Deals and People September 14, 2023

Nuveen Names James Nelson as Global Head of Public Product

Nelson was appointed to replace Christopher Strickrod, who TIAA promoted earlier this year.

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Nuveen has named James Nelson to the role of head of global public product, according to a memo provided by the asset manager.

James Nelson

Nelson will lead equity and fixed-income product development and management across mutual funds, closed-end funds, exchange-traded funds, interval funds, separately managed accounts and collective investment trusts, stated Mike Perry, head of Nuveen’s global client group and head of global product, in announcing Nelson’s appointment.

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“James will be critical in engaging with our mutual fund board, driving the modernization of our retail SMA platform and innovating across our investment platforms, and ensuring we have the right investment offerings for our wealth and Institutional clients,” Perry stated. “Equally important, the Global Public Product team will continue to be a critical partner to TIAA Wealth and Retirement while growing our Nuveen lifetime income business.”

The investment oversight; fund finance and treasury leverage; and capital market teams at Nuveen, a wholly-owned subsidiary of TIAA, will report to Nelson.

Nelson replaces Christopher Stickrod, who TIAA promoted to product general manager for institutional managed solutions earlier this year, a spokesperson said by email.

Retirement plan sponsors and retirement plan advisers should not see significant changes following the appointment, the spokesperson added by email.

“James and the Global Public Product team will continue to be critical partners to TIAA Wealth and Retirement while growing our Nuveen lifetime income business,” the spokesperson said.

Nelson recently worked at Invesco, serving the global asset manager in two roles since 2018, attaining the title of head of North American product management and pricing.

Nelson reports to Perry and will become a member of the Nuveen senior leadership team. Jeff Hall, leader of Nuveen’s international public and alternative products, will have a reporting line to Nelson.

Compliance September 14, 2023

PBGC Grants $3.2M to Pennsylvania Construction Pension Fund

The Plasterers and Cement Masons Local No. 94 Pension Fund will see a full restoration of cut benefits.

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The Pension Benefit Guaranty Corporation granted $3.2 million to the Plasterers and Cement Masons Local No. 94 Pension Fund via the PBGC’s Special Financial Assistance Program on Tuesday. The Camp Hill, Pennsylvania-based fund covers 108 participants in the construction industry.

In May 2019, under the Multiemployer Pension Reform Act of 2014, the plan cut benefits to 70 participants by 40% due to underfunding and, at the same time, was partitioned into two plans. According to the fund’s Form 5500, it was 23.8% funded at the end of 2018.

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The grant from the Special Financial Assistance Program enables the plans to merge back into one, make back payments to participants and ensure solvency through 2051. Additional special financial assistance will also be provided to repay the PBGC about $661,000 in outstanding loans it has extended to the plan since 2019.

At the end of 2018, the plan had 26 active participants, 38 retired participants receiving benefits and 21 entitled to benefits in the future.

The SFA provision of the American Rescue Plan Act allows for PBGC funding for severely underfunded multiemployer pension plans. Funds that receive assistance must monitor the interest resulting from the grant money as separate from other sources of funding. The PBGC requires that at least two-thirds of the money it provides be invested in “high-quality fixed income investments.” The Final Rule on Special Financial Assistance, issued in July 2022, states that the other third can be invested in “return-seeking investments,” such as stocks and stock funds.

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