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The First Church of Christ, Scientist Engages Covariance to Manage $770 Million Investment Portfolio
Houston, August 5, 2015 — The First Church of Christ, Scientist (“TFCCS”), headquarters of the worldwide Christian Science Church, has hired Covariance Capital Management (“Covariance”), a subsidiary of TIAA-CREF, to provide outsourced chief investment officer (“OCIO”) services. Covariance was chosen to manage $770 million of the Boston-based religious organization’s invested funds through a competitive process, including the issuance of an RFP in late 2014.
In its capacity as the OCIO for TFCCS, Covariance will work closely with TFCCS’s investment committee and investment staff to determine a strategic asset allocation, manage the portfolio across multiple asset classes, maintain appropriate risk controls and liquidity, and rebalance the portfolio as needed.
“We are excited and honored that The First Church of Christ, Scientist has entrusted us with investment of Church funds. I look forward to partnering with the caring and committed management of the Church in the stewardship of its funds toward advancing its mission,” said Scott Wise, Covariance’s President and Chief Investment Officer.
The Covariance team has decades of hands-on experience in managing endowment portfolios and alternatives-focused investment solutions on behalf of not-for-profit institutions. The firm specializes in building multi-manager, multi-asset class portfolios designed to achieve principal growth, portfolio diversification and protection against inflation.
“OCIO services are a sensible alternative to an in-house investment staff for many not-for-profit institutions, particularly for an organization with a sizeable endowment that can benefit from a research-intensive investment process and thoughtful asset allocation policy driven by an organization with substantial investment, risk management and operational resources like ours,” added Kevin Nee, CEO of Covariance. “We are honored that The First Church of Christ, Scientist has invited us to help safeguard and grow their portfolio and we are looking forward to a long-term partnership with their investment committee and staff.”
TMC worked with Nanci Morris of New England Retirement Consultants, LLC to lead the search process. Houston, Texas-based Covariance managed approximately $2.3 billion for clients, as of June 30, 2015. For additional information on Covariance, please visit www.covariancecapital.com .
Covariance is a boutique investment management firm based in Houston, Texas, that provides customized endowment management services to investors with long-term investment horizons and focuses exclusively on not-for-profit institutions. 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, please visit www.covariancecapital.com .
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $869 billion in assets under management (as of June 30, 2015) and is the leading provider of retirement services in the academic, research and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.