Strong demand for outsourced CIO services drove the U.S. market to $2.5 trillion in assets under management, according to “Measuring the Global OCIO Marketplace: 2025 Global OCIO Study Findings,” a new report from the Chestnut Advisory Group’s Chestnut Solutions Institute.
The U.S. OCIO market, which represents 75% of global OCIO AUM, grew 16% in 2025. Looking forward, Chestnut forecasted the OCIO market will reach $5.78 trillion globally by 2030—including $4.38 trillion in U.S. AUM.
The institute surveyed 56 OCIO firms for the report, representing 82% of OCIO AUM globally. Survey respondents were required to conform to Chestnut’s definition of an OCIO manager.
“As a result, the report delivers the first detailed global analysis of the OCIO industry based on consistent, transparent standards,” the report stated.
An OCIO provider is a fiduciary that “provides both strategic investment advice and investment management services to OCIO Portfolios of asset owners,” according the CFA Institute’s Global Investment Performance Standards’ guidance for OCIO portfolios, published in December 2025, and to Chestnut’s report.
Additionally, the Chestnut Solutions Institute presented its inaugural 2025 OCIO Market Leader Awards, which recognize leaders and the largest firms in the industry across nine categories.
The five largest global OCIO providers, according to Chestnut, are:
- Mercer – $669.9 billion AUM;
- Goldman Sachs – $410.6 billion AUM;
- BlackRock – $372.4 billion AUM;
- Russell Investments – $354.8 billion AUM; and
- Morgan Stanley – $278.6 billion AUM.
“The Institute’s 2025 OCIO study results detailed in our report set a new standard for data quality and transparency in the OCIO marketplace, equipping asset owners, providers, and the broader solutions ecosystem with a rigorous foundation for fairer comparisons and more informed decisionmaking,” said Amanda Tepper, managing partner in Chestnut Advisory, in a statement. “We invite all solutions providers to join the Institute in strengthening standards and elevating the OCIO and solutions marketplace for the benefit of all participants.”
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Tags: Chestnut Advisory, OCIO