First Church of Christ, Scientist, Boston, hired Covariance Capital Management to provide outsourced CIO services for the organization's $770 million investment portfolio, confirmed Prescott Baston, asset management and financial support director for the church.
Covariance will work closely with the church's investment committee and investment staff to determine a strategic asset allocation, manage the portfolio across multiple asset classes, maintain appropriate risk controls and liquidity, and rebalance the portfolio as needed.
An RFP was issued in October. New England Retirement Consultants assisted with the search. The church did not previously have an OCIO; Cambridge Associates was the former investment consultant. Mr. Baston declined to disclose finalists in the search.
Covariance, a subsidiary of TIAA-CREF, managed $2.3 billion in assets as of June 30.
