Executive Summary

This report provides detailed information on investment consultant usage globally. Review the market position of leading firms, including those consultants most frequently considered for a new assignment, in addition to average fees paid by type of investor.


Greenwich Associates’ 47th annual research with U.S. Institutional Investors is based on in-depth interviews conducted primarily through in-person interviews, and supplemented by telephone interviews and online surveys, between July and October of 2018. Respondents include 1,128 individuals from 924 of the largest tax-exempt funds in the United States.

These U.S.-based institutional investors are corporate and union funds, public funds, and endowment and foundation funds, with either pension or investment pool assets greater than $150 million. Senior fund professionals were asked to provide quantitative and qualitative evaluations of their investment managers’ investment and servicing capabilities and also of the managers soliciting their business.

Fund professionals were also asked detailed information on important market trends.