Outsourced chief investment officer (OCIO)
An outsourced chief investment officer (OCIO) is a firm that runs an institution's investment program with discretion, choosing managers and adjusting allocations within limits the board has set, instead of only advising. Endowments, foundations, hospitals and smaller pension plans hire one when they do not want to build an internal investment office. The difference from a traditional investment consultant is discretion: the consultant recommends, the OCIO decides and acts.
In DFX data
Consultants and OCIOs are on the allocator graph by their own Form ADV filing; a firm whose regulatory assets are mostly institutional and that holds at least $5 billion of discretionary assets is classed as an OCIO.