More client losses and job cuts for TIAA. The only thing go for us is the TIAA Traditonal restriction. If there were no surrenders or timing restrictions on that fund, our ratings would tank in a NYC minute.
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Contract exchanges in favor of Fidelity, Voya etc., have been going in their favor for years. Employment separation retirement plan rollovers is like a river at spring run off going to other firms. A Schwab business development friend says rollover requests from TIAA are easy low hanging fruit, except the Traditional. As far as direct indexing goes it's a day late and a dollar short. TIAA is almost always to late. Schwab, Fido, Vanguard, Morgan Stanley all have had direct indexing for a while.
@gx Nuveen is the asset manager of the business. Nuveen acquiring Brooklyn Investment Group is still means that TIAA will reap the benefits of it all at the end. You’re reading into something about TIAA vs Nuveen when at the end of the day, Nuveen is a TIAA company.
@gx Direct indexing goes against the main tenant of TIAA - annuities. They are customizable solutions that invest across asset classes, which integrates much better with Nuveen as an asset manager rather than TIAA that is an asset gatherer.
That said, I think you're spot on with the rebranding of TIAA to Nuveen, eventually. It has much more brand recognition than "Teachers Insurance....
I saw something that struck me as more of a "clue" than evidence. The Headline was "Nuveen acquires Direct Indexer Brooklyn Investment Group" Maybe I'm reading too much into it, but I would have thought that, for a lot of reasons, the headline would have been "TIAA acquires Brooklyn Direct Indexing...." or at least "TIAA subsidiary acquires Brooklyn Direct Indexing".
Given the net income loss of $1.2 billion, you'd think TDB could use some good pub, and she'd get a lot more mileage out of this transaction if TIAA had been featured in the headline.
My guess is the sun has already set on TIAA as the feature name in the company and they prepping all remaining assets, people and strategies to further the goals of the "new and improved" company that will be run by someone other than TBD......Nuveen.
And by "My guess is..." I mean that's what's happening.
Any evidence?
@be how is Nuveen going to depart on its own? The GA owns Nuveen and would only divest because they got an insane offer (highly unlikely) OR they need the money, at which time EVERYONE would know TIAA is already beyond saving.
I hate this company more than most of us here but spouting off uninformed comments is just…ignorant
@ad Gonna be really hard to do (not a matter of IF but, WHEN) Nuveen departs on their own with all of the mutual funds now in their name.
TIAA will then just be an annuity only company and a record keeper for Nuveen and all other outside third party fund companies investments and insurance products until someone scoops TIAA up for clients and swiftly disposes TIAA after migration to their platform.
.... Yeah... That's sort of the entire point of TIAA forward. They need to cut expenses to be able to scale at the same rate as these guys otherwise we will go out of business.