Updated Thursday, April 17, 2014 as of 11:01 PM ET
TIAA-CREF to Buy Nuveen Investments in $6.25 Billion Deal
(Bloomberg) -- TIAA-CREF, the manager of retirement accounts for teachers, agreed to buy Nuveen Investments from Madison Dearborn Partners LLC for $6.25 billion, including outstanding debt.
The transaction adds $221 billion in assets, bringing TIAA- CREF’s total to about $800 billion, according to a statement today from the New York-based company. Chicago-based Madison Dearborn purchased Nuveen in 2007, then the largest buyout of a U.S. asset manager, for $5.75 billion.   more »
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JPMorgan Chase & Co., the largest U.S. lender, agreed to sell its large-market 401(k) recordkeeping business to a division of Canadian life insurer Great-West Lifeco Inc. more »
A sharply increasing number of plan sponsors want financial advisor guidance -- but many of the RIAs on Fidelity's platform are just dabbling in the area, the custodian says. more »
Expected in August, the Labor Department's new draft of a fiduciary proposal for retirement-plan advisors involves taking a more "clear, direct and nuanced" approach to the education vs. advising question, says Assistant Secretary of Labor Phyllis Borzi. more »
After variable annuity sales plunged in 2012, expectations are high for the coming years for new players and higher sales. more »
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President Obama's announcement of a new retirement plan for low- to middle-income Americans drew reactions ranging from hopeful praise to scorn from advisors who say many big questions remain to be answered. more »
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President Obama offered more Americans the chance to save for retirement through payroll deductions with a plan for new government-sponsored savings accounts. more »
Many considered Dec. 31, 2013, the final date for year-end tax planning, but there are numerous planning actions that you can take in 2014 retroactive to 2013. Here's a quick and easy guide to help with planning. more »
Congress dangled an incentive for high-income Americans to convert their tax-deferred individual retirement accounts into post-tax plans. Their response was overwhelming. more »
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