Investment Advisory For Institutional Investors

A modest advisory investment typically saves millions through improved decision-making, fee optimization, and stronger governance.

Our Services

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Strategic and Dynamic Investment Advisory

Strategic and Dynamic Investment Advisory services focus on supporting investor needs through forward-looking guidance on the themes that will drive success. Whether you need experienced CIO-level expertise to support your team, or you’re a seasoned CIO looking for an experienced peer to collaborate with on strategy and complex matters, independent advisory support adds significant value.

Institutional investors face complex decisions about asset allocation, manager selection, and risk management. These decisions determine long-term outcomes but require specialized expertise most organizations lack internally.

Robert provides independent, CIO-level advisory services to pension plans, endowments, and foundations. He brings 30 years of experience managing $10 billion as CIO and advising on over $50 billion in institutional assets. His guidance addresses strategic asset mix, dynamic allocation, private markets, and governance frameworks.

Traditional consultants often carry conflicts through database fees, affiliated products, or soft dollar arrangements with managers. Robert operates without these conflicts. His compensation comes solely from advisory fees. This independence allows honest evaluation of any manager or strategy based purely on client interests.

Organizations benefit from advisory support that combines institutional knowledge with practical implementation. Robert understands board dynamics, regulatory constraints, and resource limitations. His recommendations work within your existing structure and capabilities rather than requiring expensive buildouts or wholesale changes.

Key Benefits

Institutional investors need strategic guidance that addresses the decisions driving long-term outcomes. We provide independent, CIO-level advisory services across asset allocation, private markets, governance, and risk management without the conflicts inherent in traditional consulting relationships.

Strategic Asset Allocation That Adapts

Independent Private Markets Expertise

Private markets deliver the highest value from manager selection. Top-quartile managers outperform bottom-quartile by 500-1000 basis points. Robert provides specialized guidance across private equity, infrastructure, real estate, and private credit. He helps you evaluate what truly differentiates managers, structure programs with lower blind pool risk, and recognize risks before committing capital.

Governance and Oversight Frameworks

Conflict-Free Guidance

30+ years of institutional experience. $10 billion managed as CIO. Over $50 billion currently advised.

Advisory Themes

01. Core Asset Class Foundation and Long-Term Positioning

Core Asset Class Foundation and Long-Term Positioning

Global equity allocation: regional versus global – A practical look at whether country bets still matter in a world dominated by U.S. megacaps. When a global mandate is enough, when regional tilts add value, and how Canadian plans should think about home bias. Does added value after fees and resources provide a benefit? Since resources are constrained, should the focus of internal resources be redirected to where active management provides the largest benefit (e.g., private markets)?

Dynamic versus strategic asset mix – How plans can use dynamic levers without drifting into tactical guessing. When to adjust asset mix, how to document decisions, and what boards need for credible oversight.

Currency hedging for Canadian plans – The Canadian dollar often behaves counter to global equities. How much to hedge, when to hedge more or less, and how to communicate these decisions to plan sponsors.

Fixed income: are today’s yields finally a true liability hedge – Many plans have waited more than a decade for duration to pay off again. When the math now supports increasing LDI exposure and how to balance credit risk with liability protection.

02. Strategic Portfolio Structure, Resource Focus, and Leadership Alignment

Strategic Portfolio Structure, Resource Focus, and Leadership Alignment

Managing surpluses in well-funded plans – Many Canadian plans are above 100 percent funded. What should they do now? Surplus protection, long-term sustainability, contribution stability, and the goal of avoiding future special payments.

Outsourcing investment functions – The real pros and cons. Independence, conflicts, pricing power with managers, and the challenge that many OCIO providers benefit from fee discount arbitrage. How to select an OCIO model that preserves governance and avoids product bias.

03. Real Assets and Long-Term Resilience

Real Assets and Long-Term Resilience

Private equity design: primary, co-investment, and secondaries – How to structure programs with lower blind pool risk, better fee efficiency, and improved pacing. The rising importance of secondaries in liquidity management. Issues on continuation funds (ethics).

Private debt: structural issues and how to navigate them – Coverage ratios, documentation deterioration, and platform concentration are real risks. Where genuine opportunities remain and how to build a resilient private credit allocation.

Infrastructure: the blurring line between core and value add – Traditional buckets no longer describe real risk exposures. An updated framework for evaluating asset-level cash flow stability, contract structures, and demand risks.

Real estate: poor recent returns and whether this is the next opportunity – Analysis of valuation resets, debt rollover risk, and sector dynamics. How to judge when a real estate recovery becomes investable and how to enter today without catching falling knives.

04. Oversight, Modernization, and Independence

Oversight, Modernization, and Independence

The practice incorporates wide range of services, including financial planning and investment management, to manage significant amounts of wealth in a comprehensive fashion.

It takes time, effort, and discipline to be successful with this goal, so don’t be lured by quick schemes and too good to be true opportunities path.

Oversight of external service providers and asset managers – Governance expectations are rising. What good oversight looks like, how to evaluate performance beyond returns, and how to redesign reporting to focus on risk, cost, and accountability.

Using AI to manage institutional portfolios – Practical use cases: due diligence quality control, manager monitoring, stress tests, scenario analysis, and liquidity forecasting. Where AI adds value and where human judgment remains essential.

When our customers succeed, so do we!!

What Our Customers Feel About Our Services!

As the leader of a global private markets investment firm, I have had the pleasure of working with Robert for more than 20 years, first as a senior investment consultant with a global firm and subsequently as the Chief Investment Officer of a leading Canadian pension plan. Robert has been a constructive and value-added investment partner. His experience spans the investment process, from strategic asset allocation to opportunity identification, evaluation and execution, and extends through to asset management, valuation and reporting.

Stuart Waugh

Managing Partner Northleaf Capital Partners

Robert and I worked together for many years as partners on a large number of commercial and residential investments across Europe. Robert was actively associated with those investments and his engagement was always strategic, informed, collaborative and insightful.” former Fund Manager, Executive Committee, Europa Capital. Independent Consultant, Pan-European Real Estate

Jason Oram

former Fund Manager, Executive Committee, Europa Capital. Independent Consultant, Pan-European Real Estate

With over 40 years of experience in leading institutional asset management firms, I have had the privilege of working with many competent plan sponsors and their related teams. Robert Cultraro is among the very best of that leadership group – always putting the interests of retirees and plan participants in the forefront of his efforts. His knowledge of plan objectives and the solutions available to meet those objectives is outstanding.

William Priest

Vice Chair TD Wealth, Chair of TD Epoch

I’ve known and worked with Robert for several years, first as a volunteer at CFA Society Toronto and later in my role as CEO. Robert is a strategic and clear thinker and is very focused on achieving outcomes on the issues that matter most. He has a “listen-first” mentality and seeks to build consensus among all stakeholders while ensuring that decisions get made effectively and in a timely manner. CFA Society Toronto could not have achieved its successes without his contributions, wise counsel and unwavering support.

Frederick Pinto

CEO CFA Society Toronto

I worked with Robert for the last 8 years and he not only consistently delivered top tier performance results as the Chief Investment Officer, but he had a steadfast commitment to integrity, is a great leader, strategic thinker, and a very effective Committee Chair.

Christopher Lopez

Past CFO Hydro One Inc.

As the CIO of a mid-size pension plan, I have found Robert’s practical experience invaluable. His deep expertise in investment strategies, portfolio structuring, governance issues, and earning the trust of boards and committees has been instrumental. Robert’s approach to dynamically manage asset mix is particularly noteworthy. His unique perspective, having once been in my position, sets him apart from other advisors. His advice and insights have greatly benefited our organization.

Carolyn Tsen

Hydro One Inc.

We advise institutional investors on asset allocation, private markets, and governance. Our work is built on 30 years managing $10 billion as CIO and advising on $50 billion in pension assets.

Looking beyond numbers to create a plan!

Institutional investment expertise focused on what matters

01.

Independent Guidance

We provide conflict-free advisory services. No affiliated products. No database fees from managers. Our recommendations serve your interests alone.

02.

CIO-Level Experience

30 years managing and advising institutional portfolios. We have built investment programs, navigated market crises, and earned board trust through results.

03.

Strategic Focus

We address the decisions that drive long-term outcomes. Asset allocation, private markets structure, governance design, and risk management frameworks.

04.

Practical Implementation

We work within your existing resources and constraints. No theoretical frameworks. No cookie-cutter solutions. Just actionable advice that fits your organization.