TIAA-CREF said Ed Grzybowski is stepping down as chief investment officer of a $419 billion portfolio after 24 years at the company, which is seeking a replacement.
David Brown was named to the new post of portfolio manager for the $207 billion general account, the New York-based firm said today in a statement on its website. The account supports annuity obligations and includes corporate bonds, government debt, mortgage-backed securities and real-estate investments. Brown previously was senior managing director and head of global public markets, a post that will be taken by Lisa Black.
TIAA-CREF provides financial services to teachers, medical professionals and researchers. Total assets under management are about $440 billion, which includes funds overseen by Grzybowski in addition to a brokerage and trust company. Brown and Black will report to the investment chief. Carol Deckbar, who was named chief operating officer of asset management, will continue to report to Scott Evans, president of the segment.
“Carol, Dave and Lisa have all made extremely strong contributions,” Evans said in the statement. The team continues to focus on fundamental research and our participants’ investment needs, ensuring a smooth transition” after the departure of Grzybowski, 58, who is scheduled to remain until March.
Black’s previous responsibilities for the firm include head of public fixed-income trading and managing the public market mortgage and asset-backed group. Brown’s former duties include oversight of private-equity and alternative investments.