TIAA today announced TIAA Endowment & Philanthropic Services has been selected as Outsourced Chief Investment Officer 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."