Mellon GSS has been awarded a contract to support TIAA-CREF’s new institutional asset management unit. Mellon will provide the unit with middle and back-office outsourcing, accounting and custody, while its affiliate, Russell/Mellon, will supply performance measurement and analytics.
The new unit, TIAA-CREF Asset Management, which opened its doors earlier this month, manages assets for endowments, foundations, pensions, and other institutional clients. TIAA-CREF plans to make a special effort to recruit universities as its initial clients.
TIAA-CREF is a financial services company and leading retirement system for higher education and research that has a total of over US$300 billion in assets under management.