Fundsters interested in the future of TIAA-CREF
's mutual fund business may want to look at the "Fund Spy" column this morning. Morningstar
's Courtney Goethals Dobrow writes
about CEO Roger Ferguson
's plan to double the asset manager's mutual fund assets within five to seven years, while adding two to six new funds each year. (TIAA-CREF had 46 mutual funds with a total of $26 billion in assets as of April 30.)
Dobrow worries about what the growth plans will mean for TIAA-CREF's culture.
"TIAA-CREF's corporate culture has some good attributes, such as its reasonable fees, but it doesn't particularly stand out versus peers," Dobrow concludes. "On top of this, the firm is entering a major transition period fueled by objectives that are pretty out of character for the family. For these reasons, Morningstar rates TIAA-CREF's corporate culture a C grade."
Neil Anderson, Managing Editor
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