Institutional investors are entrusting a smaller portion of assets to leading broad managers, according to a new report by Cogent Research. "U.S. Institutional Investor Brandscape" looks at key trends in investment strategy and asset manager selection, usage and loyalty.

For the report, Cogent surveyed more than 650 senior-level investment professionals representing pension and non-profit institutions with a minimum of $20 million in assets.

The leading asset managers serving the institutional market are battling for a smaller piece of a dwindling pie. Cogent found that pensions, endowments, and foundations are utilizing the leading broad managers for just 40 percent of their institutional assets, down from 45 percent in 2011. In fact, these investors are now directing the majority of assets to specialized managers, other broad managers, or single manager hedge funds.