Following its successful voluntary separation program, which resulted in a global staff reduction of 10%, TIAA-CREF has started to replace senior investment personnel who accepted the buyout offer.
William Martin, senior managing director and CIO of global fixed income for Nuveen, TIAA's investment unit, is retiring "to focus on other pursuits, including his passion for philanthropy," a Nuveen spokeswoman said in an email.
Anders S. Persson, senior managing director and Nuveen's head of global fixed income management has retained his existing role and assumed Mr. Martin's position as global fixed-income CIO.
Messrs. Martin and Persson are based in Nuveen's Charlotte, N.C., office. Mr. Martin will remain at Nuveen through the end of the year "to ensure a smooth transition," the spokeswoman said.
Thomas Franks, Nuveen's New York-based head of global equities portfolio management, is leaving to "pursue other opportunities," the spokeswoman said, adding his plans are not known. He could not be reached for comment.
Mr. Franks' duties have been assumed by San Francisco-based Nuveen senior managing directors Saira Malik, global equities CIO; and Hans Erickson, head of target-date portfolio management-equities. Ms. Malik and Mr. Erickson retained their existing positions.
David A. Chalupnik, senior managing director, will join Ms. Malik and Mr. Erickson in managing the TIAA stock account while retaining his existing role as head of U.S. equities, the spokeswoman said. Mr. Chalupnik is based in Minneapolis.
Mr. Frank will remain at the firm through the end of the year to assist in the transition.
Nuveen manages $1 trillion.