NEPC's Brad Smith, CFA, CEBS, Partner, was recently featured in Pensions & Investment's article "Client Changes Push Consultants to New Paths."
Corporate and public pension plans are taking two different paths, which is bifurcating the investment consulting industry, sources said.
Corporate plan sponsors want to leave the pension management business, which has increased demand for outsourced chief investment officer services. Most public defined benefit plans are turning to their investment consultants to find high returns in a low-return environment.
"The consulting industry itself is going through a dynamic change and will continue to evolve," said NEPC's Brad Smith, adding he has seen significant M&A activity within the industry over the past few years and expects to see more acquisitions "in the mid- to small space."