Key Takeaways
- • Bank of America Private Bank is adding two employees to its New York OCIO team focused on endowments and foundations, citing growth from nonprofit clients.
- • Tiffany Kuehner, previously at J.P. Morgan Private Bank, joins as a philanthropic executive; Mark Fitzgerald, formerly of Commonfund and a Bank of America institutional client adviser since 2019, moves into an endowment and foundation specialist role.
- • The firm reports it raised more than $18 billion in new OCIO assets and added approximately 150 nonprofit relationships over the past two years, growing organically rather than through acquisitions.
- • Bank of America ranks first in P&I's 2026 OCIO survey for foundation client assets ($52.6 billion) and second for endowment client assets ($39.6 billion), totaling $92.2 billion as of March 31.
Summary
Bank of America Private Bank is expanding its outsourced chief investment officer (OCIO) services, which focus solely on endowments and foundations, with the addition of two employees in New York. According to a spokesperson who spoke with Pensions & Investments, the hires capitalize on recent OCIO growth among nonprofit clients. Tiffany Kuehner, who most recently worked at J.P. Morgan Private Bank, will join as a philanthropic executive. She previously served as a nonprofit executive and board leader and currently serves as an emeritus board member of Hope for Haiti. Mark Fitzgerald, a former Bank of America institutional client adviser who first joined the firm in 2019, will move into a new role as an endowment and foundation specialist. He previously spent more than 14 years at Commonfund, a manager with an OCIO business that also serves endowments and foundations.
The expansion follows significant growth. The spokesperson said the business raised more than $18 billion in new OCIO assets and added approximately 150 new nonprofit relationships over the past two years, growing organically rather than through acquisitions. In P&I's 2026 OCIO survey, Bank of America Private Bank ranked first for foundation client assets at $52.6 billion and second for endowment client assets at $39.6 billion, as of March 31, for a combined $92.2 billion. Bernard Reidy, managing director, national endowment and foundation executive at the firm, told P&I that the figure compares with about $28 billion in 2015.
Reidy attributed industry OCIO growth to limited organizational time capacity, noting that "governance is becoming more demanding than the (investment) committees have the capacity to manage." He said nonprofit clients often struggle with governance policies, donor enrichment strategy, and gift acceptance policies, and that addressing these issues can improve efficiency, cost-effectiveness, and revenue flows. Reidy also credited the firm's "information advantage," including access to consumer data used in decision-making. Since 2014, the firm has offered project-based consulting for nonprofit clients at no extra cost to those with $25 million or more in assets.
Reidy described the OCIO practice as having "extremely low turnover, both in clients and in staff," adding that the firm adds new people to the team rather than replacing departing staff.
The expansion follows significant growth. The spokesperson said the business raised more than $18 billion in new OCIO assets and added approximately 150 new nonprofit relationships over the past two years, growing organically rather than through acquisitions. In P&I's 2026 OCIO survey, Bank of America Private Bank ranked first for foundation client assets at $52.6 billion and second for endowment client assets at $39.6 billion, as of March 31, for a combined $92.2 billion. Bernard Reidy, managing director, national endowment and foundation executive at the firm, told P&I that the figure compares with about $28 billion in 2015.
Reidy attributed industry OCIO growth to limited organizational time capacity, noting that "governance is becoming more demanding than the (investment) committees have the capacity to manage." He said nonprofit clients often struggle with governance policies, donor enrichment strategy, and gift acceptance policies, and that addressing these issues can improve efficiency, cost-effectiveness, and revenue flows. Reidy also credited the firm's "information advantage," including access to consumer data used in decision-making. Since 2014, the firm has offered project-based consulting for nonprofit clients at no extra cost to those with $25 million or more in assets.
Reidy described the OCIO practice as having "extremely low turnover, both in clients and in staff," adding that the firm adds new people to the team rather than replacing departing staff.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.