Conservation Nonprofit Dual-Advisor Evaluation and Search
Client & Objective
A global conservation nonprofit with roughly $500 million in endowment assets
engaged North Pier to evaluate its dual advisor structure and guide its
Investment Committee in determining whether to retain, adjust, or replace its two
incumbents, amid questions about mandate clarity and collaboration protocols.
Process
North Pier conducted a two-phase engagement. In Phase I, we performed a
comprehensive review of both advisors, assessing governance documents, service
quality, fees, and risk-adjusted performance. This included stakeholder interviews and
benchmarking, providing a clear picture of each advisor’s role and effectiveness.
Based on the findings, the committee opted for Phase II: a competitive OCIO search.
North Pier administered the RFP, evaluated both incumbents and four additional firms
across structure, team depth, philosophy, access, risk management, transition support,
and pricing, and facilitated finalist interviews and negotiations.
Results
-The committee retained the incumbents.
-Streamlined fiduciary structure by converting both advisors to discretionary OCIO
roles.
-Developed consolidated reporting for entire portfolio, including risk analytics, stress
testing, and liquidity assessments.
-Rebalanced allocations between advisors for improved diversification and
accountability.
-Secured improved pricing structure.
Through a structured evaluation and search, North Pier helped the committee refine its
governance, validate its existing relationships, and implement best practices — all
without disrupting its longterm investment strategy.