Once the gold standard for fund governance, TIAA-CREF no longer deserves its designation as the industry's shareholder-friendliest firm, according to Christopher Davis, an analyst with Morningstar in Chicago.

Davis cites the organization's recent management fee hike. After getting a no-vote from shareholders last fall, TIAA-CREF decided to poll them again in January to get it pushed through. "While we once regarded [their] culture as one of the fund industry's best, that's no longer the case," Davis said.

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