Table: Largest managers of outsourced assets

Largest managers of outsourced assets
Ranked by total institutional outsourced assets, in millions, as of March 31, 2011. Excludes target-date and lifecycle funds.
Investment discretion% of total portfolio managed% by fund vehicle
ManagerInst'l outsourced assetsInst'l clientsFullPartial Mini-

mal to

none

TotalPartialComm-

ingled

Sepa-

rate

%

custom-

ized

Russell Investments$75,72837610%90%0%68%32%89%11%94%
Cambridge Associates$72,1221995%95%0%63%37%N/AN/A100%
SEI Investments$54,69845415%85%0%81%19%95%5%100%
Mercer$51,0102830%100%0%0%100%99%1%100%
Towers Watson Investment$50,00043100%0%0%75%25%0%100%100%
State Street Global Advisors$41,0663530%35%65%31%69%7%93%100%
Northern Trust Global Advisors$40,7009560%23%17%60%40%20%80%99%
BlackRock$39,0071394%6%0%100%0%10%90%100%
Strategic Investment Group$27,7935087%4%9%84%16%2%98%98%
Makena Capital$15,00050100%0%0%30%70%100%0%0%
Hewitt EnnisKnupp$13,3745196%2%2%97%3%43%57%100%
Hirtle Callaghan & Co.$12,800111100%0%0%70%30%75%25%100%
UBS Global Asset Mgmt.$12,800N/AN/AN/AN/AN/AN/AN/AN/AN/A
Cardano Risk Mgmt.$11,000N/A40%60%0%85%15%45%55%100%
Rogerscasey$10,6001160%40%0%90%10%30%70%100%
Commonfund$8,0029185%15%0%100%0%96%4%100%
Morgan Creek Capital Mgmt.$8,000140%100%0%90%10%80%20%100%
Graystone Consulting/MSSB$7,99428100%0%0%99%1%30%70%100%
Pyramis Global Advisors$6,6934510%66%24%10%90%100%0%100%
Investure*$6,500N/AN/AN/AN/AN/AN/AN/AN/AN/A
Aetos Alternatives Mgmt.$5,85514190%10%0%7%93%40%60%100%
Marco Consulting Group$5,50036100%0%0%100%0%55%45%100%
TIAA-CREF$5,000N/AN/AN/AN/AN/AN/AN/AN/AN/A
Independent Fiduciary Services$3,8422568%3%29%33%67%0%100%100%
HighVista Strategies$3,0217174%0%26%26%74%74%26%0%
Partners Capital Investment$2,800390%36%64%0%100%100%0%100%
Hall Capital Partners$2,0001912%0%88%N/AN/AN/AN/A100%
Fund Evaluation Group$1,6707847%53%0%47%53%N/AN/A100%
Angeles Investment Advisors$1,3002287%12%0%100%0%N/AN/A100%
Wilshire Associates$1,2473100%0%0%100%0%0%100%100%
Wurts & Associates$1,2002100%0%0%100%0%100%0%100%
NEPC$734450%25%25%88%12%100%0%100%
Total$599,443
*Declined to return questionnaire; assets are as of April 30 and are from the firm's website.

Source: Pensions & Investments survey.

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