New York, August 8, 2018 – TIAA today announced TIAA Endowment & Philanthropic Services has been selected as Outsourced Chief Investment Officer (OCIO) for the $240 million endowment of the Medical College of Georgia Foundation.
TIAA was selected for its solution that incorporates sophisticated risk management and spending policy optimization, as well as a portfolio that is diversified across traditional and high quality alternative asset managers. The investment performance and extended suite of services within TIAA Endowment & Philanthropic Services also played a key role in the decision.
“We were seeking a solution to build upon our success,” said Ian S. Mercier, President and CEO of MCG Foundation. “Our endowment plays a vital role in helping to support many future generations of faculty, students and scientists and the advancement of education, research and patient care at the Medical College of Georgia at Augusta University.”
“We are committed to supporting the mission of the MCG Foundation to improve quality of life for the people of Georgia and beyond,” said Kevin O’Leary, CEO of TIAA Endowment & Philanthropic Services. “Our investment expertise and experience serving nonprofit clients will be an important factor as they seek to advance their long term goals.”
More information about TIAA Endowment & Philanthropic Services is available at www.tiaa.org/teps.
With an award-winning1 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1 trillion in assets under management (as of 6/30/20182) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
The Medical College of Georgia, Augusta University’s founding school, is the state’s leading provider of physicians, graduating the largest number of physicians of the five medical schools in Georgia. More than 51 percent of MCG graduates remain in Georgia to practice, well above the average retention rate of 39 percent. In 2016 MCG graduated more than two times the physicians going into primary care and core specialties – like family medicine, internal medicine, pediatrics, obstetrics and gynecology, emergency medicine and general surgery – than any other medical school in the state of Georgia.