Keyser looks to double TIAA-CREF trust assets - St. Louis Business Journal:

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Keyser, 52, came to TIAA-CREF after 18 yearsz at JPMorganChase Bank, where most recently he had been markett director for private client services in Binghamton, N.Y. He replace Jeffrey Stuerman. "There has been a lot of consolidatio n in thebanking industry, and the naturr of my job had changed," Keyser said. "I was less involvedc with building and managing thetrust business. I put out some feelers and found this The trust company started in 1998 and locaterin St. Louis primarily because of John who wasthen TIAA-CREF's Biggs retired from TIAA-CREvF in 2002. TIAA-CREF trustr assets have grown to $8 billion, in both personalp and institutionaltrust accounts.
"We wouled like to see that number double in the next five Keyser said. "We think that's very This trust company is still in thedevelopmentg phase; it's still relatively new." Martha Washburn is institutionalp trust vice president, and Doyt Ladd is team leadet of private asset management. Keyser has beguh a search for someone to head the personalktrust division, a new TIAA-CREF Trust Co. has 3,0009 personal trust clients and a few hundred institutional clients. It has 104 employees, and its offices are in the Metropolitajn Square Building indowntown St. Louis.
based in New York, is one of the largesy financial services companies in the with morethan $428 billion in assets undef management. It primarily serves nonprofit institutions -- universities, medicalk institutions and culturalorganizations -- and theit employees. In St. Louis, Washington University and Saint Louis University and their employees are among itsbiggest clients. The company itself operates on anonprofir basis. "So excess profits get poured back into retirement plans," Keyser said. In addition, it doesn'tt have to answer to Wall Street, and "oue consultants receive no commissions; they're evaluated on how they servstheir clients.
" In part, Keyser the trust company's growth will be fueledd by TIAA-CREF's national expansion in wealth management. "We have 270 wealty managers around the and we expect that to grow to 400 by the end of next he said. "Our trust client base was predominantluyin St. Louis when we started, but now TIAA-CREv has 50 offices, so our clieny base is predominantly outsideof St. Louis." "TIAA-CRErF Trust Co. is more like the Edward Jones trust company, whic h serves its thousands of broker aroundthe country, than it is like us or Northernb Trust or Commerce Trust, which primarily serve the St.
Louiz market," said Jamie O'Connor, chairman and chied executive of TIAA-CREF was founded in 1918 by Andrew Carnegie to provide retirement income for and its core business remains retirement plan administration andannuity products. It is the largestf manager of nonprofit 403(b) tax-shelteredx annuity plans in the U.S.