THE CERULLI REPORT. Investment Consultants 2014 Partnering with Consultants to Provide Client Solutions LOOK INSIDE TO PURCHASE. Overview.
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1 THE CERULLI REPORT Investment Consultants 2014 Partnering with Consultants to Provide Client Solutions Overview This annual report focuses on the institutional investment consulting landscape and the trends reshaping the consultant business model. Research examines the evolving needs across institutional client segments, as well as how asset managers can collaborate with gatekeepers to meet institutions' changing needs. Data from this report comes from extensive executive interviews and three proprietary surveys of investment consultants, outsourced chief investment officer (OCIO) providers, and institutional sales and service professionals. Benefits Build actionable business plans for working with gatekeepers and investment consultants Position your firm for success with investment consultants Review the specialties and profiles of 20 investment consulting firms Identify asset allocation trends and product development opportunities Understand which client segments will generate future opportunities for asset managers and gatekeepers Questions Answered 1. What asset classes and strategies will drive future new manager search activity? 2. How are consultants supporting institutional investors? 3. How are consultant relations professionals adapting their role to the changing investment consulting model? 4. What is the demand for OCIOs? 5. Which institutional client segments are using the support of an investment consultant? 6. How should asset managers work with gatekeepers under an OCIO relationship? 7. How will the evolving investment consultant landscape impact asset managers, investment consultants, and dedicated OCIO providers? 8. Which consulting firms are gaining marketshare and what types of clients does each provider support? 9. What new services beyond OCIO are consultants providing to institutional investors, and how can asset managers collaborate with them to garner assets? The Cerulli Report 14 THE CERULLI REPORT TO PURCHASE CALL VISIT HAVE US CONTACT YOU: Subscription Information $15,000 ANNUAL Hardcopy Digital copy in color Unlimited online firm-wide access Exhibits in Excel Key findings Analyst support LOOK INSIDE 10 pages of report content attached 163 pages, 117 exhibits Research Included with Subscription A subscription to this report remains active until the next iteration of this report releases.
2 Expanded Table of Contents TABLE OF CONTENTS - Expanded Key Questions Answered What are the greatest threats presently challenging investment consultants? What is the average recommended use of active versus passive strategies by investment consultants? Do OCIO providers expect significant growth opportunities across pension channels? What is investments consultants client composition by services offered? What strategies are institutions using to implement responsible investing? What percentage of asset managers new business was consultant-intermediated?...22 Chapter 1: Institutions Relying More on Investment Consultants...23 Industry Overview...24 More Support and Taking Discretion...24 Consolidation...25 Summary of Notable Merger & Acquisition Activity...26 Top Consulting Firms...29 Exhibit Top-50 Investment Consultants by U.S. Institutional AUA, 2Q Challenges...31 Exhibit Greatest Threats Presently Challenging Investment Consultants, Exhibit Consultant Use by Institutional Channel, Pension Plans...33 Exhibit Consultant Penetration in Public DB, Exhibit Consultant Penetration in Public DC, Exhibit Consultant Penetration in Taft-Hartley, Exhibit Consultant Penetration in Private DB, Exhibit Consultant Penetration in Private DC, Endowments and Foundations...38 Exhibit Consultant Penetration for Endowments, Exhibit Consultant Penetration for Foundations, Firm Profiles...40 Exhibit Hewitt EnnisKnupp, An Aon Hewitt Company...40 Exhibit Callan Associates Inc Exhibit Mercer...41 Exhibit Cambridge Associates...43 Exhibit RVK Inc Exhibit Pension Consulting Alliance Inc Exhibit Strategic Investment Solutions...46 The Cerulli Report Investment Consultants C A
3 Table of Contents Expanded Exhibit Wilshire Associates Inc...47 Exhibit Towers Watson Investment Services...48 Exhibit NEPC LLC...49 Exhibit Meketa Investment Group Inc Exhibit Segal Rogercasey...51 Exhibit Rocaton Investment Advisors LLC...52 Exhibit Graystone Consulting, A Morgan Stanley Company...53 Exhibit Summit Strategies Group...54 Exhibit Bank of America Merrill Lynch Global Institutional Consulting...55 Exhibit Curcio Webb LLC...56 Exhibit Marco Consulting Group...57 Exhibit Jeffrey Slocum & Associates Inc Exhibit Marquette Associates Inc Chapter 2: Shifting Allocations...60 Constructing Stronger Portfolios...62 An Objective Approach...62 Exhibit Investment Consultants Who Look at Asset Allocation in Terms of Risk Factors, Asset Managers' Views...63 Exhibit Asset Manager Perspective: Percentage of Consultants That Use Risk-Based Asset Allocation, Institutional Investors' Shifting Allocations...64 Exhibit Asset Allocation of the Largest 1,000 DB Plans, 3Q 2010 versus 3Q Exhibit Endowment Asset Allocation, FYE...66 Exhibit Foundation Asset Allocation, FYE...67 Post-2008 Allocation Modifications...67 Pension Plans...68 Exhibit Comparative Asset Allocation: Corporate Defined Benefit Pensions, 2008 versus Exhibit Comparative Asset Allocation: Public Defined Benefit Pensions, 2008 versus Exhibit Comparative Asset Allocation: Taft-Hartley Plans, 2008 versus Exhibit Comparative Asset Allocation: Defined Contribution Plans, 2008 versus Nonprofits...72 Exhibit Comparative Asset Allocation: Endowments, 2008 versus Planned Allocation Shifts...73 Exhibit Comparative Asset Allocation: Foundations, 2008 versus Exhibit Comparative Asset Allocation: Corporate Private Defined Benefit Pensions, 2013 versus 2015E...74 Exhibit Comparative Asset Allocation: Public Defined Benefit Pensions, 2013 versus 2015E...75 Exhibit Comparative Asset Allocation: Taft-Hartley Plans, 2013 versus 2015E...76 Exhibit Comparative Asset Allocation: Defined Contribution Plans, 2013 versus 2015E...77 Exhibit Comparative Asset Allocation: Endowments, 2013 versus 2015E...77 Exhibit Comparative Asset Allocation: Foundations, 2013 versus 2015E...78 C A 8 The Cerulli Report Investment Consultants 2014
4 Expanded Table of Contents Exhibit Investment Consultants' Current Client Assets by Investment Vehicle, Exhibit Investment Consultants' Expected Change in Use of Various Investment Vehicles Over the Next 12 Months, Use of Active versus Passive Management...81 Exhibit Investment Consultants Use of Active versus Passive Across Asset Classes, Exhibit Asset Managers' View Regarding Investors' Shifting to Passive Investing, Exhibit Demand for Passive Strategies by Institutional Client Type Over the Next 12 Months, Exhibit Investment Consultants Expected Change in Use of Passive Strategies Across Client Types, 2013 versus 2015E...84 Exhibit Investment Consultants Use of Active versus Passive Across Asset Classes, Use of Exchange-Traded Funds...86 Exhibit ETF Assets by Channel, 2Q Exhibit ETF Sponsors' Institutional Distribution Focus, Exhibit How Institutional Investors Are Using ETFs, Exhibit Reasons Consultants Recommend Use of ETFs in Institutions Portfolios, Exhibit Use of ETFs Across Asset Classes, Summary...90 Chapter 3: OCIO Continues to Gain Momentum...91 Demand for Investment Outsourcing...92 Range of OCIO Models...92 Exhibit Spectrum of Outsourcing Providers, OCIO Providers...95 Exhibit Largest Providers of Global and U.S. Investment Outsourcing by Assets, 1Q Discretion Granted...97 Exhibit Level of Discretion Provided by Outsourced CIO Providers, Exhibit Outsourced CIO Providers' Client Composition by Level of Discretion, Fee Arrangements...99 Exhibit Fee Structure for CIO Outsourcing, Exhibit Anticipated Growth of Outsourced CIO Providers, Opportunities Across Client Segments Exhibit Outsourced CIO Providers' Expected Growth of CIO Outsourcing for Pension Clients by Market Segment, Exhibit Outsourced CIO Providers' Expected Growth of CIO Outsourcing for Non-Pension Institutional Clients by Market Segment, Exhibit Outsourced CIO Providers' Expected Growth of CIO Outsourcing for Pension Clients by Account Size, Exhibit Outsourced CIO Providers' Expected Growth of CIO Outsourcing for Non-Pension Institutional Clients by Account Size, New Entrants in the OCIO Alternatives Space Outlook The Cerulli Report Investment Consultants C A
5 Table of Contents Expanded Chapter 4: New Business Opportunities Exhibit Institutional Market Sizing, Exhibit Institutional Market Asset Projections, E Exhibit Investment Consultant Business Segmentation by Institutional Channel and Service Offering, Exhibit Investment Consultants' Client Composition by Services Offered, Exhibit Investment Consultants' Expected Growth of New Business by Client Segment, Exhibit Consultant Firm Share of Mandates Placed, 1Q 2013 through 2Q Exhibit Consultant Firm Share of Mandates Placed Defined Benefit Plans, 1Q 2013 through 2Q Exhibit Consultant Firm Share of Mandates Placed Endowment/Foundation, 1Q 2013 through 2Q Exhibit Consultant Firm Share of Mandates Placed Defined Contribution Plans, 1Q 2013 through 2Q Exhibit Consultants' Top Expected New Manager Search Activity for Private Defined Benefit Pension Plans Over the Next 12 Months, Exhibit Consultants' Top Expected New Manager Search Activity for Public Defined Benefit Pension Plans 119 Over the Next 12 Months, Exhibit Consultants' Top Expected New Manager Search Activity for Endowments over the Next 12 Months, Exhibit Consultants' Top Expected New Manager Search Activity for Foundations Over the Next 12 Months, Chapter 5: The Broadening Scope of Service Offerings Exhibit Average Traditional versus Outsourced CIO Percentage of Assets Under Advisement, Exhibit Investment Consultants' Expected Allocation of Traditional versus Outsourced CIO Business in Three Years, Exhibit Investment Consultants' Specialty Services Provided to Clients, Exhibit Investment Consultants' Planned Headcount Changes, Exhibit Proportion of Alternatives Investment Consultants Offering Services by Asset Class, Exhibit Main Methods Used by Investors to Source New Alternative Fund Investment Opportunities by Asset Class, Exhibit Breakdown of Alternative Investment Consultants by Nature of Service Provided, Exhibit Strategies Used to Implement Responsible Investing, Exhibit Percent of Clients Requesting Addition of ESG Strategies, Exhibit Average Number of Products/Funds Currently Tracked that Incorporate ESG by Asset Class, Exhibit Distribution of ESG Ratings by Asset Class, June Exhibit Asset Classes with the Most Potential for Growth of SRI/ESG Strategies/Overlays, Chapter 6: Consultant Relations Exhibit Institutional Flows: Consultant-Intermediated versus Direct, Exhibit Segmentation of Consultant-Intermediated Flows, Exhibit Future Level of Emphasis Placed on Consultant Relationships, Exhibit Average Consultant Relations Headcount, Exhibit Asset Managers' Planned Headcount Changes over the Next 12 Months, Exhibit Percentage of Asset Management Firms with Dedicated Consultant Relations Teams, Exhibit How Asset Management Firms Cover Investment Consultants, Exhibit Structure of Consultant Relations Teams, C A 10 The Cerulli Report Investment Consultants 2014
6 Expanded Table of Contents Exhibit Consultant Relations Professionals' Compensation Structure, Exhibit Average Compensation Level for Consultant Relations Professionals, Exhibit Compensation Structure for Incremental New Business Under OCIO Relationships, Exhibit Effectiveness of Strategies for Targeting Investment Consultants, Exhibit Importance of Qualities in Relationships with Investment Consultants, Exhibit Importance of Qualities in Relationships with Investment Consultants, Ongoing Servicing, Exhibit Asset Managers' Greatest Sources of Frustration with the Consultant Community, Exhibit Client Sectors Where Consultant Relationships Are Most Important, Exhibit Frequency with Which Portfolio Manager Attends Consultant Meetings, Exhibit Outsourced CIO: Impact on Consultant-Intermediated Business, Exhibit Outsourced CIO: Impact on the Volume of RFPs, Exhibit Client Servicing Responsibilities under OCIO, Exhibit Number of Consultant and Third-Party Databases Maintained by Asset Management Firms, Exhibit Top-Five Most Important Investment Consultant or Other Third-Party Databases, Exhibit Plans to Incorporate Automation Tools for Consultant/Third-Party Database Updates, Index of Companies The Cerulli Report Investment Consultants C A
7 Sample Section From: The Cerulli Report Investment Consultants 2014: Partnering with Consultants to Provide Client Solutions
8 Chapter 2 Shifting Allocations An Objective Approach EXHIBIT 2.01: Investment Consultants Who Look at Asset Allocation in Terms of Risk Factors, 2014 Of consultants surveyed by Cerulli, 86% consider risk factors when developing asset allocation. Sources: Cerulli Associates, in partnership with Institutional Investor Institute Consultants Who Use/Are Considering a Risk- Based Asset Allocation Framework Under consideration, 7% No, 7% Yes, 86% C A 62 The Cerulli Report Investment Consultants 2014
9 Company Index COMPANY INDEX Aksia Alan D. Biller & Associates...35 Alaska Permanent Fund Corp...96 Albourne...24, 114, 115, 128 Altius Associates...33 Amaranth Advisors...80 Aon...26 Archstone Portfolio Solutions...27 Arnerich Massena & Associates...30, 34 Asset Consulting Group Bank of America Merrill Lynch...28, 38, 39, 53, 55 Becker, Burke...27 BlackRock...24, 82, 86, 93, 96 Blackstone Group BNP Paribas...96 BNY Mellon...96 Bogdahn Group...27, 30, 114 Brockhouse & Cooper...27 Buck Consultants...37 Callan Associates Inc...27, 30, 33, 41, 114, 115, 159 Cambridge Associates...30, 33, 38, 39, 43, 93, 96, 116, 159 Canterbury Consulting...39 Capital Advisors...28 CAPTRUST Carlyle Group...106, 133 Clearbrook Global...26 Cliffwater...24, 114, 115, 128 Colonial Consultanting...39, 116 Credit Suisse...96 Curcio Webb...37, 56 Dahab Associates DiMeo Schneider & Associates...37 Disciplina Group...93 Evaluation Associates...27 evestment...159, 160 The Cerulli Report Investment Consultants C A
10 Company Index Franklin Park Associates...114, 115, 128 Fund Evaluation Group...38, 39, 116 Gallagher Fiduciary Advisors...37, 117 GBS Investment Consulting...26 Goldman Sachs...24, 93, 96 Graystone Consulting...28, 38, 39, 53, 55, 116 Hamilton Lane...114, 115, 128 Hammond Associates...26 Hewitt EnnisKnupp, An Aon Hewitt Company...26, 29, 30, 33, 34, 36, 37, 40, 93, 96, 104, 115 Hewitt Associates...26 Hirtle, Calligan & Co...96 Investure...24, 93, 96 ishares...86, 90 Jeffrey Slocum & Associates...58 Kohlberg, Kravis and Roberts (KKR)...106, 133 LP Capital Advisors (LPCA)...28 Madison Portfolio Consultants...26 Marco Consulting...19, 35, 57, 102 Marquette Associates...27, 59 Meketa Investment Group...33, 35, 50 Mercer...26, 27, 30, 33, 34, 36-39, 42, 93, 96, 104, 116, 133, 134, 159 Milliman, Inc Morgan Stanley...28, 38, 39, 53, 116 National Association of College and University Business Officers (NABUCO)...66 New England Pension Consultants (NEPC)...30, 33, 37, 49, 115 Neuberger Berman Northern Trust...82, 93, 103 Pavilion...27, 28 Pension Consulting Alliance...30, 33, 45, 63 Plan Sponsor Advisors...28 Portfolio Advisors Prime Buchholz & Associates...38, 39, 116 P-Solve...96 Pyramis Global Advisors...96 R.V.Kuhns & Associates (RVK)...30, 33, 44, 114, 115 Rocaton Investment Advisors...52 Rock Creek Group...80 C A 162 The Cerulli Report Investment Consultants 2014
11 Russell Investments...92, 93 SageView Advisory Group...37 SEI...92, 93, 96, 102 Segal Advisors...27 Segal Rogerscasey...27, 34, 35 StepStone State Street...82, 86 Strategic Investment Group...93, 96 Strategic Investment Solutions...30, 33, 46, 114, 115 Stratford Advisory Group...27 Summit Strategies Group...54 TIFF Advisory Services...96 The Brice Group...28 Towers Watson...26, 30, 36, 37, 48, 93, 96, 104, 109, 110, 117 Townsend Group...115, 128 UBS...96 Vanguard...82, 86, 102 Verger Capital Management...93 Watson Wyatt...26 Wells Fargo...96 Wilshire Associates...30, 33, 47, 115, 159 Wurts & Associates...30, 96 Company Index The Cerulli Report Investment Consultants C A
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