A Disciplined, Independent
Approach to
OCIO Partner Selection

Leita serves as an independent advisor throughout the search process, but our role extends well beyond writing RFPs and coordinating meetings. We help committees clarify what they are solving for, identify the right candidates, and evaluate firms through The Leita Lens™. Every meeting has an objective, and we work hard to make sure committee time is used effectively. We bring candor, curiosity, and perspective developed over years of evaluating OCIO partnerships, but the decisions always belong to our clients.

We also work closely with CFOs and finance teams. Leita manages as much of the day-to-day search process as possible, including timelines, scheduling, and follow-up, so staff can stay focused on their many other responsibilities. We believe investment decisions and implementation are two sides of the same coin. A successful partnership has to work well for both committees and finance teams, so we spend considerable time understanding how OCIOs support their clients and operate day to day.

Our goal is to help organizations maintain momentum through a complex search process, make informed decisions, and build investment partnerships that deliver long-term value.

An OCIO search requires active engagement from both staff and the investment committee over the course of several months. Most organizations should expect a series of meetings and interviews at key decision points, along with some work between meetings to review materials and provide feedback.

To help manage time and make intermediate decisions more efficiently, Leita typically recommends a search subcommittee with three to five representatives from the investment committee and finance leadership. The investment committee is responsible for the ultimate decision and provides guidance on investment philosophy and long-term priorities. The search subcommittee works closely with Leita to vet candidates and guide the process between full committee meetings.

CFOs and finance team input helps ensure the selected partner will work well with your organizational processes, including reporting, operations, and implementation.

Leita manages as much of the process as possible so that committee and staff time can be used efficiently. We coordinate timelines, prepare materials, and keep the search moving. The goal is to bring the right information to the right people at the right time, so your organization can make informed decisions without the search becoming a full-time responsibility.

Most OCIO searches with Leita take four to six months from initial discussions through final selection. Organizations conducting a search without a specialized OCIO search firm should generally expect six to nine months, depending on committee schedules and the complexity of the process. The single largest variable in an OCIO search managed by Leita is usually scheduling. In a do-it-yourself search, it is often the number of candidates. Committee calendars, special meetings, and the availability of key stakeholders determine the pace. Leita works closely with clients to maintain momentum and design a process that is both thorough and efficient.

For a deeper discussion of timelines and the work involved, see our article, “How Much Time Does an OCIO Search Require?”

Most organizations do not need to have every question answered before beginning an OCIO search. In fact, trying to resolve every investment issue in advance often creates unnecessary work.

You do not need to rewrite your Investment Policy Statement before beginning a search. You do not need to have your next asset allocation figured out. And you do not need to settle every debate around active versus passive management or alternatives.

Many organizations use the search process itself to gather information and refine their thinking. What matters most is understanding the role you want the investment committee, finance team, and OCIO to play. We work with clients to define that model at the beginning of the search, before discussing candidates. Those decisions shape the process and help determine which firms are likely to be a good fit.

Institutions do not need unanimous agreement on every issue, but they do need a willingness to evaluate new information and make decisions. A search works best when committees are open-minded and ready to move forward. Leita’s process is designed to give organizations the information they need when they need it. We handle as much of the work as possible so committees and staff can focus on the decisions that matter most.

Yes, but probably not the kind of RFP process you are imagining.

Leita believes that RFP responses alone are not sufficient to evaluate how an OCIO provider will perform as a long-term partner. We spend considerable time meeting with firms throughout the year, conducting due diligence, visiting offices, and understanding how these organizations make investment decisions. That experience helps us spend less time gathering basic information and more time focusing on the questions that matter most.

Our process includes introductory meetings between clients and candidates before detailed proposals are prepared. Those conversations allow firms to understand the organization and provide more thoughtful, customized responses. As a result, our RFPs tend to be shorter and more focused. We do not need to ask firms table-stakes questions that are already covered through ongoing due diligence. Instead, we emphasize case studies, implementation, and the issues that are most important to your organization. Expect 40-page responses, not 400-page responses.

RFPs are an important tool, but partnerships do not happen on paper.

Before evaluating firms, Leita works with committees and staff to define what matters most to the organization. Through a combination of surveys, discussion, and experience, we build a framework for evaluating candidates through The Leita Lens™.

Committees often have different priorities. Some care deeply about education and engagement. Others prioritize investment philosophy, resources, or fees. We use those conversations to create an evaluation matrix that focuses meeting time on the issues that matter most. Not every factor receives equal weight, and not every issue needs to consume committee time. Leita performs broad due diligence on every candidate, including investment philosophy, organizational quality, operations, and implementation. We also incorporate more traditional OCIO analytics such as fees and performance. Certain areas, particularly operations and transition, are important enough that we evaluate them regardless of where they rank in committee surveys.

There is no perfect OCIO. Different firms have different strengths and tradeoffs, and Leita does not maintain a buy list or recommend the same firms to every client. Our process is designed to help organizations identify the partner that best fits their needs and priorities. The right OCIO partnership starts here.

In most cases, yes. Including the incumbent allows institutions to evaluate whether the current relationship remains the best fit and provides a useful benchmark when comparing other providers. It is also generally appropriate to give a long-standing partner the opportunity to participate in the process.

There are exceptions. If the organization is pursuing a different service model or there is a clear mismatch between the institution’s needs and the incumbent’s capabilities, including the incumbent may not make sense. Absent those circumstances, Leita generally encourages organizations to include the incumbent OCIO.

Most nonprofits need fewer firms than they initially expect, but arriving at the right shortlist is important.

Leita typically begins with a broad universe of candidates and narrows the field as the process progresses. A typical search might start with ten well-chosen firms from our OCIO universe of 100+ providers, narrow to five after introductory discussions, then four that submit proposals, then three finalists, and ultimately one partner.

As committees learn more about the firms and the firms learn more about the organization, priorities become clearer and comparisons become more meaningful. By the time detailed due diligence begins, most organizations benefit from concentrating their efforts on a relatively small number of candidates. There is no magic number, and different organizations have different needs. The search process should provide enough breadth to understand the marketplace and enough depth to develop conviction in the final decision.

Institutions often evaluate their OCIO relationship when something has changed. That change may involve leadership, governance, spending needs, investment objectives, service expectations, or the OCIO itself. Concerns around communication, reporting, operations, or organizational changes within the provider can also prompt a search.

A search does not always lead to a change. Sometimes the best outcome is renewed confidence in an existing partnership. In Leita’s experience, approximately three out of four searches result in a change. We believe that percentage reflects both the rapid evolution of the OCIO industry over the last decade and the reality that organizations often begin a search because something no longer feels quite right.

Because selecting an OCIO is such an important decision, institutions should periodically evaluate whether their current partner remains the best fit. Many nonprofits only conduct a search every ten years, and the work involved can make it tempting to postpone the process. We generally encourage organizations to reassess their options periodically rather than wait until frustrations become significant.

Organizational changes at an OCIO provider, including mergers, acquisitions, or ownership changes, deserve particular attention. Those events do not automatically require a search, but they often warrant a thoughtful review of the relationship. For more on this topic, see “What Should Nonprofits Do When Their OCIO Is Acquired?”

Yes. Many institutions engage Leita when considering an OCIO model for the first time. The transition from a traditional investment consultant structure to an OCIO relationship involves important decisions about governance, delegation, operations, and investment philosophy. Before discussing candidates, we work with clients to define the role they want the investment committee, finance team, and OCIO to play.

Once those roles are clear, we help organizations understand the marketplace and identify partners that fit their needs and priorities for closer consideration.

Yes. Institutions generally approach this question in one of two ways.

Some organizations want a comprehensive evaluation of their current provider. These engagements are designed to answer a single question: does the existing partnership continue to meet the organization’s needs? Because we believe alignment matters, these reviews are standalone projects. We do not conduct an incumbent evaluation with the expectation that it will lead to a search.

Other organizations are uncertain whether a search is necessary. In those cases, we often begin with the early stages of a search. Together, we clarify roles and priorities, and benchmark the incumbent against a preliminary set of alternatives informed by Leita’s ongoing due diligence and proprietary knowledge base. At that point, the organization can decide whether to continue with a full search or conclude that the existing relationship remains the best fit. Sometimes the answer is renewed confidence in the incumbent. Sometimes it is a new partnership. Our role is to help organizations make that decision thoughtfully and without unnecessary work.

Leita charges a flat project fee that covers the entire engagement, from initial assessment through transition support. We do not charge asset-based fees, and we do not receive compensation from OCIO providers.

The cost of an OCIO search varies depending on the complexity of the engagement, the size of the institution, and the scope of services required. Leita works with each client to design an approach that reflects their needs and governance structure. During an introductory conversation, we can discuss your institution's objectives and provide guidance on what a search engagement may involve.

The process begins with an introductory conversation to understand your institution, what you are trying to solve, and the questions you have about the OCIO marketplace. From there, Leita can help determine whether an OCIO search consultant would add value and outline potential next steps.