February 25, 2025 — In an era defined by accelerating markets and faceless digital transactions, the investment consulting industry is still a business still made up largely of long-term relationships that often stretch back years, or even a decade or more.
In the U.S., more than 40% of asset owners say they review their investment consulting relationships only every five years or longer. For 13% of asset owners, their investment consultant relationship is not reviewed at all unless a specific issue, usually related to fees or investment performance, triggers some action.
These findings demonstrate two things: First, asset owners are largely satisfied with the service they get from investment consultants, and second, asset owners recognize the value that long-term partnerships bring to their investment and business results.
Building Up A Base of Experience and Knowledge
Asset owners rely on investment consultants for several critical functions, including manager selection, by far the most important service consultants perform for asset owners in the United States, performance monitoring, the most highly valued function among Canadian asset owners, and asset allocation.
“Over the course of years, investment consultants build up a base of knowledge and experience with the client that allows them to align their approach with the asset owner’s investment philosophy and better pinpoint managers suitable for the organization and its portfolio strategy,” says Susan Gould, Senior Relationship Manager at Crisil Coalition Greenwich and author of Investment consulting: A relationship business in a transactional world.
2025 Best Investment Consultants for Institutional Investors in the U.S.
Firms recognized as 2025 Best Investment Consultants by Crisil Coalition Greenwich in service and investment counseling all excel at building deep relationships that deliver tangible benefits to asset owners and stand the test of time.
The 2025 Best Investment Consultants representing “Large Investment Consultants” in the U.S. are CAPTRUST, Graystone Consulting and Segal Marco Advisors. The 2025 Best Investment Consultants representing “Midsize Investment Consultants” in the U.S. are Angeles Investment Advisors, Asset Consulting Group, LCG Associates, and Mariner Institutional.
Fewer Institutions Consider ESG and DEI When Selecting Asset Managers
Fewer Canadian institutions consider ESG and DEI factors when selecting asset managers, although consideration rates remain relatively high. In 2023, 83% of the Canadian institutions participating in Crisil Coalition Greenwich research considered ESG when assessing and picking managers for their investment portfolios. In 2024, that share fell to 75%. Over the same period, the share of institutions considering DEI in manager selections dropped from roughly two-thirds to 55%.