Medical College of Georgia Foundation Selects TIAA Endowment & Philanthropic Services to Manage $240 Million Endowment
NEW YORK--(BUSINESS WIRE)--Aug 9, 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-winning 1 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 6/30/2018 2 ) 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.
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.
The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons. Past performance does not guarantee future results.
©2018 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY 10017
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Leslie Sepuka, 888-200-4062
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA NEW YORK
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PUB: 08/09/2018 08:37 AM/DISC: 08/09/2018 08:37 AM