October 14, 2005
TIAA-CREF Retreats From Overseas Market
TIAA-CREF, the pension-fund giant that dominates the domestic business in higher-education retirement funds, is withdrawing from the overseas educational market.
The retreat was prompted by tough new laws enacted by the United States, the European Union, Japan, and other countries that are seeking to thwart international money laundering, said Stephanie Cohen Glass, a spokeswoman for TIAA-CREF, formally the Teachers Insurance and Annuity Association-College Retirement Equities
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