Scott W. Wise to Lead New TIAA-CREF Endowment Management Business
NEW YORK, May 17, 2010
Rice University endowment head Scott W. Wise will join TIAA-CREF as chief investment officer of a new business that will provide investment management services for endowments and foundations nationwide.
Mr. Wise joins TIAA-CREF from Rice University, where he serves as President of Rice Management Company and has served as the university’s chief investment officer (CIO) since 1989.
The new endowment initiative plans to offer institutions access to the highest standard of excellence in a fully outsourced investment office, with capabilities of managing multi-asset class portfolios to help institutions meet current operating and long-term financial goals.
“We’re pleased to welcome Scott Wise as chief investment officer of our new endowment management business,” said Roger W. Ferguson, Jr., TIAA-CREF President and CEO. “As one of the most experienced and successful chief investment officers in the endowment management field, Scott understands the challenges endowments and foundations face in addressing asset allocation concerns and liquidity needs that arose during the economic downturn, and is prepared to provide solutions that enable institutions to address them.”
Mr. Wise remarked that, “to build and lead a team and a business that offers endowment management expertise to charitable institutions around the nation is a unique and exciting opportunity for me. It is an honor to have been selected from among a stellar group of candidates and to have the backing of TIAA-CREF, one of the most recognized and respected names in the institutional world.”
Among other services, TIAA-CREF’s new endowment management business plans to provide customized asset allocation expertise, access to some of the best-in-class managers across a range of traditional and alternative asset classes, and a fully integrated risk management approach drawn from the experience of both Mr. Wise and TIAA-CREF, which manages more than $425 billion on behalf of 15,000 institutional clients and 3.7 million individual participants.
TIAA-CREF’s endowment management business plans to be fully operational later this year and will operate independently of the organization’s retirement plan business.
Mr. Wise and the new business will be based in Houston, Texas.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $426 billion in combined assets under management (3/31/10) and the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
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2 For each fund/account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's/account's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Where applicable, Morningstar's performance rankings are based on linked performance that considers the differences in expense ratios, while actual performance data shown does not reflect such differences. The top 10 percent of funds/accounts in a category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars, the next 22.5 percent receive two stars and the bottom 10 percent receive one star. (Each share class is counted as a fraction of one fund/account within this scale and rated separately, which may cause slight variations in the distribution percentages. Based on Morningstar data for share classes [not funds] that have completed one calendar year of performance.)
3 TIAA-CREF compensates the advisors through a salary-plus-incentive program based on client service excellence and financial results. Advisors will only recommend products that help achieve our clients’ goals.
4 Morningstar Direct (December 2009) based on Morningstar expense comparisons by category.