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TIAA-CREF’s Covariance appoints chief executive

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Covariance Capital Management, a provider of outsourced endowment management services to educational, healthcare and other non-profits, has appointed Kevin Nee as chief executive officer.

Nee will be responsible for the strategic leadership of the business, including new business development and day-to-day oversight of operations and finance.
Scott W Wise, who has led Covariance as president and chief investment officer since its launch in 2011, will remain in those roles.
“We are pleased to welcome Kevin to the Covariance team. We are confident that his background and expertise will be extremely valuable, particularly his experience as a long-term investor in the private markets, as we build on our three-year track record and increase Covariance’s visibility with potential clients,” says Wise.
Covariance offers clients fully integrated outsourced chief investment officer (OCIO) functions, including asset allocation, investment of capital with third-party managers, performance and risk reporting, as well as operational and accounting support related to investment services. In addition to holistic OCIO services, Covariance also manages dedicated portfolios of alternative assets.
Nee brings over two decades of investment management, global business development and leadership experience to Covariance. He joins Covariance from Wilshire Private Markets, where he led a team of 40 professionals across the US, Europe, Asia and Australia, and oversaw the management of approximately USD5 billion in discretionary client assets across commingled funds and separate accounts in the private markets. He was previously a managing director at BlackRock Alternative Advisors and a principal and portfolio manager at Quellos Private Capital Markets.

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