17How Consultants and Money Managers Sell to Institutional Investors


Let’s look at how it typically works in the institutional investor market—the large employee benefit, endowment, and foundation funds.

Big institutional investment funds (their assets can be in the tens of billions of dollars or more) almost always retain a consulting company. The consulting companies, which specialize in the institutional investment consulting business, can be large and extremely profitable. For example, the president of the consulting company Wilshire Associates (with whom I once debated at a University of Chicago conference) had in his youth worked on ...

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