Among other services, TIAA-CREF’s new endowment management business plans to provide customized asset allocation expertise, access to managers across a range of traditional and alternative asset classes, and a risk management approach, according to a press release. The new business is planned to be fully operational later this year and will be based in Houston, Texas.
The announcement said Rice University endowment head Scott W. Wise will join TIAA-CREF the week of June 14 as chief investment officer of the new business. Wise serves as President of Rice Management Company and has served as the university’s chief investment officer since 1989.
“As one of the most experienced and successful chief investment officers in the endowment management field, Scott understands the challenges endowments and foundations face in addressing asset allocation concerns and liquidity needs that arose during the economic downturn, and is prepared to provide solutions that enable institutions to address them,” said Roger W. Ferguson, Jr., TIAA-CREF President and CEO, in the announcement.