June 25, 2018 01:00 AM

The largest managers of outsourced assets with full or partial discretion

Rank	Manager	Assets	Change from prior year
Worldwide institutional assets in outsourced investment programs, in millions, as of March 31, 2018.
1	Mercer	$211,971	34.5%
2	Russell Investments	$163,764	32.4%
3	Aon Hewitt Investment	$151,790	47.5%
4	Willis Towers Watson	$115,429	42.0%
5	BlackRock	$105,264	21.8%
6	SEI Investments	$103,200	7.6%
7	State Street Global	$92,290	15.0%
8	Goldman Sachs Group	$81,586	33.4%
9	Wells Fargo	$80,669	3.4%
10	Northern Trust Asset Mgmt.	$69,118	10.6%
11	Vanguard Group	$41,804	21.0%
12	Alan Biller	$40,631	10.7%
13	Strategic Investment Group	$38,282	13.6%
14	J.P. Morgan Asset Mgmt.	$34,808	59.4%
15	P-Solve/River & Mercantile Solutions	$32,600	55.2%
16	BofA Merrill Lynch	$32,029	0.4%
17	Cambridge Associates *	$26,975	56.1%
18	Morgan Stanley	$25,736	18.9%
19	NEPC	$17,131	72.7%
20	BNY Mellon Asset Mgmt. **	$16,575	-6.7%
21	Hirtle, Callaghan	$14,400	9.9%
22	CAPTRUST Financial	$13,772	39.8%
23	SECOR Asset Mgmt.	$13,527	15.4%
24	Commonfund	$13,006	55.5%
25	UBS Asset Mgmt.	$12,951	-2.0%
26	Fidelity Institutional	$12,268	57.6%
27	Partners Capital	$11,500	25.0%
28	Pentegra Investors	$11,097	11.6%
29	PFM Asset Mgmt.	$10,884	21.9%
30	Highland Associates	$10,811	5.8%
31	CornerStone Partners	$10,100	11.0%
32	Rocaton Investment Advisors	$10,037	3.1%
33	Aetos Alternatives	$9,392	2.5%
34	Callan	$8,721	-26.2%
35	Perella Weinberg	$8,690	3.9%
36	Wilshire Associates	$7,907	17.9%
37	Meketa Investment Group	$7,360	122.6%
38	Sterling Capital	$6,680	10.3%
39	TIFF Advisory Services	$5,315	-6.2%
40	Marquette Associates	$4,995	-34.3%
41	Pavilion	$4,776	88.5%
42	Lockton Retirement	$4,376	37.2%
43	TIAA Endow. & Phil. Svcs.	$4,353	81.4%
44	Aptitude Investment	$4,155	15.3%
45	DiMeo Schneider	$4,000	66.7%
46	Summit Strategies Group	$3,806	N/A
47	Capital Strategies	$3,482	45.2%
48	Verus	$3,405	-84.0%
49	Angeles Investment Advisors	$3,081	13.8%
50	Gallagher Fiduciary	$3,043	31.4%
51	Cafaro Greenleaf	$2,600	23.8%
52	Segal Marco Advisors	$2,498	-61.2%
53	Spider Management	$2,114	8.1%
54	Cornerstone Advisors	$1,992	N/A
55	Canterbury Consulting	$1,631	307.8%
56	Gerber/Taylor Mgmt.	$1,482	7.9%
57	Ellwood Associates	$1,152	31.8%
58	Athena Capital Advisors	$587	1.6%
59	Discretionary Mgmt. Svcs.	$342	15.9%
60	Gifford Fong Associates	$281	N/A
61	Arnerich Massena	$249	6.4%
62	Spruceview Capital	$241	34.6%
63	Sellwood Consulting	$215	72.0%
64	Morrison Fiduciary	$62	14.8%
	Total	$1,738,988	23.0%
* Assets under management as of Dec. 31, 2017
** Data as of March 31, 2017 were restated to align with asset recategorization as of March 31, 2018.
Source: Pensions & Investments survey

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