Deals & People June 13, 2011

TIAA-CREF Selected as Manager of Calif. 529 Plan

California's ScholarShare Investment Board (SIB) unanimously selected TIAA-CREF Tuition Financing (TFI) to manage California’s direct-sold 529 college savings plan.
Reported by

TFI was selected after a competitive bid request and will take over management of ScholarShare in November, 2011.  ScholarShare’s current program manager contract expires on November 11, 2011.  

SIB directed its staff to begin working with TFI about assuming management of the adviser-sold plan, which is part of the existing contract to expire in November, said California Treasurer Bill Lockyer in the announcement.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

ScholarShare currently has $4.4 billion in assets in more than 291,000 accounts.
Deals & People June 13, 2011

Scott and Giolitti Join Wurts & Associates

Seattle-based Wurts & Associates selected Jeffrey Scott as Chief Investment Officer and Max Giolitti as Director of Risk Allocation.
Reported by

Scott has served as CIO of the Alaska Permanent Fund for nearly three years, and has more than twenty years of investment experience. He previously acted as Assistant Treasurer at Microsoft, where he worked with Giolitti, then the Director of Quantitative Analysis. The two recently worked together again after Scott was selected to be the CIO for the APFC, where Giolitti was the Director of Asset Allocation and Risk, in 2008.

Scott will continue with the APFC through early August and officially join Wurts & Associates shortly thereafter. He will focus on leading the investment professionals and managing the company’s discretionary business.  Giolitti will support the consulting team and the implementation of risk management solutions for discretionary clients.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

“We are thrilled to have Jeff and Max join Wurts & Associates,” said Wurts CEO, Jeff MacLean. “Conventional wisdom needs to be challenged in how we allocate assets and manage risk in portfolios. Jeff’s well established background and thought leadership will help Wurts & Associates redefine how institutional investors should allocate their assets relative to liabilities and objectives.”

 

«