BofA Recognized as the Leading Provider of Outsourced Chief Investment Office Services for Foundations and Endowments
September 12, 2023 at 9:00 AM Eastern
NEW YORK, NY – Bank of America has been named the largest provider of outsourced chief investment office (OCIO) services for foundations and endowments in the U.S by Pensions & Investments.1 The firm’s differentiated OCIO offering features a unique combination of portfolio management, strategic consulting and administrative solutions. Delivered through local offices across the country, nonprofit clients receive customized solutions that leverage the size and scale of Bank of America.
“Bank of America has a long history of serving foundations and endowments. This is an important and growing business, which has increased significantly in recent years,” said Jennifer Chandler, head of Philanthropic Solutions at Bank of America Private Bank. “This growth can be attributed to our team’s ability to address the increasing demands placed on nonprofit leaders by going beyond investment management to offer strategic consulting and advisory services.”
The firm has deep experience working with both nonprofit institutions and the philanthropic families and individuals who create and sustain them. Bank of America was recently recognized as the Best Private Bank Philanthropy Offering or Initiative in the Americas by WealthBriefing Wealth for Good Awards 2023.2
Bernard Reidy, National Endowment and Foundation Executive at Bank of America Private Bank, added, “While the core of our offering continues to be customized portfolio construction, asset allocation and portfolio management, the demand is increasing for holistic partners who can address broader challenges. We call the new approach OCIO 2.0 and it is shaping the future of the industry.”
Highlighted in a new article, OCIO 2.0 is when an OCIO provider goes beyond day-to-day investment management, becoming a valuable partner for a wide range of needs such as: strategic planning, finance and budgeting, governance & risk policies, leadership development, fundraising strategies and more.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Investing involves risk. There is always the potential of losing money when you invest in securities. Past performance does not guarantee future results. Asset allocation, rebalancing and diversification do not guarantee against risk in broadly declining markets.
Neither Bank of America Private Bank nor any of its affiliates or advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Credit and collateral subject to approval. Terms and conditions apply. Programs, rates, terms and conditions subject to change without notice.
Trust, fiduciary and investment management services, including assets managed by the Specialty Asset Management team, are provided by Bank of America, N.A., Member FDIC (Federal Deposit Insurance Corporation) and wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”), and its agents.
Bank of America Private Bank is a division of Bank of America, N.A.
U.S. Trust Company of Delaware is a wholly owned subsidiary of Bank of America Corporation.
Are Not FDIC Insured |
Are Not Bank Guaranteed |
May Lose Value |
Bank of America, N.A., and U.S. Trust Company of Delaware (collectively the “Bank”) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.
Julia Ehrenfeld, Bank of America
Phone: 1.646.855.3267
julia.ehrenfeld@bofa.com
MAP# 5923655
Footnotes
1 For the Pensions & Investments rankings, survey participants were asked to report all data as of March 31, 2023; to report assets in U.S. dollars rounded to the nearest million; and to exclude master trust/custody, global custody and assets under administration only from all answers. For U.S. institutional OCIO, 39 firms reported AUM (assets under management) for endowments and 39 for foundations (the print rankings only list the top 10 for each). Rankings and recognition from Pensions & Investments is no guarantee of future investment success, does not ensure that a current or prospective client will experience a higher level of performance results, and should not be construed as an endorsement.
2 The Wealth For Good Awards are part of a global program run by ClearView Financial Media and its sister publication WealthBriefing. Private Banks from around the world are invited to submit an entry demonstrating their commitment to and preeminence in the crucially important areas of ESG (environmental, social, governance), impact, diversity, and inclusion. The judges consist of custodian banks, family offices and advisors/consultants to the sector. Rankings and recognition from The Family Wealth Report is no guarantee of future investment success, does not ensure that a current or prospective client will experience a higher level of performance results, and should not be construed as an endorsement.
September 12, 2023 at 9:00 AM Eastern
BofA Recognized as the Leading Provider of Outsourced Chief Investment Office Services for Foundations and Endowments
NEW YORK, NY – Bank of America has been named the largest provider of outsourced chief investment office (OCIO) services for foundations and endowments in the U.S by Pensions & Investments.1 The firm’s differentiated OCIO offering features a unique combination of portfolio management, strategic consulting and administrative solutions. Delivered through local offices across the country, nonprofit clients receive customized solutions that leverage the size and scale of Bank of America.
“Bank of America has a long history of serving foundations and endowments. This is an important and growing business, which has increased significantly in recent years,” said Jennifer Chandler, head of Philanthropic Solutions at Bank of America Private Bank. “This growth can be attributed to our team’s ability to address the increasing demands placed on nonprofit leaders by going beyond investment management to offer strategic consulting and advisory services.”
The firm has deep experience working with both nonprofit institutions and the philanthropic families and individuals who create and sustain them. Bank of America was recently recognized as the Best Private Bank Philanthropy Offering or Initiative in the Americas by WealthBriefing Wealth for Good Awards 2023.2
Bernard Reidy, National Endowment and Foundation Executive at Bank of America Private Bank, added, “While the core of our offering continues to be customized portfolio construction, asset allocation and portfolio management, the demand is increasing for holistic partners who can address broader challenges. We call the new approach OCIO 2.0 and it is shaping the future of the industry.”
Highlighted in a new article, OCIO 2.0 is when an OCIO provider goes beyond day-to-day investment management, becoming a valuable partner for a wide range of needs such as: strategic planning, finance and budgeting, governance & risk policies, leadership development, fundraising strategies and more.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Investing involves risk. There is always the potential of losing money when you invest in securities. Past performance does not guarantee future results. Asset allocation, rebalancing and diversification do not guarantee against risk in broadly declining markets.
Neither Bank of America Private Bank nor any of its affiliates or advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Credit and collateral subject to approval. Terms and conditions apply. Programs, rates, terms and conditions subject to change without notice.
Trust, fiduciary and investment management services, including assets managed by the Specialty Asset Management team, are provided by Bank of America, N.A., Member FDIC (Federal Deposit Insurance Corporation) and wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”), and its agents.
Bank of America Private Bank is a division of Bank of America, N.A.
U.S. Trust Company of Delaware is a wholly owned subsidiary of Bank of America Corporation.
Are Not FDIC Insured |
Are Not Bank Guaranteed |
May Lose Value |
Bank of America, N.A., and U.S. Trust Company of Delaware (collectively the “Bank”) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.
Julia Ehrenfeld, Bank of America
Phone: 1.646.855.3267
julia.ehrenfeld@bofa.com
MAP# 5923655
Footnotes
1 For the Pensions & Investments rankings, survey participants were asked to report all data as of March 31, 2023; to report assets in U.S. dollars rounded to the nearest million; and to exclude master trust/custody, global custody and assets under administration only from all answers. For U.S. institutional OCIO, 39 firms reported AUM (assets under management) for endowments and 39 for foundations (the print rankings only list the top 10 for each). Rankings and recognition from Pensions & Investments is no guarantee of future investment success, does not ensure that a current or prospective client will experience a higher level of performance results, and should not be construed as an endorsement.
2 The Wealth For Good Awards are part of a global program run by ClearView Financial Media and its sister publication WealthBriefing. Private Banks from around the world are invited to submit an entry demonstrating their commitment to and preeminence in the crucially important areas of ESG (environmental, social, governance), impact, diversity, and inclusion. The judges consist of custodian banks, family offices and advisors/consultants to the sector. Rankings and recognition from The Family Wealth Report is no guarantee of future investment success, does not ensure that a current or prospective client will experience a higher level of performance results, and should not be construed as an endorsement.
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Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.
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Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp.
Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
| Are Not Deposits | Are Not Insured by Any Governmental Agency | Are Not a Condition to Any Banking Service or Activity |
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (BofA Corp.).
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