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 secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.