TIAA Endowment and Philanthropic Services plans to wind down its outsourced CIO business over the next nine to 12 months, a spokeswoman confirmed in an email.
After conducting an internal review over the last few months, the company "has decided to exit the increasingly crowded and highly competitive OCIO business and will wind down the legacy TIAA Endowments business line within TEPS," the spokeswoman said in a statement.
TIAA's endowment investment services will be provided through its money management arm, Nuveen.
TEPS will help its current OCIO clients transition to new providers.
The change will not affect planned giving, institutional asset management or endowment clients served through TIAA Kaspick or TIAA Bank's Trust division.