The two companies combined have four billion dollars in planned giving assets -- the largest portfolio in the industry. 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 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.
"TIAA-CREF's acquisition of Kaspick & Company furthers our strategic vision to serve the broad financial needs of colleges, universities and other non-profits," said Herb Allison, chief executive of TIAA-CREF. "This important step underscores TIAA-CREF's commitment to the growing planned giving market and allows us to offer the highest quality solution regardless of the size of our client's planned giving program. The breadth and depth of our service offering is unmatched in the market."
Planned giving increasingly provides important financial support for non-profit institutions. Donors make gifts of cash, stocks and other assets to non-profit institutions and typically receive an income for life before the remaining assets pass to the institution. Kaspick & Company's services seek to increase the value of client's planned giving programs, not only through helping them increase the number of planned gifts received, but also by improving the value of the planned gifts to both the donors and the institutions.
"TIAA-CREF is the right partner for our company because we both share the view that this business is about creating value for clients by delivering comprehensive, high-quality services and building close relationships," Mr. Kaspick said. "Susan and I are confident that the business we founded, and the clients and employees we care so much about, will continue to flourish."
"Both Kaspick & Company and TIAA-CREF have strong reputations, records of solid performance and a steadfast commitment to serving their clients," said Mr.Van Heest, "These shared values and mission make for a great strategic fit between our two organizations.
"This combination allows us to serve our entire institutional client base in another way," he added. "Kaspick & Company's compelling service complements that of the TIAA-CREF Trust Company FSB and can be delivered as part of our existing institutional relationships."
Colchester Partners advised TIAA-CREF on the acquisition, while Berkshire Capital advised Kaspick & Company.
About TIAA-CREF
TIAA-CREF is a national financial services organization with more than $380 billion in combined assets under management (6/30/06) and the leading provider of retirement services to individuals and institutions in the academic, research, medical, philanthropic and cultural fields. Further information can be found at www.tiaa-cref.org.
About Kaspick & Company
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 $3.6 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. Further information can be found at www.kaspick.com.
TIAA-CREF Individual & Institutional Services, LLC distributes securities products
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