TIAA-CREF is one of the largest financial services companies in the United States, with some $390 billion in assets under management as of September 30, 2006. Its approximately 15,000 institutional clients are drawn from the non-profit and educational sectors, and the company itself is operated on a not-for-profit basis. It is based in New York City and has major offices in Denver, Colorado and Charlotte, North Carolina and satellites around the US.