TIAA-CREF plans to liquidate three quantitative funds managing $6 billion, according to an SEC filing the firm submitted Friday.
The three funds slated for liquidation are the $3 billion TIAA-CREF Quant Large-Cap Growth Fund, the $2 billion TIAA-CREF Quant International Equity Fund and the $1.3 billion TIAA-CREF Quant Large-Cap Value Fund.
The funds are to be liquidated after the close of business on Dec. 18, according to TIAA-CREF's SEC filing.
Nuveen spokeswoman E-Soo Kim confirmed the impending liquidation of the three funds in an email. Nuveen is TIAA-CREF's money management unit.
The closures are "part of the already-in-progress absorption of Nuveen's quantitative capabilities into our core investment platform," Ms. Kim said.
Ms. Kim did not immediately respond to a request for more information about the integration process within Nuveen.
Nuveen manages $1 trillion.