TIAA-CREF hired State Street Corp. to provide securities lending for $190 billion in assets, said Chad Peterson, TIAA-CREF spokesman. The hiring is not for custodial services for those assets. State Street already provides securities lending and custodial services for $20 billion in TIAA-CREF assets, according to a State Street statement.
"Consolidating our providers and expanding our relationship with State Street will allow TIAA-CREF to add value from our securities lending activities for our participants," Ed Grzybowski, TIAA-CREF's CIO, said in the statement.
Mr. Grzybowski deferred comment to Mr. Peterson.