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New York, NY 10017-3206
Main Phone: 212-490-9000
Mutual Fund Brand(s)
SEC Fund Filings by CIK
On April 14, 2014, TIAA-CREF unveiled a $6.25-billion to buy the $221 billion AUM Nuveen Investments. The purchase reportedly included $4.5 billion in debt and $1.75 billion in cash. TIAA-CREF confirmed the close of the deal on October 1, 2014.
The "Vanguard" of the higher education market, TIAA-CREF has in the past decade started a transition to reach all markets. The firm launched its first mutual funds nearly eight decades after its founding. TIAA is currently led by CEO Roger Ferguson, who is tight with U.S. President Barack Obama.
Entry into Fund Business
After regulatory changes in 19971 opened TIAA-CREF's higher education operations to federal taxation, the annuity provider expanded its business into more distribution channels.
As part of its newly expanded strategy, then CEO-John Biggs oversaw the creation of TIAA-CREF's first six mutual funds. The funds were built around low-cost investing and indexing. At the same time Biggs also created a line-up of tuition savings plans, life insurance products and created a trust company.
The company stepped up that effort by bringing in Herb Allison, a long-time Merrill Lynch executive, to served as TIAA-CREF's CEO from 2002 until his retirement in 2008.
Starting in 1988, TIAA expanded its variable annuity offerings, which now number ten. It also created the TIAA Real Estate Account.
Tax reform during the eighties also led to TIAA-CREF's first competitors in the 403(b) market from mutual fund providers.
In the 1970s it created a portfolio of international equities.
Post-World War II
The change in higher education and the economy after World War II caused TIAA to rethink its strategy of providing a bond-backed pension. After studying the issues for 18 months, a TIAA task force recommend the creation of a "variable annuity" funded by periodic investments in common stocks be combined with the bond annuity.
On July 1, 1952, that recommendation led to the creation of the College Retirement Equities Fund (CREF) as the first variable annuity.
After Cornell University trustee Andrew Carnegie discovered the inability of professors to reliably build retirement income, he directed fhe Carnegie Foundation to establish the Teachers Insurance and Annuity Association (TIAA) in 1918 as a fully-funded system of pensions for professors and New York domiciled life insurer. Grants from the Carnegie Foundation and Carnegie Corporation of New York as well as individuals provided the initial funding.
Henry S. Pritchett, a former president of the Massachusetts Institute of Technology was the insurer's first leader. Teachers played a strong role in forming the company, starting with the election of Professor Samuel M. Lindsay of Columbia to TIAA board of trustees in 1921.
TIAA-CREF currently operates offices in nearly 60 U.S. cities including Ann Arbor, Houston, Iowa City and Salt Lake City.
President, TIAA-CREF Asset Management
|John Peter Amboian|
Chairman and CEO, Nuveen Investments
CEO, core asset management business, TIAA-CREF
|Shelli VanDeMark Kendig|
VP, Product Marketing, TIAA-CREF
Corporate Chief Marketing Officer, Lincoln Financial Group
|Peter R Hueber|
Director, Institutional Relationships, TIAA-CREF
|Mary Sharon Kenny|
Marketing Director, TIAA-CREF
Director, Individual and Small Group Product Marketing and Sales, BlueChoice, a subsidiary of BlueCross BlueShield of South Carolina