TIAA-CREF, a financial services firm that provides retirement services in the academic, research, medical and cultural fields, has completed its acquisition of Kaspick & Co., which provides planned-giving services for colleges, universities and other nonprofits.
Terms of the deal, which closed Oct. 1, were not disclosed.
With $4 billion in planned-giving assets, the combined company says, it has the largest planned-giving portfolio in the industry.
TIAA-CREF had over $380 billion in combined assets under management as of June 30, 2006.
Kaspick & Co., which specializes in the management and administration of planned gifts, manages more than $3.6 billion, including what it says is one of the largest portfolios of planned gifts in the U.S.
Kaspick & Co. will operate as a subsidiary of TIAA-CREF, and Kasppick & Co. employees will continue to work at its offices in Redwood Shores, Calif., and Boston, Mass.
Scott Kaspick and Susan Termohlen, who co-founded Kaspick & Co. in 1989, will stay with the firm, as will its entire senior management team.
Kaspick & Co. will report to the Institutional Product Management division of TIAA-CREF that is led by Paul Van Heest.
Colchester Partners advised TIAA-CREF on the acquisition, and Berkshire Capital advised Kaspick & Co.