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.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.