越来越多的OCIO行业将为经理和顾问的市场竞争加剧

Once a niche subsector, the outsourced chief investment officer industry is now the fastest-growing segment in asset management, according to a Chestnut Advisory Group report released on Tuesday.

From 2016 to 2021, the total global OCIO industry grew from $1.29 trillion in assets under administration to $2.46 trillion. By 2026, Chestnut report authors Amanda Tepper, CEO, and Todd Glickson, senior advisor, expect the industry segment to reach a global total of $4.15 trillion in AUA.

该报告还纳入了450多个投资专业人员的答复，包括机构投资者，RIA，资产管理人员和投资顾问。亚博赞助欧冠当受访者被问及他们对整个OCIO行业的两年增长期望时，68％的人表示，他们认为，他们认为该行业将在未来两年内经历更高的增长。

In the report, Tepper and Glickson identify two key trends driving OCIO growth:increased investment complexityand the improved ease of OCIO hiring.

栗子要求机构投资者调查受访者确亚博赞助欧冠定驾驶OCIO招聘决策的最重要因素。百分之七十五的受访者确定了作为OCIO雇用的关键驱动因素的治理咨询和均等费用。33％的人表示，百分之四十百分之九十个ESG advisory, and 25 percent said the depth of alternative asset class options.

“If you go back 20 years… the vehicles to build a portfolio were basically stocks and bonds. The big value-add was from manager selection and portfolio construction, but you had a limited number of things to choose from. And the traditional investment consultant approach worked,” Tepper told亚博赞助欧冠.

二十年前，投资委员会每年举行左右四次待审查投资组合中的管理人员，每个经理通常包含大约20个经理。然而，今天，有更多的资产类别 - 包括私人资产课程和数字资产 - 这通常可以为投资委员会成员提供太漠透视。加入市场波动, and the current average number of managers in an institutional portfolio has shot up to around 100 or 120, Tepper said.

“So four times a year is feeling increasingly inadequate,” she said. “If you’re on a board and you’re looking at potentially triggering some liquidity by rebalancing in a selloff, it’s hard not to be a deer in the headlights. If you’re the one approving that, you’re worried about career risk. But for OCIOs, it’s what they’ve been hired to do; they don’t worry about that.”

OCIO search consultants have improved the ease of OCIO hiring and brought transparency expectations to OCIO fees. As OCIO search consultants entered the market, they began to pressure OCIOs to unpack the fees they charged investors for their services. In institutional portfolios, fees cover a range of elements, including the actual advisor, the fees paid to each underlying manager, and the custody of the assets. Five years ago, many OCIOs bundled these costs into one fee. “If you were an institution, and you did a search for an OCIO and asked them what their fees were, it was all over the place — you couldn’t tell what it consisted of,” Tepper said.

Over the past few years, search providers have pressured OCIOs to “completely unbundle” their fees, and, as a result, the actual advisory fee has come down. Additionally, underlying managers are, in most cases, billed directly to the client today. “With the help of consultants, [institutions] are now able to compare apples, oranges, and pears,” Tepper said.

在其前所未有的增长,OCIO行业’s expansion poses challenges — and opportunities — for asset managers and consultants. For instance, as more asset managers develop an OCIO element to their business, industry competition for both managers and consultants will grow.

此外，TEPPER表示，OCIOS通过咨询公司运行将使用许多管理人员的“能力” - 换句话说，他们会占据他们很多资产。OCIOs还将按管理人员进行较低的定价。“经理必须决定他们是否希望与给定的OCIO有很多能力，以较低的速度，”Tepper说。“越来越多，人们正在拒绝Ocio授权。”

Another challenge for managers is the fact that, when they hire an OCIO, they become “disintermediated” from the client. In other words, they no longer deal with the client on a one-to-one basis. “As the manager, you never meet directly with the client, unless they call you in,” Tepper said. “You’re selling directly to the OCIO.”