(Bloomberg) -- TIAA, the provider of insurance and retirement products that oversees more than $860 billion in assets, bought MyVest, a San Francisco-based wealth management technology firm that assists broker-dealers and banks.
MyVest has worked with TIAA since 2009 and will continue to collaborate across TIAA's product line, the New York-based buyer said in a statement that didn't disclose terms. MyVest uses a cloud-based software-and-services platform to provide personalized investing information and advice for savers, advisers and wealth-management firms.
TIAA Chief Executive Officer Roger Ferguson, a former Federal Reserve vice chairman, has been building the company's business that deals with individual customers, naming Kathie Andrade as CEO of the retail financial services operation in May. Insurers including Northwestern Mutual are seeking to gain more capabilities through technology platforms. The Milwaukee-based company last year acquired LearnVest, which provides digital financial planning services.
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