Susan Ulick to Retire after More Than 20-year Investment Career
TIAA-CREF, the national financial services organization and leading provider of retirement services in the academic, medical and cultural fields, today named Bill Riegel the company's Head of Global Equity Investments. He succeeds Susan Ulick, who will retire on April 1, 2008 as planned.
In his new role, Riegel will report to Chief Investment Officer Ed Grzybowski and oversee TIAA-CREF's equity investment unit, including active and quantitative portfolio management, research and trading. Previously, Riegel headed TIAA-CREF's Global Equity Portfolio Management, where he was responsible for TIAA-CREF's portfolio managers and the company's active equity investing. Mr. Riegel will continue to oversee the portfolio managers he currently directs while he works through the transition.
"Bill Riegel has been a pivotal force in shaping TIAA-CREF's equity investment team and the global approach developed under Susan Ulick's leadership," said Mr. Grzybowski. "Bill and I will ensure that our equity team upholds its commitment to generating consistent growth for clients and the investment philosophy and team approach that has served clients well."
TIAA-CREF Mutual Funds ranked ninth out of 67 fund families in the 2007 annual Lipper/Barron's Fund Family Survey, the second year in a row in which TIAA-CREF earned a place among the top 10 mutual fund families based on overall investment performance across five asset classes1. Seventy percent of TIAA-CREF's mutual funds and variable annuity accounts have exceeded their Morningstar median over the past three and five years2.
Grzybowski added, "I also want to thank Susan Ulick for her commitment to our company and clients. In seven years at TIAA-CREF, Susan helped build an investment team to meet the challenges of the global marketplace. Her leadership in assembling a strong equity management team enabled us to identify Bill as her ideal successor."
Riegel joined TIAA-CREF in 1999 as a managing director to lead the company's value investing strategies. He managed a portion of the CREF Stock Account from 1999 to 2002, and played a major role in managing the value portfolios of the TIAA-CREF mutual funds that were launched that year. Riegel joined TIAA-CREF following 20 years with J. P. Morgan Investment Management, where he managed 35 separate institutional equity and convertible accounts and J. P. Morgan's large-cap U.S. equity mutual fund. Riegel holds a B.A. in history from Williams College.
Ulick joined TIAA-CREF in 2000 as Head of Global Research. In that role, she was responsible for the quality and content of the fundamental research effort and valuation methodology to support the company's active portfolio management initiatives. Ulick joined TIAA-CREF from J. P. Morgan Investment Management, where she held various positions in her 13 years with the firm, most recently as Head of Global Research to which she was appointed in 1995. Ulick began her career at Sanford C. Bernstein. She received a B.A. from Sarah Lawrence College and an M.A. in economics from Columbia University's School of Arts and Sciences.
About TIAA-CREF
TIAA-CREF is a national financial services organization with more than $435 billion in combined assets under management (12/31/07) and the leading provider of retirement services in the academic, research, medical and cultural fields. Learn more about TIAA-CREF at www.tiaa-cref.org.
All TIAA-CREF investment products are subject to market risk and other risk factors.
Please note that past performance is no guarantee of future results. For performance and other information on the TIAA-CREF mutual funds, please go to www.tiaa-cref.org.
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 go to www.tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing.
Annuity products are issued by TIAA (Teachers Insurance and Annuity Association), New York, NY.
Chad Peterson, Director, Corporate Media Relations
cpeterson@tiaa-cref.org, 212 916-4808 Cell: 917 715-9083
Abby Aylman Cohen, Manager, Corporate Media Relations
aacohen@tiaa-cref.org, 212 916-4381 Cell: 917 596-4758
1 The Lipper/Barron's Fund Family survey uses an asset-weighted ranking system. Each fund's return was measured against all those in its Lipper category, and the resulting percentile ranking was then weighted by asset size relative to the fund family's other assets in its general category. The family's overall ranking was then determined by weighting the five fund categories in proportion to their overall importance within Lipper's fund universe. Due to the fund merger in April 2007, the TIAA-CREF mutual funds are no longer eligible for inclusion in the five-year ranking. 10-year rankings are not yet available. TIAA-CREF ranked seventh among 67 funds for the one year period ending 12/31/06, and 38th among 62 funds for the five-year period ending 12/31/06.
2 Morningstar Direct, December 31, 2007. The Morningstar median represents the midpoint of an index of comparable funds/accounts. Relative performance over other periods may vary. For more complete information about TIAA-CREF performance and rankings, visit our website at www.tiaa-cref.org/performance.
© 2009 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
