Discipline · 03 of 04

Investment Programs

Curcio Webb’s Investment Programs discipline helps plan sponsors, investment committees, endowments, foundations, higher education institutions, insurance companies, and other institutional asset owners evaluate, select, and monitor their investment consultants, OCIOs, specialist advisors, and trust and custody providers. We work across qualified and non-qualified retirement plans, endowments, foundations, and other institutional pools. We manage competitive RFP processes, benchmark fees against proprietary databases, and provide ongoing fiduciary monitoring — unconflicted oversight for the investment committees, CFOs, and trustees responsible for those programs.

Provider Searches (RFPs and RFIs)

01

OCIO Providers (3(38) Discretionary Advisors)

Full discretionary investment management search. We evaluate governance structure, investment philosophy, asset allocation approach, private markets capabilities, reporting, and fees.

02

Investment Consultants (3(21) Non-Discretionary Advisors)

Non-discretionary advisor search covering advisory scope, research capabilities, investment menu design, participant outcome focus, and committee support.

03

Specialist Advisors and Asset Managers

Targeted searches for private markets advisors (discretionary and non-discretionary), custom target date fund managers, and other specialist mandates. Includes private equity, private credit, real assets, and infrastructure specialists.

04

Pooled Employer Plan (PEP) Searches and Reviews

Evaluation and selection of PEP providers for plan sponsors considering the pooled model as an alternative to a single-employer plan. A growing area as the PEP market matures and expands. Includes review of governance structure, investment options, administrative services, and fees.

05

Trust/Custody Providers

Trustee and custodian evaluation, selection, and fee negotiation for plan assets across all asset owner types.

06

In-Plan Annuity Providers

Evaluation and selection of in-plan guaranteed income solutions for defined contribution plans.

Evaluations and Fee Benchmarking

01

Service Review

Assessment of the services your investment consultant or OCIO is currently providing, benchmarked against what leading providers offer for plans of similar size and complexity.

02

Fee Benchmarking

Fees compared against Curcio Webb’s proprietary database of actual fees negotiated across hundreds of engagements. Not survey data – real negotiated terms.

03

Governance and Committee Structure Review

Evaluation of investment committee governance, meeting cadence, documentation practices, and fiduciary process.

04

Performance Review and Attribution Analysis

Review of investment program performance with attribution analysis to identify the sources of return and evaluate whether the advisor’s strategy is delivering on its objectives.

Fiduciary Monitoring

01

OCIO Monitoring

Ongoing oversight of discretionary investment managers to ensure adherence to the investment policy statement, appropriate risk management, and competitive fee structures.

02

Managed Account Provider Monitoring

Evaluation and ongoing oversight of managed account providers within defined contribution plans.

Why Managed Account Monitoring Matters

When a plan sponsor adds a managed account provider to their investment lineup, they take on an ongoing responsibility most do not anticipate. Selecting the provider is one decision. Ensuring that provider continues to deliver what participants are paying for is a different obligation entirely – and it does not expire.

Integrated Approach

Investment programs do not stand apart from the pension liabilities they are funding, the recordkeeping architecture they live inside, or the trust and custody arrangements that hold them. Our investment specialists carry that connected view into every search, fee benchmark, and monitoring engagement — the integration with our actuarial, retirement, and H&W disciplines is built in, because Curcio Webb is one firm by design.

Frequently Asked

Common Questions

What plan sponsors most often ask us as they evaluate this discipline.

What is the difference between a 3(21) investment consultant and a 3(38) OCIO?+
How often should a plan sponsor benchmark their investment consultant’s fees?+
What does an independent investment consultant search look like?+
How does Curcio Webb benchmark investment consulting fees?+
What types of asset owners does Curcio Webb work with?+
What does ongoing fiduciary monitoring include?+
Questions about Investment Programs?
Uma Kolluri, CFA
Principal · Investment Programs Discipline Lead
ukolluri@curciowebb.com