Printer-friendly versionTIAA-CREF’s Kaspick & Company was chosen by the Carnegie Foundation for the Advancement of Teaching to manage its endowment, the two organizations announced today. Kaspick & Company will provide sophisticated asset management that seeks competitive returns while reducing volatility for the $87 million endowment (as of 12/31/2010) which supports the Foundation’s research and action projects.
The Carnegie Foundation is an independent policy and research center focused on supporting needed transformations in American education. Kaspick, the national leader in managing planned giving portfolios, is a subsidiary of TIAA-CREF, the leading provider of financial services and retirement planning to the academic, medical and nonprofit fields. Philanthropist Andrew Carnegie founded the Teachers Insurance and Annuity Association (TIAA) by a $10 million endowment from Carnegie Foundation in 1918 to provide free pensions to retiring teachers at private, non-sectarian institutions.
“This venture between our two organizations is a family reunion of sorts,” said Carnegie Board Chair Patricia Albjerg Graham. “Carnegie was a proud parent in 1918 when the Foundation launched TIAA to provide life insurance and retirement funding for American professors. We had no idea our offspring would innovate so magnificently and become so respected for both its fiscal and ethical performance. We feel confident that our common founder, Andrew Carnegie, would be pleased.”
“Carnegie Foundation’s vote of confidence is very meaningful as it brings our two like-minded organizations together in a new way to advance our collective work in the non-profit community,” said Roger W. Ferguson, President and CEO of TIAA-CREF. “It is our hope that we serve the Foundation’s endowment needs for years to come.”
“We’re honored to have been chosen by the Carnegie Foundation to manage their endowment,” said Michael Kahn, Managing Director, Kaspick & Company. “We look forward to partnering with them to help ensure the future of their organization and their mission of supporting American education.”
The Kaspick investment team has developed a solid 20-year investment performance record at portfolio, asset class and manager levels. In addition to providing outsourced chief investment officer services to mid-sized endowments, the company has also set the national standard for excellence in providing planned giving services to many of the nation’s pre-eminent non-profit institutions. Kaspick was acquired by TIAA-CREF in 2006 and has offices in Redwood Shores, California, Boston, Massachusetts and St. Louis, Missouri.
About Kaspick & Company
Kaspick & Company is a boutique investment firm that was founded in 1989, with roots in the college and university endowment world. It became a wholly-owned subsidiary of TIAA-CREF in 2006. The firm specializes in the management of planned gift assets and mid-size endowments. It manages $4 billion for 80 clients, including many of the leading educational, medical, and religious organizations in the nation.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $453 billion in combined assets under management (as of 12/31/10) and provides retirement services to the academic, research, medical and cultural fields.
About the Carnegie Foundation
Founded by Andrew Carnegie in 1905 and chartered in 1906 by an act of Congress, The Carnegie Foundation for the Advancement of Teaching (www.carnegiefoundation.org) is an independent policy and research center. Its current mission is to support needed transformations in American education through tighter connections between teaching practice, evidence of student learning, the communication and use of this evidence, and structured opportunities to build knowledge.
