Worldwide institutional assets in outsourced investment programs, in millions, as of March 31, 2018.
Rank
Manager
Assets
Change from
prior year
1
Cambridge Associates*
$226,961
14.2%
2
Mercer
$211,971
34.5%
3
Russell Investments
$163,764
32.4%
4
Aon Hewitt Investment
$151,790
47.5%
5
Goldman Sachs Group
$135,207
37.2%
6
Northern Trust Asset Mgmt.
$122,487
3.6%
7
Willis Towers Watson Invest.
$115,429
42.0%
8
BlackRock
$105,264
5.0%
9
SEI Investments
$103,200
7.6%
10
State Street Global
$92,290
15.0%
11
Wells Fargo
$80,669
3.4%
12
Vanguard Group
$41,804
21.0%
13
Alan Biller
$40,631
10.7%
14
Strategic Investment Group
$38,282
13.6%
15
J.P. Morgan Asset Mgmt.
$36,075
57.9%
16
P-Solve/River & Mercantile Solutions
$32,600
55.2%
17
BofA Merrill Lynch
$32,029
0.4%
18
Morgan Stanley
$25,736
18.9%
19
PNC Financial**
$24,100
6.9%
20
BNY Mellon**
$18,048
-7.2%
21
NEPC
$17,131
72.7%
22
Hirtle, Callaghan
$14,400
9.9%
23
CAPTRUST Financial
$13,772
39.8%
24
SECOR Asset Mgmt.
$13,527
15.4%
25
Pentegra Investors
$13,204
11.3%
26
Commonfund
$13,006
55.5%
27
UBS Asset Mgmt.
$12,951
-2.0%
28
Fidelity Institutional
$12,268
57.6%
29
Partners Capital
$11,500
25.0%
30
Segal Marco Advisors
$11,105
-56.9%
31
PFM Asset Mgmt.
$10,884
21.9%
32
Highland Associates
$10,811
5.8%
33
CornerStone Partners
$10,100
11.0%
34
Rocaton Investment Advisors
$10,037
3.1%
35
Aetos Alternatives
$9,392
2.5%
36
Wilshire Associates
$8,887
16.9%
37
Callan
$8,721
-26.2%
38
Perella Weinberg
$8,690
3.9%
39
Marquette Associates
$7,500
-1.3%
40
Meketa Investment Group
$7,360
122.6%
41
Sterling Capital
$6,680
10.3%
42
Pavilion
$5,323
81.5%
43
TIFF Advisory Services
$5,315
-6.2%
44
Lockton Retirement
$4,376
37.2%
45
TIAA Endow. & Phil. Svcs.
$4,353
81.4%
46
Aptitude Investment
$4,155
-23.3%
47
DiMeo Schneider
$4,000
66.7%
48
Summit Strategies Group
$3,806
N/A
49
Capital Strategies
$3,482
45.2%
50
Verus
$3,405
-84.0%
51
Angeles Investment Advisors
$3,081
13.8%
52
Gallagher Fiduciary
$3,043
31.4%
53
Canterbury Consulting
$3,001
160.3%
54
Cafaro Greenleaf
$2,600
23.8%
55
Spider Management
$2,114
8.1%
56
Cornerstone Advisors
$1,992
N/A
57
Gerber/Taylor Mgmt.
$1,482
7.9%
58
Ellwood Associates
$1,152
31.8%
59
Prime Buchholz
$746
-36.5%
60
Athena Capital Advisors
$587
1.6%
61
Discretionary Mgmt. Svcs.
$342
15.9%
62
Gifford Fong Associates
$281
N/A
63
Arnerich Massena
$249
6.4%
64
Spruceview Capital
$241
34.6%
65
Sellwood Consulting
$215
72.0%
66
LCG Associates
$110
-63.6%
67
Morrison Fiduciary
$62
14.8%
68
Bivium Capital
$25
N/A
Total
$2,089,801
18.7%
* Assets under management as of Dec. 31, 2017, and Dec. 31, 2016, respectively. Data for both years were recategorized compared to prior survey responses.
** Data as of March 31, 2017 were restated to align with asset recategorization as of March 31, 2018.
