North American Institutional Markets 2023

Abundant Opportunities Despite Asset Declines

Track Product- and Service-Level Demands

  • Examine the needs of institutional asset owners across client segments, and how asset managers can collaborate with asset owners to offer investment solutions that fit their needs
  • Explore the shift toward private investments in an inflationary environment
  • Assess liability-driven investors’ approach to potential rising-rate environment


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Mason Gillespie

Mason Gillespie

Associate Director, Account Management


This report focuses on trends in U.S. institutional markets and includes an analysis of the Canadian defined benefit marketplace. It covers how managers are serving the evolving needs of each institutional client segment (defined benefit, 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 products and solutions to institutional clients. Areas of focus include trends in investment vehicle use (particularly collective investment trusts), asset allocation trends, and uptake of active versus passive strategies.

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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.

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A Note from the Author

How Are Institutional Investors Responding to Economic Uncertainty?

Christopher Swansey

Christopher Swansey

Associate Director

Bio →

Christopher Swansey

Christopher Swansey

Associate Director

Christopher is an associate director on the Institutional team where he supports multiple reports annually, including the annual outsourced chief investment officer (OCIO) report, and various strategic consulting projects throughout the year. He also regularly contributes to The Cerulli Edge—Institutional Edition, The Cerulli Edge—U.S. Edition, and The Cerulli Edge—U.S. Monthly Product Trends.

Christopher was a Senior Analyst at Mercer working within their executive compensation practice before joining Cerulli in 2018.

Full biography here.

Inflation, market volatility, and lower expected investment returns challenged institutional investors throughout 2022 and early 2023.

To adjust to an entirely new and unpredictable investment environment, institutional investors (68%) indicated that they would take advantage of higher interest rates and increase their allocations to public fixed-income investments. According to the research, almost three-quarters of institutional investors (70%) expect to increase their allocations to actively managed fixed-income strategies over the next 24 months.

Moreover, a majority (55%) of institutional investors are responding to rising interest rates by increasing their allocations to alternative investments. Private credit strategies have become particularly attractive alternative investments—nearly half (47%) expect to increase their allocation over the next 24 months.

Win new mandates in the institutional channel with The Cerulli Report—North American Institutional Markets 2023: Abundant Opportunities Despite Asset Declines. Gain access to comprehensive market sizing and asset projections across key client segments, including insurance general accounts, public defined benefit (DB) plans, single- and multi-employer corporate DB plans, foundations, endowments, and health and hospital systems.

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