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Thursday, August 04, 2016

TIAA, Ever the Buyer

News summary by MFWire's editors

Roger Ferguson and his team may be poised to make yet another big acquisition, though not in the mutual fund business.

Roger Ferguson
President and CEO
New York City-based TIAA [profile] (formerly known as TIAA-CREF) "has been in exclusive negotiations" to buy Jacksonville, Florida-based EverBank for $2.5 billion, Lauren Hirsch and Olivia Oran of Reuters report. Bloomberg and the Wall Street Journal also covered the news.

EverBank focuses on online and mobile banking, yet it also has physical offices, a wealth management arm, and an online brokerage. TIAA also has an online bank, four-year-old TIAA Direct.

TIAA's acquisitions in recent years include: Chicago-based mutual fund shop Nuveen and retirement plan industry software developer Envisage in 2014, and roboadvisor MyVest earlier this year. 

Edited by: Neil Anderson, Managing Editor

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