After years of partial involvement in Australia, superannuation fund manager TIAA-CREF has announced it will set up an office in Australia. The move is a natural fit, as the group already owns major rural acreage in NSW, Western Australia, Queensland and Victoria, has offices in Sydney and has a property joint venture with the Henderson group, TIAA Henderson or TH Real Estate. The company is already involved with “agriculture, timber, construction and real estate,” in Australia, according to John Panagakis, the New York-based business development manager for all of TIAA-CREF, and the new office will primarily focus on the asset management side of the business.
Andrew Kleinig, formerly based in Tasmania, will move to Sydney and work toward attracting funds to manage on behalf of other super funds, The Australian reports. In addition to seekingto manage money for Australian super funds, the new office would be ideally capable of showcasing investment opportunities to its own funds back in the US, according to Mr. Panagakis.
To receive relevant news stories with summaries provided by GAI News, subscribe to daily or weekly service.