The Carnegie Foundation for the Advancement of Teaching has appointed Kaspick & Company as its endowment fund manager. The subsidiary of TIAA-CREF will be managing the $87 million endowment fund of the foundation. The new manager will begin overseeing the endowment assets of the foundation in California by the end of March 2011, adds Pensions & Investments. A $10 million endowment from the Carnegie Foundation in 1918 had launched the Teachers Insurance and Annuity Association.

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