Endowment management

What we offer

TIAA Kaspick provides portfolio strategy, design and execution to mid-sized endowments using an outsourced CIO model. Our clients’ investment committees set the objectives and risk tolerance for their endowments and delegate to us the day-to-day investment management responsibilities for manager selection, rebalancing, tactical adjustments, risk analysis and reporting. Our services are best suited to institutions seeking a fully liquid portfolio with complete transparency into their portfolios. We use an open architecture approach, allowing us to select managers best suited to address the needs of our clients.

Our investment process and philosophy

We work with each client’s investment committee and staff to review the endowment’s return objectives, risk tolerance, liquidity needs and spending policy. Based on these conversations, an asset allocation is developed using both quantitative methods and qualitative decision making. The portfolios are broadly diversified across both domestic and foreign equities. Fixed income allocations are also well-diversified. We implement the strategy using an array of carefully screened, institutional quality, low-cost mutual funds to further diversify the portfolios across managers and manager styles.
Our investment philosophy includes these core principles:
  • Take a long-term perspective
  • Maintain an equity orientation developed for each client based on specific objectives, spending policy and risk tolerance
  • Broadly diversify portfolios across both equity and fixed income asset classes to help mitigate risk
  • Build in hedges against unanticipated inflation and deflation
  • Maintain a value tilt to potentially enhance returns over time and reduce volatility
  • Apply a disciplined approach to selecting managers; use index funds when we do not have conviction that active managers can outperform
  • Be slow to hire managers and slower to fire; closely follow all terminated managers
  • Only invest in what we understand and be skeptical of new strategies
  • Keep fees and expenses low
  • Make modest tactical adjustments to portfolios at extreme valuations but do not try to time the market
  • Rebalance portfolios regularly to manage portfolio risk
  • Execute intelligently

What distinguishes us

  • The experience of our investment team
  • Our 25-year record of producing competitive returns
  • The team’s independence and objectivity
  • The daily liquidity of our portfolios
  • Our effective risk management
  • Our comprehensive reporting
  • Our consulting on spending and related endowment policies

Get in touch

We look forward to continuing the conversation—and discussing how our services can help advance your organization’s mission both today and for generations to come.
TIAA offers endowment management (“TIAA Endowments”) and planned giving services (“TIAA Kaspick”) through subsidiaries of TIAA including TIAA Endowment & Philanthropic Services, LLC, an investment advisor registered with the Securities and Exchange Commission, and TIAA, FSB, a federal savings bank. Registration does not imply a certain level of skill or training.