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Choosing Pension Fund Investment Consultants

Author

Listed:
  • Andonov, Aleksandar
  • Bonetti, Matteo
  • Stefanescu, Irina

Abstract

We examine the role of investment consultants in shaping the investment policies of U.S. public pension funds. General consultants assist pension funds with asset allocation decisions, and their clients implement similar target allocations. Specialized consultants are increasingly hired to advise on scaling-up investments in private markets and their clients achieve this often by selecting the same asset managers. The convergence in allocations and investments among pension funds using the same consultant, coupled with growing consultant concentration, has significant implications. Although consultants do not improve access to managers in private markets and overall performance, they substantially influence allocations and capital flows.

Suggested Citation

  • Andonov, Aleksandar & Bonetti, Matteo & Stefanescu, Irina, 2025. "Choosing Pension Fund Investment Consultants," CEPR Discussion Papers 19962, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:19962
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    File URL: https://cepr.org/publications/DP19962
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    Keywords

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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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