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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Kaspick & Company
  • TIAA-CREF
  • Institutional Advisor
  • June 22, 2006
  • $3 Billion

Seller Details

Kaspick & Company specializes in the management and administration of planned gifts. Since its founding in 1989, Kaspick & Company has worked in partnership with its non-profit clients to set a new standard of excellence in planned giving. Today Kaspick & Company manages more than $3 billion, including one of the largest portfolios of planned gifts in the country. Clients include many of the pre-eminent educational, medical and religious organizations in the nation.

Buyer Details

TIAA-CREF is a national financial services organization with more than $380 billion in combined assets under management (March 31, 2006) and the leading provider of retirement services in the academic, research, medical and cultural fields.

Transaction Summary

The combination of Kaspick & Company and TIAA-CREF accelerates TIAA-CREF's growth into the large-size segment of the planned giving market while strengthening its offerings to mid-sized planned giving programs that are currently served through the TIAA-CREF Trust Company. Kaspick & Company will operate as a subsidiary of TIAA-CREF. Scott Kaspick and Susan Termohlen, who co-founded the firm in 1989, will remain with the business, as will the entire senior management team. All of Kaspick & Company's 72 employees will continue to work at the company's Redwood Shores, CA and Boston, MA offices. The Kaspick & Company business will report to TIAA-CREF's Institutional Product Management division led by Paul Van Heest.

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