Outsourced chief investment officers oversee an increasing number of large investment portfolios. OCIOs manage trillions of dollars and this is one of the fastest growing parts of the investment business.While these OCIOs are gaining clients and assets to manage, clients too are learning. Clients are getting better at understanding what it is they like - and don’t like about the OCIO model. Some of these clients have felt frustrated and fired their first OCIO and hired a new one. But replacing a vendor doesn’t always improve the outcomes. Instead of swapping one set of problems for others, there is a better solution for everyone. Clients and OCIO firms can both benefit from acknowledging that there are principles for managing these large, complex portfolios. OCIO 2.0 offers a road map for the industry to move towards a set of principles which can guide both OCIOs and their clients.