US-based financial services provider TIAA-CREF has opened a new distribution office for its asset management business in Sydney.
In a statement, TIAA-CREF Asset Management head of business development John Panagakis said the new office was the “next step” for the firm’s presence in the Australian market.
“TIAA-CREF Asset Management continues to build out its global distribution capabilities to serve clients that seek specialised investment expertise in real asset, real estate and responsible investing strategies,” Mr Panagakis said.
The new Sydney office will be led by Andrew Kleinig, who will direct distribution strategy in Australia and Asia while providing a point of contact for the company’s investment capabilities and products for clients in the region.
“Andrew brings to his new role deep knowledge of the institutional investing landscape in the region and a proven track record of developing strong client relationships. He will be a great resource for our asset management business,” Mr Panagakis said.
Mr Kleinig joins TIAA-CREF from Nanuk Asset Management where he was head of sales and investor relations.
He has also held a number of other roles with GE Asset Management, SEB Asset Management, Deutsche Bank and the Commonwealth Bank.
In a separate statement issued by Minister for Trade and Investment Andrew Robb, the minister said the opening of TIAA-CREF Asset Management’s Sydney office is a “vote of confidence” in Australia by international investors.
“TIAA-CREF’s arrival demonstrates just how attractive Australia is to international business, and I welcome their presence as a sign of investor confidence in our region,” Mr Robb said.
“The Australian economy is now in its 24th year of consecutive growth. This, together with the close relationships we’ve created through trade agreements with Japan, Korea and China, provides not only a stable and secure investment base, but also direct access to the world’s most dynamic markets.
“Foreign investors like TIAA-CREF will continue to play an important role in supporting our future growth, so attracting new investment in priority areas such as infrastructure, agribusiness and tourism is a top priority for the government,” he said.
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