US/UK - The US$420bn Teachers Insurance & Annuity Association-College Retirement Equities fund (TIAA-CREF) has launched its first overseas office in London.
TIAA-CREF Global Real Estate head and managing director Tom Garbutt said the office would strengthen and enhance the fund's global real estate platform in the UK and Europe which would help it grow and actively manage its real estate investment portfolio.
Garbutt said: "While we have been direct investors in European real estate markets for 13 years, we believe that having our own local, dedicated and experienced investment professionals on the ground will add to our understanding of these markets."
He added: "TIAA-CREF's real estate platform is based on a consistent, disciplined investment approach that combines proprietary tools refined over many years, market cycles and economic conditions with local market perspective to seek the best relative value for our clients.
"Our London office will follow this approach and facilitate the continued active management of our overseas investments."
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.