Basically the OCIO (or 'fiduciary') approach to manage institutional portfolios is a move back to what once was popular as the 'balanced' approach to portfolio management. The provider is given more or less discretionary authority though tailored constraints transfer more or less responsibility back to the client. The more constraints are included in the mandate the less responsibility for the ultimate performance can be pinned on the OCIO and in the end the whole thing ends up in a messy outcome where each side blames the other when results are sub-par.
Reading this statement from the quoted report one has to wonder whether or not those responsible for the management of the portfolios are really qualified for their tasks.
The Pandemic Is Spurring OCIO Growth. Transparency Will Follow
"Crises cause many institutional investors to realize that they are not comfortable or properly structured to effectively navigate a volatile, complex, fast-moving capital markets environment under the traditional consulting relationship, much less fully independently."