US - Trust Company managing principal Mike Palmer has been appointed to the TIAA-CREF board of financial advisors.
The eleven strong board provides crucial guidance and feedback on initiatives undertaken by the US$400bn retirement system giant.
The TIAA-CREF also announced it had closed on a joint venture to buy 67 shopping centres worth around US$3bn.
TIAA-CREF contributed 85% to the venture, while Ohio-based Developers Diversified Realty Corp put in 15%.
In other news, the New York State Teachers’ Retirement System and real estate firm the Bozzuto Group have set up a $100m property venture.
Construction of the venture’s first project - a 204-unit apartment community – is already underway.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).