Overview

What does Great Gray do? It operates in the retirement investment space, offering Collective Investment Trusts (CITs) to provide tax-exempt retirement investment solutions for financial advisors and retirement planners. It acts as a trustee or administrator for pooled funds and manages about $209.8 billion in assets, with 14% in fund-of-fund structures. How does its product work? The firm handles fiduciary management and the onboarding of clients, delivering an accessible, stewardship-focused experience. Revenue comes from management fees and strategic partnerships tied to fund administration and trust services. How is it different from competitors? It emphasizes fiduciary oversight, easy onboarding, and industry-leading fund management expertise within the CIT and tax-exempt pooled-fund space, serving a broad advisor audience. What is the goal? To help retirees grow confidently into the future by providing clear, trusted, forward-looking investment solutions.

Simplify's Take

What believers are saying

• CIT assets reached $269.8 billion by September 2025 via flexPATH acquisition.
• CIT adoption outpaces mutual funds since 2018 in dominant target-date vehicles.
• Federal moves enable 403(b) plans to access CITs, expanding to millions.

What critics are saying

• Plan sponsors reject Great Gray CITs due to transparency confusion in RFPs.
• Proprietary CIT pricing conflicts from firms like SEI erode Great Gray share.
• DOL rules heighten fiduciary scrutiny on CITs within 12-18 months.

What makes Great Gray unique

• Great Gray lists nearly 650 searchable CITs on Nasdaq Fund Network.
• Great Gray pioneered CIT tickers and BoardingPass automated onboarding.
• Great Gray offers over 790 CITs across diverse asset classes and styles.

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