TIAA-CREF signs with Mellon
Mellon Financial Corporation (NYSE:MEL) announced that its Mellon Global Securities Services (GSS) group has been awarded contracts for outsourcing and custody to support TIAA-CREF's new institutional asset management unit. Under the contract, Mellon will provide middle and back-office outsourcing, accounting and custody, while its affiliate, Russell/Mellon, will supply performance measurement and analytics.
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TIAA-CREF Asset Management will manage assets for endowments, foundations, pensions, and other institutional clients. The asset manager plans to make a special effort to target universities, where the TIAA-CREF brand is well known.
"Mellon Global Securities Services has received numerous accolades throughout the industry for its high levels of service and technology," said Nancy Heller, head of TIAA-CREF Asset Management. "This type of support will prove invaluable as we grow our new institutional asset management business."
"We have made a major commitment to providing solutions for investment managers," said James P. Palermo, Mellon vice chairman and president of Mellon GSS. "By leveraging Mellon's long-standing experience with administrative functions and delivering it through our advanced technology, we are enabling TIAA-CREF to focus its resources on asset management and other critical areas of expertise."