Investment outsourcing, particularly in the pension, foundation and endowment world, has become a huge business and is slated to grow even more in the next four years.

Justin White, director at Casey Quirk, a management consulting firm in Connecticut that advises investment managers on business strategy, said that the investment outsourcing industry stood at $449 billion in 2013 and is expected to grow to $752 billion by 2017. Investment outsourcing in the defined contribution plan arena is a bit harder to tackle, but that doesn't mean companies aren't attempting it.

Christine Loughlin, a partner who heads up the defined contribution practice at NEPC, a Boston, Mass.-based consulting firm, said that currently, only a handful of plan sponsors have outsourced their defined contribution plans.

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