New York and Houston, October 13, 2014 — Covariance Capital Management ("Covariance"), a wholly-owned subsidiary of TIAA-CREF that provides outsourced endowment management services to educational, healthcare and other nonprofits, today announced the appointment of Kevin Nee as Chief Executive Officer.TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA , distribute securities products.
Mr. Nee will be responsible for the strategic leadership of the business, including new business development and day-to-day oversight of operations and finance. Scott W. Wise, who has led Covariance as President and Chief Investment Officer since its launch in 2011, will remain in those roles.
"We are pleased to welcome Kevin to the Covariance team. We are confident that his background and expertise will be extremely valuable, particularly his experience as a long-term investor in the private markets, as we build on our three-year track record and increase Covariance's visibility with potential clients," said Wise.
Covariance offers clients fully integrated outsourced chief investment officer ("OCIO") functions, including asset allocation, investment of capital with third-party managers, performance and risk reporting, as well as operational and accounting support related to investment services. In addition to holistic OCIO services, Covariance also manages dedicated portfolios of alternative assets.
Mr. Nee brings over two decades of investment management, global business development and leadership experience to Covariance. He joins Covariance from Wilshire Private Markets, where he led a team of 40 professionals across the U.S., Europe, Asia and Australia, and oversaw the management of approximately $5 billion in discretionary client assets across commingled funds and separate accounts in the private markets. He was previously a managing director at BlackRock Alternative Advisors and a principal and portfolio manager at Quellos Private Capital Markets. Prior to those roles he worked at Capital Z Partners and Invesco Private Capital, where he also managed private equity assets. Mr. Nee holds an M.B.A. from Columbia University's Columbia Business School and a B.S. in Business Administration from Villanova University.
"This newly created role will augment a very strong team at Covariance that brings together top talent from both the nonprofit and investment sectors," said Ron Pressman, Executive Vice President and Chief Operating Officer, TIAA-CREF. "Bringing Kevin on board to concentrate on the overall business management will allow Scott more time to focus on his passion and experience in investment strategy as he helps institutions meet their investment goals."
Covariance is a boutique investment management firm based in Houston, Texas, that provides customized endowment management services to investors with long-term investment horizons, including educational and healthcare institutions, foundations, and other not-for-profits. As a full-service investment office, it provides comprehensive discretionary outsourced CIO services, as well as multi-manager portfolios dedicated to alternative investment strategies. For more information about Covariance Capital Management, visit www.covariancecapital.com .
TIAA-CREF (www.tiaa.org) is a national financial services organization with $844 billion in assets under management (as of 6.30.14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.