North American Institutional Markets 2020

Strategic Partnerships and Direct Investing Models

Product- and Service-Level Demands

  • Gain insight into vehicle trends and institutional investors’ pursuit of direct and quasi-direct investing models
  • Analyze granular sizing and a comprehensive analysis for a variety of client segments in the U.S. institutional market
  • Review trends surrounding asset managers’ use of institutional product vehicles
  • Gain insight into Canada’s retirement market and endowment market


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Mason Gillespie

Mason Gillespie

Senior Account Manager


This report reveals how managers are serving the evolving needs of each institutional client segment (defined benefit, defined contribution, endowments and foundations, health and hospital systems, and insurance general accounts). It also examines how asset managers organize their distribution and marketing teams to market product solutions to institutional clients.

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Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. For more on our research process, click here.

Executive summary

Executive Summary

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A Note from the Author

How Are Managers Serving the Evolving Needs of the Institutional Client Segment?

James Tamposi, CFA

James Tamposi, CFA

Senior Analyst

Bio →

James Tamposi, CFA

James Tamposi, CFA

Senior Analyst

James (Jack) is the lead author of Cerulli’s North American Institutional Markets report and sets the agenda for Cerulli’s periodical Institutional Edge publication. Jack has led U.S. market entry strategy and U.S. institutional pricing optimization projects, supporting both foreign and domestic asset managers. During his time at Cerulli, he has contributed to reports across Cerulli’s suite of institutional research, focusing on topics such as insurance general accounts, outsourced chief investment officers, alternative investments, and U.S. subadvisory.

Prior to joining Cerulli, Jack worked as a Research Associate for Chatham Partners.

Full biography here.

The investing landscape is more complex than ever, with institutional investors increasingly seeking higher allocations to alternative investments and private markets. A shifting focus toward more esoteric and opaque asset classes provides an opportunity for consultants and managers. Private equity and debt, infrastructure, and real estate are beyond the comfort zone of many asset owners. This lack of familiarity increases the likelihood they will seek assistance in adding allocations in any of these areas. Consultants that demonstrate deep knowledge of the space and offer valuable guidance to clients will be optimally positioned to defend and gain share among institutional investors.

Learn more about this trend and more in our annual report, North American Institutional Markets 2020: Strategic Partnerships and Direct Investing Models. In addition to covering the shift to alternative investments, this report explores fee compression, negotiation tactics, and examines how asset managers organize their distribution and marketing teams. If you are an institutional consultant or manager responsible for growth in North America, invest in this research to guide your strategic positioning.

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