Fiduciary Research & Consulting, LLC (FRC) acts as an outsourced chief investment officer providing asset allocation, manager research and risk management services to a select number of clients totaling circa $9 billion in assets. The firm was founded by senior investment practitioners with direct experience in all major asset classes including absolute return strategies (hedge funds), traditional long-only equities, fixed income, private equity and real assets. FRC is headquartered in San Francisco and maintains an office in suburban Kansas City.