What Highland Associates does

Highland Associates is a Birmingham, Alabama-based institutional investment consultancy founded in 1987 that delivers customized portfolio construction, Outsourced Chief Investment Officer (OCIO) services, and fiduciary education to nonprofit healthcare organizations, foundations, endowments, and other mission-based institutions across the United States. Its core offering consists of tailored portfolio recommendations driven by close client engagement, supported by a research platform spanning traditional and alternative asset classes with over three decades of alternative manager sourcing and vetting. The firm operates with a 6:1 client-to-consultant ratio and distributes proprietary research publications, including weekly market commentary, asset allocation research, and healthcare-focused investment research, to support client decision-making.

The firm's business model is fee-based investment consulting, likely structured as AUM-based or retainer advisory fees customary for institutional investment consultancies, with pricing determined per engagement based on AUM, scope, and complexity. Go-to-market is conducted through dedicated consultant relationships within Regions Financial Corporation's institutional wealth management channel; Highland is a wholly owned subsidiary of Regions Bank, which provides access to Fortune 500 distribution and operational resources while Highland retains boutique-firm autonomy and a high-touch service posture. Healthcare organizations—including hospital systems, academic medical centers, community hospitals, health plans, and senior housing—are the primary segment, with foundations, endowments, and other nonprofits as adjacent verticals.

Customer economics reflect deep relationship lock-in: average client tenure is reported at 14 years, and 20% of clients have been with the firm for more than 20 years. The company is registered with the U.S. Securities and Exchange Commission under the Investment Advisors Act of 1940 and operates with 11-50 employees. Marketing is concentrated in content (research publications, white papers), digital presence on the Regions.com platform, and referral flows from Regions Bank institutional relationships.

Name

Highland Associates

Legal name

Highland Associates

Website

https://highlandassoc.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

Highland Associates is a boutique institutional investment consultancy providing customized portfolio construction and OCIO services to nonprofit healthcare organizations, foundations, and endowments in the United States. A wholly owned subsidiary of Regions Bank, the firm has operated since 1987.

Ownership category

akta.pro rank

Product category

Institutional Investment Consulting

NAICS

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

SIC

Investment Advice (6282), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

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

akta.pro secondary industry

Institutional Consultants & Fiduciary Management (Investment Consulting) (FSAAAGAJ)

Keywords

• Institutional investment consulting
• Nonprofit healthcare investing
• Outsourced CIO services
• Portfolio construction advisory
• Endowment investment management

Headquarters

HQ city

Birmingham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Advisory and Consulting Fees: Highland Associates generates revenue through fee-based investment consulting services, likely structured as asset-under-management (AUM) fees or retainer-based advisory fees typical of institutional investment consultancies.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Highland Associates provides strategic investment consulting to nonprofit healthcare organizations, foundations, endowments, and other mission-based institutions. Its core services include customized portfolio construction, Outsourced Chief Investment Officer (OCIO) solutions, fiduciary education, and access to both traditional and alternative investments. The firm delivers these services through a high-touch, dedicated consultant model with a 6:1 client-to-consultant ratio.

Product overview

Highland Associates offers a unified investment consulting platform for nonprofit healthcare and mission-based organizations. The core offering comprises customized portfolio construction and Outsourced Chief Investment Officer (OCIO) services, supplemented by proprietary research publications including Weekly Market Commentary, Asset Allocation Research, and Healthcare Investment Research. The company leverages decades of healthcare expertise, a low 6:1 client-to-consultant ratio, and experience in both traditional and alternative investments to serve healthcare organizations, foundations, endowments, and other nonprofit entities.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Consulting Services Strategic investment consultancy providing customized portfolio construction, OCIO services, fiduciary education, and access to traditional and alternative investments for nonprofit healthcare and mission-based organizations.
• Customized Portfolio Construction Tailored investment portfolio development based on close collaboration with clients to understand their specific needs, objectives, and long-term mission goals, driving allocation recommendations for each client.
• Outsourced Chief Investment Officer (OCIO) Services Custom solutions for OCIO clients designed to consistently generate durable long-term excess returns, providing comprehensive investment program management from front office to back office functions.

Quantifiable outcome

• 14 years average client tenure, 20% of clients retained for 20+ years

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators5 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Cambridge Associates: Cambridge Associates is a global investment firm providing OCIO, investment consulting, and portfolio management to endowments, foundations, and nonprofit institutions. It is the most directly comparable peer to Highland given overlapping OCIO offerings, similar institutional client base, and nonprofit/endowment specialization.
• Callan: Callan is an investment consulting firm serving institutional clients including foundations, endowments, and corporate pension plans. It is a direct peer to Highland given its focus on investment consulting for nonprofit and institutional clients, with comparable OCIO and manager research offerings.
• Meketa Investment Group: Meketa Investment Group is an OCIO and investment consulting firm serving public pensions, endowments, foundations, and other institutional investors. It directly competes with Highland in providing OCIO solutions and investment advisory services to nonprofit and mission-based organizations.
• Marquette Associates: Marquette Associates is an independent investment consulting firm providing OCIO and advisory services to institutional clients including healthcare systems, foundations, and endowments. It is a direct competitor in the nonprofit healthcare institutional consulting space.
• Fund Evaluation Group (FEG): FEG is an OCIO and investment advisory firm serving institutional investors including foundations, endowments, and healthcare organizations. Comparable to Highland through its OCIO offerings, institutional focus, and emphasis on alternative investment research.
• Verus: Verus is an institutional investment consulting firm providing OCIO, manager research, and advisory services to foundations, endowments, and healthcare systems. It is a direct peer in the institutional investment consulting market with overlapping client segments.
• Segal Marco Advisors: Segal Marco Advisors (now part of Segal) provides investment consulting and OCIO services to institutional clients including healthcare organizations, foundations, and public entities. It competes with Highland in nonprofit healthcare institutional consulting.

Broad incumbents

• Mercer: Mercer is a global consulting firm and one of the largest OCIO providers, serving institutional clients including foundations, endowments, and healthcare organizations. It competes with Highland in institutional investment consulting but operates at significantly greater scale with a broader service portfolio.
• Russell Investments: Russell Investments is a global asset manager and OCIO provider serving institutional clients including endowments, foundations, and corporate plans. It is a broad incumbent competing with Highland in OCIO mandates, though at much larger scale and with broader capabilities.
• Aon (Investment Consulting): Aon provides investment consulting, OCIO, and advisory services through its wealth Solutions segment serving institutional clients globally. It overlaps with Highland in institutional investment consulting for endowments, foundations, and healthcare organizations, though as part of a much broader professional services portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/highland_assoc
• Facebookfacebook.com/regionsbank
• LinkedInlinkedin.com/company/highland-associates-birmingham-al
• Instagraminstagram.com/regionsbank/?hl=en
• Pinterestpinterest.com/regionsbank

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Highland Associates