This article is interesting and necessarily generalises. Many consultants, and most of the large firms, have moved from advisory to discretionary advice with OCIO business models because they couldn’t make enough money in the non-discretionary field. They disclose conflicts and the performance of the funds of funds they manage. Interesting thoughts about benchmarks being made easier targets but these are hard to manipulate in the public markets. One thought I have is that you are confronted with similar agency/conflict issues with an internal team that may use a market-based reference portfolio as a benchmark and where officers are evaluated on outperformance. It leads to more investment in private markets and a tendency to build a core passive portfolio with satellites of high-risk active and private market portfolios