NISA Investment Advisors, LLC

What NISA Investment Advisors, LLC does

NISA Investment Advisors, LLC is a private, 100% employee-owned institutional investment management firm founded in 1994 and headquartered in St. Louis, Missouri. The firm manages $462 billion in total assets as of March 31, 2026, comprising $295 billion in physical assets and $167 billion in derivatives notional value, serving large institutional clients across the United States and Canada. With 94% of physical assets allocated to fixed income, NISA has built a three-decade franchise around risk-controlled active fixed income management and derivative overlay strategies, and ranks among the largest derivative overlay managers globally for U.S. institutional tax-exempt assets. The firm employs more than 400 people, over 20% of whom hold participation interest in the firm, reflecting its partnership-style ownership model.

NISA's product architecture is platform-plus-modules: a fixed income and derivative capabilities foundation supports integrated liability-driven investing, defined benefit pension risk management, defined contribution solutions, tax/accounting-sensitive portfolio management, cash flow matching, and proprietary quantitative equity strategies (Dynamic Extension and Equity Market Neutral). The firm operates through direct institutional sales targeting corporate and public pensions, multi-employer plans, foundations, endowments, nuclear decommissioning trusts, insurance companies, OCIOs, and governmental entities, with a median client engagement exceeding $445 million. Revenue is generated through asset-based investment management fees negotiated on a client-by-client basis, with services delivered through separately managed accounts and high customization. Supporting the core offerings are proprietary analytical tools including the Pension Surplus Risk Index (PSRX) and PRT Credit Risk Monitor, plus Chief Economist thought leadership distributed through content marketing, webinars, and industry conferences. The firm was recognized as the 2025 Best Asset Manager for Institutional Investors in the United States by Crisil Coalition Greenwich.

Name

NISA Investment Advisors, LLC

Legal name

NISA Investment Advisors, LLC

Website

https://nisa.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

251–500 employees

Short description

NISA Investment Advisors is a private, employee-owned institutional asset manager in St. Louis managing $462 billion (as of 3/31/2026) through risk-controlled fixed income, derivative overlay, LDI, and quantitative equity strategies for large institutional clients including pensions, endowments, NDTs, and OCIOs.

Ownership category

akta.pro rank

Product category

Institutional Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industries

Investment Management Advisory (RIA) (FSAEAAAB), Corporate Retirement Plan Advisory RIAs (ERISA 401(k)/403(b)) (FSAAACAF), Registered Investment Advisor (RIA) Wealth Management (FSAEABAA), Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG)

Keywords

• Institutional asset management
• Fixed income management
• Pension risk management
• Derivative overlay strategies
• Liability-driven investing

Headquarters

HQ city

St Louis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Investment Management Fees: Manages $462 billion in assets (as of 3/31/2026) for institutional clients, generating revenue through investment management fees based on assets under management. Revenue model centers on AUM-based fee structure typical of institutional asset managers.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels7 records

Core offering

NISA Investment Advisors is a 100% employee-owned institutional investment management firm that provides risk-controlled fixed income, derivative overlay, and quantitative equity strategies to large institutional clients. The firm manages $462 billion in assets (as of 3/31/2026) for corporate and public pensions, foundations, endowments, insurance companies, nuclear decommissioning trusts, and OCIOs through separately managed accounts.

Product overview

NISA Investment Advisors, LLC offers a unified suite of institutional investment management services organized around risk-controlled fixed income and derivative strategies. The core offering consists of seven integrated investment capabilities: Fixed Income portfolio management (including long duration, TIPS, and high yield), Derivative Overlay strategies (liability management, beta overlay, and systematic strategies), Tax/Accounting Sensitive Portfolio Management (direct indexing), Defined Benefit Pension Risk Management (LDI), Defined Contribution solutions (including stable value), Cash Flow Matching, and Quantitative Equity Strategies (Dynamic Extension and Equity Market Neutral). Supporting these core products are analytical tools including the Pension Surplus Risk Index (PSRX), PRT Credit Risk Monitor, and Chief Economist Updates. The architecture is platform-plus-modules, where the fixed income and derivatives capabilities serve as foundational elements upon which liability-driven and pension risk management solutions are built. All strategies are delivered through separately managed accounts with high customization.

Differentiator

Problem solved

Functional benefit

Products and services

• Fixed Income
• Derivative Overlay
• Tax/Accounting Sensitive Portfolio Management
• Defined Benefit (DB): Pension Risk Management
• Defined Contribution (DC)
• Cash Flow Matching
• Quantitative Equity Strategies (QES)

Quantifiable outcome

• Managed $295 billion in physical assets and $167 billion in derivatives notional value as of 3/31/2026
• +3 more outcomes

Named customers2 records

Segments9 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered minor.

• Club VitaminorStrategic or Co-development Partner · 1 September 2025Collaborative effort with Club Vita to help plan sponsors get better assessment of the impact of mortality assumptions on pension plans, leveraging Club Vita's data and mortality analytics.
• Crisil Coalition GreenwichminorOthersNISAs recognition as a 2025 Best Asset Manager for Institutional Investors is based on aggregated participant feedback from Crisil Coalition Greenwich survey participants.

Scale indicators8 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Western Asset Management: One of the world's largest dedicated fixed income managers serving institutional clients with active strategies. Direct competitor to NISA in risk-controlled fixed income and LDI solutions for pension plans.
• Cambridge Associates: OCIO and investment consulting firm serving large institutional investors including pensions, endowments, and foundations. Comparable in institutional OCIO and manager coordination.
• Russell Investments: OCIO and institutional investment solutions provider working with pensions, endowments, and foundations. Competes with NISA's institutional and OCIO client base.
• Pacific Investment Management Company (PIMCO): Global investment manager with deep institutional fixed income, LDI, and risk-controlled active management capabilities. Closest large-scale comparable in fixed income specialization.
• MetLife Investment Management: Institutional asset manager serving insurance general accounts and pension plans with fixed income and private credit. Comparable client base in insurance company general accounts that NISA serves.
• Northern Trust Asset Management: Institutional asset manager with strong pension fixed income, LDI, and OCIO offerings. Direct overlap with NISA in serving large DB plans and OCIOs.

Broad incumbents

• BlackRock: Largest global asset manager with institutional fixed income, LDI, derivative overlay, and OCIO capabilities. Competes with NISA on mandates and pricing across the institutional landscape.
• Wellington Management: Large private, partnership-based institutional asset manager offering multi-asset and fixed income strategies. Comparable in ownership structure and institutional client focus.
• Goldman Sachs Asset Management: Large institutional asset manager with significant fixed income, LDI, and alternative risk premia offerings. Competes with NISA for institutional fixed income and overlay mandates.
• J.P. Morgan Asset Management: Major institutional fixed income and pension risk management provider with broad scale. Competes with NISA for large pension mandates, OCIO, and liability-driven mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nisa-investment-advisors-l-l-c-

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NISA Investment Advisors, LLC