TIAA is one of the oldest names in the retirement industry, founded by industrialist Andrew Carnegie in 1918. But it is stepping away from that history in one part of its business as it seeks more money from outside investors.
TIAA’s asset-management unit Monday renamed itself Nuveen, taking the brand of a company TIAA purchased in 2014. The division’s dozen money managers oversee almost $900 billion in assets, ranging from stock mutual funds to timber and real estate.
TIAA in December hired Vijay Advani, former co-president at Franklin Templeton Investments, to be president and operating chief of the reorganized business. It also appointed TIAA veteran Jose Minaya to help oversee the 12 money managers as president of global investments.