TIAA-CREF of New York, the $255 billion money manager, is taking steps to expand its new mutual fund business.

TIAA-CREF plans to offer seven institutional mutual funds for special state-sponsored college savings programs. The addition of the funds comes after California's state treasurer, Philip Angelides, announced April 10 that TIAA-CREF has been recommended to run a California tax-deferred college savings program which is expected to attract more than 200,000 participants. A special state board overseeing the savings program is expected to act on the TIAA-CREF nomination by this summer.

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