Houston, February 24, 2016 — The University of Connecticut Foundation (the “Foundation”) has concluded its search for an outsourced chief investment officer (“OCIO”) solution by selecting Covariance Capital Management (“Covariance”), a member of the TIAA family of companies, to provide customized solutions to the not-for-profit institution.
In its capacity as the OCIO for the Foundation, Covariance will work closely with the Foundation’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 that the University of Connecticut Foundation selected Covariance’s investment services to help the Foundation better pursue its mission,” said Roger W. Ferguson, Jr., president and CEO of TIAA. “As TIAA’s boutique endowment management firm, Covariance is an important part of our mission to strengthen the financial well-being of the higher education sector.”
The University of Connecticut’s endowment was approximately $363 million as of September 2015, the most recent figure available. Covariance was chosen to manage nearly $130 million, or about one-third of the Foundation’s endowment, with the opportunity to manage a larger portion of the endowment in the future based on Covariance’s performance.
“We are honored that the University of Connecticut Foundation has selected Covariance to provide valuable stewardship of a portion of the Foundation’s endowment,” said Kevin Nee, CEO of Covariance. “Our goal is to empower the Foundation to further its mission by providing principled investment leadership to help grow the Foundation’s permanent capital.”
Covariance specializes in building multi-manager, multi-asset class portfolios designed to achieve principal growth, portfolio diversification and protection against inflation. 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.
Houston, Texas-based Covariance managed approximately $2.3 billion for clients, as of September 30, 2015. For additional information on Covariance, please visit www.covariancecapital.com.
Covariance, a member of the TIAA family of companies, 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 OCIO 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 (TIAA.org) is a unique financial partner. With an award-winning track record for consistent investment performance, TIAA is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $854 billion in assets under management (as of 12/31/2015) and offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.