175: "The Consultant’s Edge" - Are Investment Consultants Indispensable? With Michael Manning, CEO of NEPC

May 22, 2025

Michael Manning, CEO of NEPC, leads an investment consulting firm with nearly $2 trillion under advice. He discusses the evolution of investment consulting, detailing its shift from serving institutional clients to engaging individual investors. Michael analyzes the investment landscape, including the debate between active and passive strategies, and potential risks in private equity and private debt. He emphasizes the importance of diversification, adaptive approaches, and the changing dynamics of public and private equity markets.

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ANECDOTE

Early Lawn Mowing Lessons

Michael Manning started earning money by mowing lawns as a kid and learned key business lessons early.
He realized scalability is limited when trading time for money and the importance of personal accountability.

INSIGHT

Evolution of Investment Consulting

The investment consulting industry has consolidated due to rising complexity and client-specific needs.
Services have expanded from advisory to including OCIO roles reflecting market evolution.

ADVICE

Why OCIOs Gain Traction

Consider OCIO engagement for better portfolio responsiveness and governance support.
Outsourcing suits organizations lacking internal bandwidth or facing complex markets needing active management.

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