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TIAA-CREF Names Robert Leary Head of Asset Management



  TIAA-CREF Names Robert Leary Head of Asset Management

     Industry veteran joins $520 billion leading financial services firm

Business Wire

NEW YORK -- May 9, 2013

TIAA-CREF, a leading financial services provider, today announced the
appointment of Robert Leary as executive vice president and president of
TIAA-CREF Asset Management, effective June 24, 2013. Leary will report to
Chief Executive Officer Roger W. Ferguson Jr. and serve on the company’s
executive management team. He will be based in the company’s New York
headquarters.

“At TIAA-CREF, we are dedicated to helping our clients achieve lifelong
financial well-being. We do this through a disciplined, innovative and
forward-looking approach to asset management,” Ferguson said. “Rob’s proven
track record successfully working with and leading asset management,
retirement and insurance organizations, combined with his global view and
focus on risk management, makes him an outstanding addition to our
organization. We look forward to his leadership as we work to meet the
evolving needs of our individual and institutional clients.”

Leary, an industry veteran with more than two decades of experience, will
oversee all aspects of TIAA-CREF Asset Management. He will drive the group’s
strategy across investments, distribution and operations, and help expand the
company’s third-party business. Leary brings expertise across a variety of
asset classes and a deep understanding of both institutional and individual
client needs. He will join TIAA-CREF’s team of experienced senior asset
management leaders.

“TIAA-CREF has an enviable track record and a long history of putting its
clients first,” Leary said. “I’m excited to join this high-caliber team with
such a meaningful mission. Together, we’ll build on the organization’s strong
investment performance, history of innovation and client focus.”

Leary most recently served as president and chief operating officer of ING
U.S., leading all aspects of ING’s investment management, retirement,
insurance and annuity businesses, as well as operations, information
technology and marketing. He also has served as chief executive officer of ING
Insurance U.S. Leary joined ING in 2007 as chairman and chief executive
officer of ING Investment Management, Americas, where he led all aspects of
ING’s $230 billion U.S., Latin American and Canadian investment management
business across all asset classes. He also served as a director of Pomona
Capital, a private equity firm affiliated with ING.

Previously, Leary was an executive vice president at AIG. In this role, he
helped build investment solutions for the institutional investor community. He
also was a vice president at J.P. Morgan & Co., where he specialized in fixed
income applications. He started his career as an attorney with White & Case.

Leary currently serves on the board of AmeriCares, a nonprofit global health
and disaster relief organization. He holds a bachelor’s degree in political
science from Union College and a law degree from Fordham University School of
Law.

Leary resides in Greenwich, Conn., with his family.

About TIAA-CREF Asset Management

TIAA-CREF has received several recent industry accolades for its investment
performance. Lipper named TIAA-CREF as the 2013 Best Overall Large Fund
Company based on three-year risk-adjusted performance.^1 The company was one
of 36 large investment firms eligible for the award. In addition, 97 percent
of the company’s mutual funds and annuities have an overall Morningstar rating
of three or more stars across all asset classes based on risk-adjusted
performance (43 percent three stars, 45 percent four stars and nine percent
five stars, as of March 31, 2013).^2 In addition, TIAA-CREF ranked 10th out of
62 mutual fund families in the 2012 Barron’s/Lipper fund family ranking, based
on asset-weighted performance.^3

About TIAA-CREF

TIAA-CREF (www.tiaa-cref.org) is a national financial services organization
with $520 billion in assets under management (as of March 31, 2013) and is the
leading provider of retirement services in the academic, research, medical and
cultural fields.

Past performance does not guarantee future results.

Investment, insurance and annuity products are not FDIC insured, are not bank
guaranteed, are not deposits, are not insured by any federal government
agency, are not a condition to any banking service or activity, and may lose
value.

TIAA-CREF products may be subject to market and other risk factors. See the
applicable product literature, or visit www.tiaa-cref.org for details.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal
Investors Services, Inc., members FINRA, distribute securities products.

You should consider the investment objectives, risks, charges and expenses
carefully before investing. Please call 877-518-9161 or log on to
www.tiaa-cref.org for product and fund prospectuses that contain this and
other information. Please read the prospectuses carefully before investing.

^1 In calculating the awards, Lipper considered funds registered for sale in
the United State with at least 36 months of performance as of the end of the
calendar year of the respective evaluation year. Fund groups with at least
five equity, five bond, or three mixed-asset portfolios were eligible for an
overall group award. The award is given to the group with the lowest average
decile ranking of three years’ Consistent Return measure of the eligible funds
over the three-year period ended 11/30/12. TIAA-CREF was ranked against 36
fund companies.

^2 As of March 31, 2013, 43 percent of TIAA-CREF funds have three stars, 45
percent four stars and 9 percent five stars. The Morningstar ratings include
Retail, Retirement, Premier and Institutional fund share classes; CREF
Accounts and the Life Funds. 54 percent of our funds/accounts have an overall
rating of four and five stars and 97 percent are rated three or more stars.
Morningstar is an independent service that rates mutual funds and variable
annuities. The top 10 percent of accounts in an investment category receive
five stars, the next 22.5 percent receive four stars, and the next 35 percent
receive three stars. Morningstar proprietary ratings reflect historical
risk-adjusted performance and can change every month. They are calculated from
the account’s three-, five- and 10-year average annual returns in excess of
90-day Treasury bill returns with appropriate fee adjustments, and a risk
factor that reflects mutual fund/subaccount performance below 90-day T-bill
returns. The overall star ratings are Morningstar’s published ratings, which
are weighted averages of its three-, five- and 10-year ratings for periods
ended March 31, 2013. Past performance cannot guarantee future results. For
current performance and rankings, please visit www.tiaa-cref.org/performance.

^3 The rankings are quantitative, and are based on performance according to
Lipper data. Each fund family is given an asset-weighted score within the five
asset classes: U.S. Equity, World Equity, Mixed Asset, Taxable Bond and
Tax-Exempt Bond, and the asset class score is then weighted by its size within
the Lipper universe. In the five-year overall ranking, TIAA-CREF is ranked
29th out of 53 mutual fund families. TIAA-CREF does not qualify for the
10-year ranking. The rankings were published in the Feb. 11, 2013 print
edition of Barron’s.

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Contact:

TIAA-CREF
Press
Chad Peterson
888 200 4062
media@tiaa-cref.org
or
Abby Cohen
888 200 4062
media@tiaa-cref.org
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