TIAA Offers 75% of its U.S. Employees Buyouts
Posted on 05/11/2020
TIAA-CREF is offering a voluntary separation program for 75% of its U.S. employees, which includes employees of Nuveen, TIAA’s investment manager. The asset manager arm of Nuveen continues to struggle and gain clout among institutional investors. Nuveen has US$ 1 trillion in assets under management as of March 31, 2020 and operations in 27 countries.
The TIAA package looks like:
1. 45 to 91 weeks’ salary based on tenure
2. Up to 18 months of health insurance
3. 6 months of outplacement assistance
4. 100% of 2019’s cash bonus
“As we navigate through these unprecedented times, we are exploring a variety of measures to reduce costs while managing our business and continuing to serve our clients. As part of that process, we have introduced a voluntary separation program for our employees, which is designed to give our people the ability to decide what’s best for them,” TIAA disclosed in the statement.
Nuveen has faced scores of key departures. Frank van Etten, a UBS Asset Management veteran, exited Nuveen after almost three years as chief investment officer and head of Nuveen Solutions. van Etten is not being replaced. President of Nuveen Advisory Services, Margo Cook, left Nuveen in March 2020.
The Nuveen Energy MLP Total Return Fund (NYSE: JMF) and the Nuveen All Cap Energy MLP Opportunities Fund (NYSE: JMLP) completed their termination and liquidation following the close of business on May 8, 2020.
Keywords: The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund.