US financial services group Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF) has opened a new distribution office in Sydney, Australia for its asset management business to deepen relationships with institutional investors in the Asia-Pacific (APAC) region.
Andrew Kleinig, who will head the Australian branch, will direct the distribution strategy in Australia and Asia while providing a local point of contact for TIAA-CREF investment capabilities and products for existing clients in the region.
The new office was the next step in the firm’s eight-year history in the Australian market, which has to-date focused on agriculture, and more recently, real estate, says John Panagakis, TIAA-CREF Asset Management’s head of business development.
“TIAA-CREF Asset Management continues to build out its global distribution capabilities to serve clients that seek specialised investment expertise in real asset, real estate and responsible investing strategies,” says Panagakis.
TIAA-CREF asset management presence in Asia-Pacific includes direct investments in the region, as well as existing business relationships with a wide range of institutional clients.
It’s 60% owned real estate joint venture — TIAA Henderson Real Estate (TH Real Estate) — has offices in Singapore and Sydney, as well as about US$700 million of real estate investments through outlet malls in China, office and retail buildings in Australia as well as assets in Thailand. The company’s agricultural asset management affiliate, Westchester Group, operates seven offices across Australia's primary growth regions.
The new office builds on TIAA-CREF’s global asset management platform which consists of US$866 billion invested across a full array of strategies including equity, fixed income, real estate and other real assets, private equity and private credit strategies. In September 2014, TIAA-CREF opened a distribution in office in London to expand relationships with UK and European clients and prospects.
