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Thursday, January 26, 2006

TIAA-CREF Shareholders Approve Fee Hike

by: Armie Margaret Lee

This time around, they said yes. Shareholders of eight TIAA-CREF institutional mutual funds on Wednesday gave their approval to a new investment management agreement that would raise annual fees.

The funds that will see higher fees are International Equity, Large-Cap Value, Small-Cap Equity, Real Estate Securities, Social Choice Equity, Bond, Inflation-Linked Bond and Money Market Funds.

"The new management agreement enables the funds to cover their cost of operation while remaining competitive with the lower-priced offerings in the industry," said TIAA-CREF chief executive Herb Allison in a statement.

Wednesday marked the second time the proposal came before the shareholders, who rejected it last August. During that meeting, higher fees were approved for 21 other institutional funds

Shareholders also rejected the hike in fees for the Growth Equity Fund at the August vote, but that fund was not part of the resolicitation, TIAA-CREF said.

The agreement between TIAA-CREF Institutional Funds and Teachers Advisors will take effect February 1. 

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