July 25, 2011 01:00 AM

Table: Largest managers of outsourced assets

			Investment discretion			% of total portfolio managed		% by fund vehicle
Largest managers of outsourced assets
Ranked by total institutional outsourced assets, in millions, as of March 31, 2011. Excludes target-date and lifecycle funds.
Manager	Inst'l outsourced assets	Inst'l clients	Full	Partial	Mini- mal to none	Total	Partial	Comm- ingled	Sepa- rate	% custom- ized
Russell Investments	$75,728	376	10%	90%	0%	68%	32%	89%	11%	94%
Cambridge Associates	$72,122	199	5%	95%	0%	63%	37%	N/A	N/A	100%
SEI Investments	$54,698	454	15%	85%	0%	81%	19%	95%	5%	100%
Mercer	$51,010	283	0%	100%	0%	0%	100%	99%	1%	100%
Towers Watson Investment	$50,000	43	100%	0%	0%	75%	25%	0%	100%	100%
State Street Global Advisors	$41,066	353	0%	35%	65%	31%	69%	7%	93%	100%
Northern Trust Global Advisors	$40,700	95	60%	23%	17%	60%	40%	20%	80%	99%
BlackRock	$39,007	13	94%	6%	0%	100%	0%	10%	90%	100%
Strategic Investment Group	$27,793	50	87%	4%	9%	84%	16%	2%	98%	98%
Makena Capital	$15,000	50	100%	0%	0%	30%	70%	100%	0%	0%
Hewitt EnnisKnupp	$13,374	51	96%	2%	2%	97%	3%	43%	57%	100%
Hirtle Callaghan & Co.	$12,800	111	100%	0%	0%	70%	30%	75%	25%	100%
UBS Global Asset Mgmt.	$12,800	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cardano Risk Mgmt.	$11,000	N/A	40%	60%	0%	85%	15%	45%	55%	100%
Rogerscasey	$10,600	11	60%	40%	0%	90%	10%	30%	70%	100%
Commonfund	$8,002	91	85%	15%	0%	100%	0%	96%	4%	100%
Morgan Creek Capital Mgmt.	$8,000	14	0%	100%	0%	90%	10%	80%	20%	100%
Graystone Consulting/MSSB	$7,994	28	100%	0%	0%	99%	1%	30%	70%	100%
Pyramis Global Advisors	$6,693	45	10%	66%	24%	10%	90%	100%	0%	100%
Investure*	$6,500	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Aetos Alternatives Mgmt.	$5,855	141	90%	10%	0%	7%	93%	40%	60%	100%
Marco Consulting Group	$5,500	36	100%	0%	0%	100%	0%	55%	45%	100%
TIAA-CREF	$5,000	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Independent Fiduciary Services	$3,842	25	68%	3%	29%	33%	67%	0%	100%	100%
HighVista Strategies	$3,021	71	74%	0%	26%	26%	74%	74%	26%	0%
Partners Capital Investment	$2,800	39	0%	36%	64%	0%	100%	100%	0%	100%
Hall Capital Partners	$2,000	19	12%	0%	88%	N/A	N/A	N/A	N/A	100%
Fund Evaluation Group	$1,670	78	47%	53%	0%	47%	53%	N/A	N/A	100%
Angeles Investment Advisors	$1,300	22	87%	12%	0%	100%	0%	N/A	N/A	100%
Wilshire Associates	$1,247	3	100%	0%	0%	100%	0%	0%	100%	100%
Wurts & Associates	$1,200	2	100%	0%	0%	100%	0%	100%	0%	100%
NEPC	$734	4	50%	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.