TIAA Targets DC in Revamp

Nuveen Investments and TIAA Investments will be unified under a defined contribution investment only business.

TIAA has joined two of its asset management divisions to expand its defined contribution (DC) business, the firm announced Tuesday.

Nuveen Investments and TIAA Investments will be united under the firm’s new DC Investment Only (DCIO) arm, to be led by Nuveen Managing Director Erin Donnelly.

“TIAA Investments and Nuveen have a long history of serving the retirement needs of investors with high-quality investment solutions and innovative products,” said Rob Leary, CEO of TIAA Global Asset Management. “Bringing our teams together under Erin’s leadership will provide a single point of access for advisors, consultants, and plan sponsors.”

As head of DCIO, Donnelly will lead a team of more than 20 professionals focused on the 401(k), 403(b), and 457 markets. She previously spent nearly 15 years at Merrill Lynch, where she served as head of global funds and insurance.

“Our team will draw upon the best investment strategies and value-added programs from both firms to empower advisors, consultants, and plan sponsors with the tools and resources they need to build best-in-class retirement solutions for their clients and employees,” Donnelly said.

In addition to its existing products, TIAA said it intends to add DCIO resources to support advisors’ and consultants’ needs.

The expanded DC focus is the latest move in an ongoing reorganization by TIAA, which rebranded from TIAA-CREF in late February. Earlier that month, the firm announced it would combine its real assets units into a single standalone business.

BlackRock and Bain Capital have conducted similar restructurings this year.

“Through a unified business and dedicated DCIO resources, we can now offer—as never before—a complete suite of high-quality, high-performing investment strategies that meet the unique needs of the DCIO clients,” Donnelly said.

Related: TIAA-CREF Reveals Reorganization & Reorgs, Reshuffles, Rethinks: Asset Management’s Overhauls