Federated Investors hired TIAA-CREF to manage $750 million in stable value assets, confirmed Federated spokeswoman Melissa Ryan.
TIAA-CREF will manage the assets for the $5.7 billion Federated Capital Preservation Fund.
The separate account portfolio will be managed through a guaranteed investment contract issued by TIAA-CREF Life Insurance Co., and the underlying assets will be managed in a short-duration fixed-income investment strategy by TIAA-CREF Asset Management, according to a TIAA-CREF news release.
Federated previously managed the assets.
