McMorgan & Company

McMorgan & Company

John Santaguida became CEO in 2008 after running New York Life Investments’ Taft-Hartley division, and he inherited a firm that had been quietly serving union pension plans since 1969. McMorgan does not manage a single commingled fund for the general public — nearly all of its capital comes from the pension and health-and-welfare trusts of building-trade unions, electrical workers, and labor cooperatives. The firm’s own materials report an average client tenure exceeding 10 years, consistent with the slow-moving governance of collectively bargained retirement plans. The investment construct is a managed-accounts platform rather than a house-run fund family. Ken Tsuboi, who joined as CIO in 2020 after 18 years at Allianz Global Investors, selects and monitors external sub-advisors that run distinct sleeves of public equity and fixed income. On the private-markets side, McMorgan extends the platform with its own origination: ATEL Capital supplies senior secured loans to emerging-growth companies backed by top-tier venture firms, while Pat Doyle — hired from an Apollo affiliate in 2025 — leads a growing infrastructure effort. The firm has also maintained an in-house real estate capability for decades, with a national footprint across office, industrial, retail, and multi-family properties. McMorgan discloses $10.9B in total client assets as of September 2025, of which $7.7B is regulatory AUM and $3.2B represents assets where it acts solely as a client-service agent. The team operates from a San Francisco headquarters and satellite offices in Burbank, Chicago, Pittsburgh, and Walla Walla. Professional headcount is not published, but the leadership page lists roughly 17 investment, legal, and client-service executives — a lean group relative to the asset base. The firm has no disclosed philanthropic foundation or club-network affiliations, though CEO John Santaguida notes that McMorgan actively supports the philanthropic initiatives its union clients value. The structural differentiator is McMorgan’s exclusive focus on Taft-Hartley plans. Virtually all of the firm’s client relationships are with multi-employer trusts that must satisfy joint labor-management boards. That governance constraint shapes everything: the sub-advisor model offers instant diversification that trustees can explain to members, the decade-plus average client tenure reflects sticky plan-level decision-making, and the absence of a retail or high-net-worth channel means the firm avoids competing with the very asset managers it hires. No other US investment platform of comparable scale organizes itself so completely around a single regulatory sub-class of institutional capital.