Episode summary
Meet the Third Party Evaluators: Uma Kolluri - Curcio Webb
The Solutions Scoop
· · 56 min · Guests: Uma Kolluri
Summary
The conversation centers on how OCIO search and evaluation has evolved from a niche alternative to a crowded, highly competitive market. Uma Kolluri says the first wave of demand was driven by smaller plans that lacked staff and resources, but more recently even mega pension plans have gone to market, often because the all-in cost of outsourcing looks compelling versus building an in-house team. She also argues that the growth of private markets, the need for specialized expertise, and the administrative burden on lean committees have made OCIO more attractive across pensions, endowments, foundations, and DC plans.
Uma emphasizes that Curcio Webb’s role is not just to run searches, but to help clients understand what they are buying, compare providers on an apples-to-apples basis, and tailor finalist meetings to the client’s actual priorities. She says the firm sees clear differences among consultants, asset managers, wealth firms, custodians, and specialist OCIOs, and that fit depends on governance, philosophy, and the team that will actually serve the client.
A recurring concern is data quality. Uma argues that OCIO asset reporting and performance composites remain inconsistent, making standardized comparisons difficult even as the industry matures. She says the market still feels early, but believes better disclosure, clearer definitions, and more context around benchmarks are essential for the space to develop.
Key takeaways
- Uma Kolluri says OCIO adoption has broadened from smaller plans to mega pension funds, with cost often the biggest driver.
- She says the biggest OCIO appeal now is a mix of fiduciary-risk transfer, private-markets access, operational support, and lower investment-management fees.
- Uma says OCIO asset reporting is still inconsistent, especially around hybrid mandates, proprietary target-date funds, and discretionary authority.
- She says provider fit depends on the client’s governance, philosophy, and team chemistry, not just on headline capabilities or fees.
- Curcio Webb’s process is designed to narrow long lists into a small set of finalists and keep presentations tightly focused on client needs.
Notable quotes
“We really had to make a conscious choice in terms of how to manage both sides of the business”
“I think the overriding cause was cost”
“it's almost like a free-for-all going on right now”
“There's a lot of reasons like we talked about just now”
“I don't think there's a magic way to get to where we want. I think it's a journey”
How the episode opens
Hi, I'm Ravi Wenatraan, co-founder of the Investment Solutions Institute and host of the Solutions Scoop podcast. The Institute is an independent forum dedicated to advancing the future of the investment solutions and OCIO industry. Here at the Scoop, we examine the latest solutions, marketplace developments, and speak directly with solutions industry leaders.
Our guests span the investment ecosystem from OCIOS to asset owners, investment consultants, asset managers, and other key industry stakeholders. These conversations are an important part of the institute's mission to improve transparency and help establish standards and best practices across the solutions industry by educating asset owners, providers, and all other industry stakeholders. Let's get to today's scoop.
We have a terrific episode in store for you today. My guest today is Umar Korei, a principal and owner at Kosio Web. Welcome to the show, Uma.
Hi, Ravi. Thanks for doing this.
Absolutely. This is going to be very unique. This is the first time we've had a OCIO search and evaluation consultant on the show.
So, we're excited to have your insights. But before we get into the details, let me first introduce Omar. She works at Cersio Web, one of the nation's largest independent search and evaluation consulting firms.
She's got more than 20 years of institutional investment research and consulting experience, and she leads the firm's investment services practice. She and her team specialize in helping retirement plans, endowments, foundations, and other institutional investors identify and select investment consultants, OCIOS, trust and custodian providers, and other key partners. In the last four years alone, Kersio web has advised on over 130 search and evaluation engagements, including some of the largest and most complex asset pools in the market and by Chestnut's recognition is the largest search and evaluation provider certainly that we've had the pleasure of working with.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- third party evaluators
- ocio provider selection
- due diligence and fees
- measuring ocio assets and performance
- customizing searches
Companies and tickers mentioned
- Curcio Webb
- Investment Solutions Institute
- Chestnut Advisory Group
Watch the episode
Watch “Meet the Third Party Evaluators: Uma Kolluri - Curcio Webb” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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