in advisory assets, and $2.7 billion in private wealth management for a combined $44.9 billion in total assets as of March 2026. Founded in 2001 and 100 percent employee-owned, Angeles provides outsourced investment office solutions to institutional clients including endowments, foundations, and nonprofits, as well as private wealth investors. The firm is a certified B Corporation and maintains offices in Santa Monica, New York, and Houston, with investment officers averaging over 25 years of industry experience. In January 2026, Angeles Wealth Management acquired XO Capital and launched Angeles Family Office.

Aon Investments manages ~$189B in OCIO assets globally. The model is open-architecture: third-party managers selected on merit, no proprietary products in the mix. Aon's edge over pure investment firms is the actuarial and risk management capability that comes from the parent, particularly valuable for DB pension OCIO mandates where liability modeling drives the entire portfolio strategy. Global footprint across the Americas, Europe, Middle East, Africa, and Asia-Pacific.

BlackRock runs ~$400B in OCIO assets, growing at roughly 20% annually. The advantage is obvious: the $10T+ platform behind it spans every asset class and geography. The OCIO practice sits within the Multi-Asset Strategies and Solutions group ($1T+ AUM) and serves corporate pensions, public retirement systems, endowments, foundations, and insurance companies. BlackRock's scale in both index and active management gives OCIO clients access to strategies and fee structures smaller providers cannot match. Within the practice, the BlackRock Manager Research team conducts third-party manager research for OCIO clients, coordinating with BlackRock's private equity and other investment teams.

Brown Advisory manages approximately $15 billion in total discretionary assets with $5.6 billion specifically in OCIO discretionary mandates, providing outsourced chief investment officer services primarily to nonprofit institutional clients. Headquartered in Baltimore and founded in 1993, Brown Advisory has grown into a diversified investment firm offering OCIO solutions alongside private wealth management, institutional consulting, and sustainable investing capabilities. The firm's OCIO practice serves endowments, foundations, and other nonprofits seeking to fully outsource investment decision-making to an experienced discretionary manager. In May 2026, Brown Advisory announced it would join forces with RockCreek, expanding its institutional and OCIO capabilities.

Cambridge Associates manages approximately $101 billion in discretionary assets and advises on over $500 billion in total assets, providing OCIO and investment consulting services to endowments, foundations, pension plans, family offices, and other institutional investors globally. Founded in 1973, the firm is widely recognized for its deep expertise in private equity, venture capital, and alternative investments, publishing benchmark indices that are industry standards. Cambridge Associates' OCIO platform serves clients who delegate full portfolio management decision-making, using the firm's research team and manager relationships built over five decades. In March 2026, Cambridge Associates partnered with S&P Global and Mercer to launch private markets performance datasets covering private credit and real assets.

CAPTRUST runs $172B in full discretionary OCIO assets and $1T+ in total client assets. The growth story is M&A-driven: 70+ acquisitions since founding in 1997, building one of the largest independent OCIO platforms in the U.S. Headquartered in Raleigh. Core clients are corporate retirement plans, endowments, and foundations. Independence from any bank or insurance parent means no proprietary product conflicts, a meaningful differentiator for fiduciary-minded boards. In May 2026, the firm continued its acquisition-driven growth with the addition of Stillwater Capital Advisors, a $1.25 billion Pennsylvania-based private wealth firm, and has been ranked #1 on Financial Advisor magazine's RIA discretionary and non-discretionary AUM ranking for ten consecutive years, based on total assets as of December 31, 2024.

Commonfund manages over $15 billion in OCIO assets, having served as a leader in outsourced investment management designed specifically for nonprofit organizations since its founding in 1971. The firm was created to help educational endowments access institutional investment strategies and has expanded to serve foundations, healthcare organizations, family offices, and other mission-driven institutions. Commonfund operates two primary platforms: Commonfund OCIO, which provides customized discretionary investment solutions, and CF Private Equity, which partners with leading private investment firms to create targeted investment solutions. In 2026, Commonfund published research with NBOA and NACUBO examining private markets trends and endowment allocation patterns among independent schools and higher-education institutions.

Goldman Sachs OCIO manages ~$450B in outsourced assets and has been winning the largest mandates in the market. The $43.4B UPS pension engagement in 2024 and the $40B Shell mandate in 2025 are among the biggest OCIO awards ever. Goldman's edge is the full platform: public markets, PE, real estate, hedge funds, and fixed income all under one roof, plus the banking relationships and capital markets execution that pure-play OCIOs cannot offer. Per the Cerulli Report: 2025 U.S. Outsourced Chief Investment Officer Function (published November 2025, based on 2024 AUM data), Goldman Sachs ranked the #1 U.S. OCIO provider and #2 global OCIO provider by assets.

Hirtle Callaghan manages approximately $19 billion in assets, having grown entirely through organic means without outside capital since its founding in 1988 by Jonathan Hirtle. The firm is widely recognized as a pioneer of the outsourced chief investment officer model, building its practice serving college endowments, foundations, healthcare organizations, and high-net-worth families. Hirtle Callaghan manages portfolios ranging from millions to billions of dollars, providing full discretionary investment management with a deeply client-centric approach that emphasizes long-term relationships and customized multi-asset solutions.

J.P. Morgan OCIO manages ~$199B in outsourced assets, up from $5B a decade ago, mostly family foundations. That growth trajectory is among the steepest in the industry. The platform draws on 1,160+ investment professionals globally. J.P. Morgan offers flexible OCIO models: majority in-house management for clients who want JPM strategies, or fully outsourced multi-manager solutions using external managers. Core clients: family offices, endowments, foundations, and institutional investors.

Makena Capital Management manages approximately $19 billion in assets for endowments, foundations, family offices, and other long-term institutional investors. Founded in 2005 by a team of professionals from the Stanford Management Company and other leading North American endowment practitioners, Makena brings an endowment investment approach to its OCIO clients. The firm partners with over 50 endowment and foundation clients, including 12 relationships in a fully outsourced capacity, providing holistic portfolio management with a dedicated team responsible for both day-to-day management and long-term investment success. In June 2025, Bryan Yeo, Group Chief Investment Officer of Singapore's GIC, joined Makena Capital's board of directors.

Mercer is the largest OCIO in the world at ~$670B in outsourced assets. The Vanguard OCIO acquisition in March 2024 added $55B and 120 investment professionals focused on nonprofits, cementing Mercer's lead. A subsidiary of Marsh McLennan, the firm serves pensions, endowments, foundations, and insurance companies across 30+ countries. Full discretionary mandate: asset allocation, manager selection, risk management, operations. In 2026, Mercer moved to boost its private markets scale through the AltamarCAM acquisition (announced March 2026), reshuffled senior investment leadership in April 2026, and created a new global alternatives CIO role, appointing Garvan McCarthy.

Morgan Stanley ranked #1 U.S. OCIO provider at $246.9B in domestic outsourced assets (Chestnut Solutions Institute, 2026). The OCIO practice runs through Graystone Consulting, the firm's institutional division, with a $25M account minimum. The Morgan Stanley platform gives Graystone clients access to proprietary research, capital markets execution, and the wealth management distribution network, advantages that pure-play OCIOs lack. The practice sits within Morgan Stanley Wealth Management's Global Institutional Advisory Solutions group; in April 2026, the firm's OCIO leadership pointed to scale and differentiation as continued growth drivers.

NEPC is one of the largest independent investment consultants and OCIO providers in the United States with approximately $132 billion in OCIO assets under management and over $1.7 trillion in total assets under advisement as of late 2024. Founded in 1986 and historically employee-owned, NEPC announced in October 2024 that Hightower Advisors would acquire a majority interest, creating a combined platform with over $1.8 trillion in assets under advisement. NEPC serves over 400 retainer clients including public and corporate pension plans, endowments, foundations, and healthcare organizations. In March 2026, NEPC launched Stratum One, a pooled employer plan (PEP) built with Empower, and named a new head of marketable equities in July 2026.

Northern Trust Asset Management manages approximately $87 billion in discretionary OCIO assets and an additional $40 billion in OCIO advisory assets, within the broader $1.3 trillion Northern Trust Asset Management platform. The firm combines its OCIO investment management capabilities with Northern Trust's custody, fund administration, and asset servicing infrastructure to offer integrated solutions. Northern Trust has appointed dedicated leadership to grow its OCIO strategy, reflecting the firm's view that the OCIO sector is a significant growth opportunity across institutional client segments. In September 2025, Northern Trust Asset Management named Anwiti Bahuguna as Global Co-Chief Investment Officer.

Russell Investments manages $355B in AUM with $900B+ under advisement, one of the longest OCIO track records in the industry. Ranked a top global OCIO for 13 consecutive years by CIO Magazine. First place in healthcare OCIO and first in public retirement by the Chestnut Solutions Institute in 2025. Russell's strength is breadth: DB plans, DC plans, public systems, healthcare, they have dedicated teams and infrastructure for each segment rather than a one-size-fits-all approach. In July 2026, Russell Investments announced new long-term owners following its acquisition by an investor consortium.

SEI has been running OCIO mandates since the early 1990s, one of the first movers in the space. Currently manages ~$198B in outsourced assets. The differentiator is technology: SEI built an integrated platform combining investment management, operational infrastructure, and reporting into a single solution. Clients get portfolio management and back-office operations from one provider. Serves corporate and public pensions, endowments, foundations, and healthcare organizations.

SSGA has been in the OCIO business for 40+ years, managing ~$176B in outsourced assets within the $4.7T State Street platform. The combination of index, active, and multi-asset capabilities under one roof lets SSGA build OCIO portfolios that blend low-cost beta with active alpha-seeking strategies. Serves DB and DC plans, endowments, foundations, healthcare systems, and family offices. Particular strength in liability-driven investment strategies for pension clients. The OCIO practice is led by Dan Farley, CFA, Head of OCIO Investment Strategy; in November 2025, parent brand State Street Investment Management took a minority stake in secondaries firm Coller Capital.

Strategic Investment Group manages $33 billion in discretionary assets as of December 2025, operating as a pure-play OCIO provider that has focused exclusively on outsourced investment management since its founding in 1987. The firm emphasizes that OCIO is all it does, with no competing product lines, proprietary funds, or outside business interests. Strategic serves endowments, foundations, pension plans, healthcare systems, and family offices with custom OCIO solutions including full portfolio management, private markets access, and full front-and-back-office investment management resources. The firm is led by CEO Nikki Kraus, CFA, alongside Co-Chief Investment Officers Markus Krygier, Ph.D., and Jeffrey S. Nasser, CRE, CCIM.

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.

Willis Towers Watson, operating as WTW, manages approximately $167 billion in delegated OCIO assets globally, having grown its outsourced investment business substantially across North America, Europe, and Asia-Pacific. WTW's delegated investment solutions provide full discretionary management including strategic and tactical asset allocation, manager research and selection, portfolio construction, and risk monitoring. The firm is particularly strong in corporate defined benefit pension OCIO mandates and has committed to halving carbon emissions in its OCIO portfolios by 2030.

Wilshire Advisors manages approximately $124 billion in assets under management and $1.5 trillion in assets under advisement, making it one of the largest OCIO and institutional advisory firms in the United States. Headquartered in Santa Monica, California, the firm provides OCIO solutions, investment consulting, analytics, and diversified multi-asset investment strategies to public pension plans, endowments, foundations, and other institutional investors. Wilshire has been expanding its global footprint with particular emphasis on growing its private markets and OCIO capabilities.