Morley Capital Management assigns $725 million in stable value to TIAA-CREF
By Robert Steyer | October 3, 2012 1:32 pm
Morley Capital Management hired TIAA-CREF to manage $725 million in stable value assets, confirmed Shane Johnston, a senior portfolio manager at Morley Capital, in an e-mail.
Although TIAA-CREF manages its own stable value assets, the deal with Morley is the first time TIAA-CREF will manage stable value assets for another company, said Abby Cohen, a spokeswoman for TIAA-CREF, in an interview.
TIAA-CREF is managing one separate account “that is supporting contracts issued to two (pooled) stable value funds that Morley manages,” Ms. Cohen said.
As of June 30, TIAA-CREF managed $152.5 billion in stable value accumulation assets for defined contribution plans, retiree health-care savings plans, 529 plans, IRAs and stable value funds, a TIAA-CREF news release said.