Real Estate
Pensions, nonprofits and family offices are increasingly bringing in outsiders to manage their investment portfolios, according to consultant Cerulli Associates. The institutions have turned to these hired guns at a pace that shows no signs of abating. Assets controlled by the outsourced chief investment office, or OCIO, industry will jump more than 50 percent to $1.7 trillion by 2023 in the U.S., Cerulli said Monday in a report. The growth, led by endowments and foundations, will look different than it has previously, according to Michele Giuditta, director at Cerulli.