The Outsourced Chief Investment Officer (OCIO) space has dramatically expanded over recent years, with outsourced assets and the number of firms offering this service growing by more than 50% from 2013 to 2015. Pension plans assessing OCIO providers are now faced with a bewildering array of 80 different firms offering a range of services. There has been a concurrent expansion of the scope of services, with OCIOs now providing a more comprehensive service than they did previously. For investment committees looking at OCIO services, there is a lack of clarity. The question we seek to answer here is: What services should a defined benefit (DB) plan expect as part of an OCIO relationship, and what services might not be in a basic package but nevertheless be desirable?
This paper is most relevant to DB fiduciaries (i.e. plan and investment committees) and support staff who are:
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