The University of Connecticut Foundation selected a Houston-based investment management firm to oversee $130 million of its endowment.
The foundation selected Covariance Capital Management to be its outsourced chief investment officer. Covariance is a member of the TIAA family of companies.
Covariance will work with the foundation’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.
The University of Connecticut’s endowment was approximately $363 million as of Sept. 2015, the most recent figure available. Covariance was chosen to manage nearly $130 million, or about one-third of the foundation’s endowment, with the opportunity to manage a larger portion of the endowment in the future based on Covariance’s performance.
Covariance managed approximately $2.3 billion for clients, as of Sept. 30, 2015.
