• / Free eNewsletters & Magazine
  • / My Account
Home>Research & Insights>Fund Times>Fund Times: TIAA-CREF Gets What It Wants

Related Content

  1. Videos
  2. Articles
  1. Answering ETF Concerns

    Vanguard principal and ETF strategist Joel Dickson responds to worries that increased passive investing has led to more market volatility and that ETFs cause investors to gamble with their portfolios.

  2. Vanguard Index Swap All About Cost

    The switch from MSCI to FTSE and CRSP indexes for 22 Vanguard funds is all about three things, says Vanguard principal Joel Dickson: cost, cost, cost.

Fund Times: TIAA-CREF Gets What It Wants

Plus, news on PowerShares, Janus, Vanguard, Fidelity, Wasatch, more.

Morningstar Analysts, 01/27/2006

Get fund news delivered to your e-mailbox every Monday. Sign up for our free Fund Times e-newsletter.

TIAA-CREF announced that it succeeded in its second attempt to get shareholder approval for big hikes in management fees at many of its funds, including: TIAA-CREF International Equity TIIEX, TIAA-CREF Large-Cap Value TCLCX, TIAA-CREF Small-Cap Equity TCSEX, TIAA-CREF Real Estate Securities TIREX, TIAA-CREF Social Choice Equity TISCX, TIAA-CREF Bond TIBDX, and TIAA-CREF Inflation-Linked Bond TIILX and TIAA-CREF's money market funds.

When first vote was held in July shareholders rejected nearly all of the fee hikes.

TIAA-CREF CEO Herb Allison said in a statement, "The board's action--to give shareholders the facts and let them decide--embodies the transparency and fairness that distinguishes our organization."

We wonder whether Allision, therefore, means shareholders didn't have all the facts in the first time around.

Morningstar fund analyst Christopher Davis says that "this outcome will likely result in a downgrade of TIAA-CREF's Stewardship Grade board score given the board's acquiescence to management. It isn't just the fee hikes themselves, but the complete disregard for shareholder wishes that is particularly galling."

The fee hike takes effect Feb. 1.

Amvescap Buys PowerShares

blog comments powered by Disqus
Upcoming Events
Conferences
Webinars

©2014 Morningstar Advisor. All right reserved.