HB Wealth Launches Dedicated Institutional Advisory and OCIO Practice Building on Existing Institutional Relationships
$32B AUM fee-only RIA formalizes and expands fiduciary services to nonprofits, foundations, and corporate clients, appoints two senior advisors to drive growth
HB Wealth (HB), one of the nation's largest independent, fee-only registered investment advisers, has launched a dedicated Institutional Advisory and Outsourced Chief Investment Officer (OCIO) practice. The business segment formalizes the firm's longstanding institutional relationships across nonprofit, foundation, endowment, and corporate clients, into a purpose-built advisory offering.
As part of the launch, the firm has hired Mike Hill and Armond Reese, CFA, CAIA, AIF, as Senior Institutional Advisors and Shareholders. Hill, based in Nashville, and Reese, based in Atlanta, each bring more than 25 years of institutional investment experience and will lead client development and relationship management across HB Wealth's institutional clients. Both will report to Joel Houck, CFP®, CFA, CAIA, the firm's Chief Investment Officer.
HB Wealth joins a growing number of independent RIAs building institutional capabilities at a time when demand for outsourced investment oversight appears to be accelerating. The OCIO market has tripled in size over the past decade, surpassing $3.3 trillion in assets, and is projected to reach $5.6 trillion by 2029, according to Cerulli Associates. Nonprofits and foundations have been among the fastest-growing segments, increasingly turning to fiduciary advisors for investment governance, manager selection, and portfolio construction.
