首次存在OCIO性能指数。这就是他们的方式。

Industry insiders have long complained about the lack of transparency in the outsourced chief investment officer market. That may be about to change.

Search consulting firm Alpha Capital Management partnered with Nasdaq to create a set of indices measuring the performance of 16 outsourced chief investment officers.The data, shared with亚博赞助欧冠周四，展示在十年内，Ocio客户击败了传统的60/40个全球股票和美国债券组合。

“The people who are participating want to level the playing field and want transparency in the industry,” Brad Alford, founder of Alpha Capital, said by phone Thursday. “They’re saying that they are okay with their performance being judged.”

The firms participating include industry giants like Commonfund, NEPC, Russell Investments, SEI, and Vanguard, as well as boutique firms like Angeles Investment Advisors and Verger Capital.

The OCIO participants report client returns net of fees anonymously every quarter through an online Nasdaq portal. They break performance out into 26 asset allocation categories, according to Alford. Client portfolios must have at least $50 million in assets under management to be included in the index.

During 2019, the AlphaNasdaq OCIO Broad Market Index, which tracked all 575 OCIO clients’ performance, returned 18 percent. Over that same time period, a traditional 60/40 portfolio made up of the MSCI All Country World Index and the Bloomberg Barclays US Aggregate Bond Index returned 19.41 percent.

Over the long-term, however, the OCIO index beat the 60/40 portfolio, returning 8 percent over the decade ending on December 31, 2019. The 60/40 portfolio, by comparison, delivered a 6.99 percent return over the 10-year period.

In addition to the broad index, Alpha and Nasdaq broke the OCIO clients out by institution type and asset allocation strategy. Alford said this decision was based on the understanding that clients have different risk tolerances, which can affect performance.

This has long been a reason whyOCIOs一直沉默的ret分享吗urns publicly. Different client types mean different portfolio constructions, which makes it hard to compare performance. The result has been accounting practices that aren’t always transparent.

[IIDeep Dive:The OCIO Industry Is the ‘Wild West.’ Here’s How to Tame It.]

As an OCIO search consultant, Alford said he struggled to figure out whether the providers he worked with were massaging their numbers to show better returns.

“The cherry-picking is rampant,” Alford said. “That is the reason we went down this path. We did an OCIO search and I couldn’t believe any results.”

目前，该倡议的机构类型指数包括定义的福利计划，捐赠和基础以及医疗保健的基准。Alpha和Nasdaq在每个类别中至少需要15个客户端，这意味着两个有针对性的机构类型的数据没有报告：保险储备和非营利性池。

养老金和禀赋和基础指数都超越了2019年结束十年的60-40个投资组合，分别为10年收益8.58％和7.66％。

2019年日历年度，养老基金指数返回18.57％，而捐赠和基础指数赢得了17.8％的回报。

Alpha and Nasdaq did not report ten-year returns for healthcare operating reserves. However, the index showed a one-year return of 16.45 percent and a seven-year return 6.92 percent.

Five other Alpha Nasdaq OCIO indices measured performance based on exposure to “risk mitigation” strategies like hedge funds, fixed income, and cash. These indices range from aggressive — including portfolios with up to 15 percent allocations to risk-mitigating assets — to conservative, referring to portfolios with risk-mitigating allocations of 71 percent or higher.

The aggressive index returned 22.6 percent in 2019. No other years were tracked in this category. For the conservative index, the one-year return was 15.45 percent, and the ten-year return was 7.7 percent.

Alpha and Nasdaq aren’t the only groups trying to solve the OCIO transparency problem.

The CFA Institute has been working to create a version of its Global Investment Performance Standards for OCIO firms in the United Kingdom, as亚博赞助欧冠先前reported。北极码头搜索咨询的Jim Scheinberg也曾在Ocio行业的人们共同努力，创建一套报告标准。

一些OCIO提供商独立于自己的透明度，实施GIPS而不需要。奥尔福德说，其他公司仍然“害怕”是透明的。

“The OCIO industry is really about performance,” he said. “It’s so important to increase transparency.”