Nearly 60 percent of institutional investors used consultants to manage their funds in 2012, according to a Cerulli Associates survey released Monday.

Consultants, the survey said, are more likely to be employed by smaller funds. Of those with less than $10 billion in assets, 75 percent said they use intermediaries. Funds with more assets are about as likely to use consultants as not. And, Cerulli noted, many investment committees are focusing on policy while delegating daily investment responsibilities to gatekeepers.

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