Key Takeaways
- • NEPC LLC, an investment consultant and outsourced CIO provider with $1.7 trillion in assets under advisement, named Sarah Samuels as Chief Investment Officer effective January 1, 2026.
- • Tim McCusker, NEPC's current CIO, will be elevated to president effective January 1, 2026, and will succeed CEO Michael Manning in January 2027.
- • Michael Manning will remain at NEPC in a senior advisory role after the leadership transition, ahead of the firm's 40th anniversary in 2026.
- • Samuels currently oversees manager selection across private markets, public markets and hedge funds, leading a 45-person team; McCusker oversees more than 72 staffers.
- • The announcement reflects a planned, staged succession, with McCusker credited for establishing NEPC's OCIO practice as a core investment solution.
Summary
Investment consultant and outsourced CIO provider NEPC LLC announced two leadership promotions effective January 1, 2026. Sarah Samuels, currently a partner at the firm and head of investment manager selection, will become CIO. Tim McCusker, NEPC's current CIO, will be elevated to president and become successor CEO, taking over from current CEO Michael Manning in January 2027. Manning will remain with the firm in a senior advisory role. NEPC framed the changes as "the next chapter of NEPC's evolution" ahead of the firm's 40th anniversary in 2026.
Samuels currently oversees manager selection for private markets, public markets and hedge fund investments, leading a 45-person team. She has more than two decades of experience, including roles as managing director at the Wellesley College Investment Office, deputy CIO of the Massachusetts Pension Reserves Investment Management (MassPRIM) and senior positions at Wellington Management. She was named to CIO's 2025 Knowledge Brokers list of investment consultants on whom asset owners rely, her third such inclusion.
McCusker joined NEPC in 2006 after a stint at Towers Perrin, and took up the CIO role in 2014 after nearly a decade at the consultancy. As CIO, he has led investment strategy development and oversees more than 72 staffers across investment research, multi-asset investing, asset allocation, portfolio construction and OCIO investment strategy. NEPC credited him with establishing the firm's OCIO practice as a core investment solution. Manning, who has led the firm for 28 years of significant growth and change, said McCusker "is the right choice to lead us forward." McCusker said he has learned "the value of true leadership" at the firm and intends to build on NEPC's legacy of integrity, innovation and partnership while preserving its client-first approach.
Samuels currently oversees manager selection for private markets, public markets and hedge fund investments, leading a 45-person team. She has more than two decades of experience, including roles as managing director at the Wellesley College Investment Office, deputy CIO of the Massachusetts Pension Reserves Investment Management (MassPRIM) and senior positions at Wellington Management. She was named to CIO's 2025 Knowledge Brokers list of investment consultants on whom asset owners rely, her third such inclusion.
McCusker joined NEPC in 2006 after a stint at Towers Perrin, and took up the CIO role in 2014 after nearly a decade at the consultancy. As CIO, he has led investment strategy development and oversees more than 72 staffers across investment research, multi-asset investing, asset allocation, portfolio construction and OCIO investment strategy. NEPC credited him with establishing the firm's OCIO practice as a core investment solution. Manning, who has led the firm for 28 years of significant growth and change, said McCusker "is the right choice to lead us forward." McCusker said he has learned "the value of true leadership" at the firm and intends to build on NEPC's legacy of integrity, innovation and partnership while preserving its client-first approach.
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