TIAA-CREF has promoted chief investment officer Scott C. Evans to executive vice president of a newly created asset management unit and chief executive officer of the New York company's Teachers Advisors Inc. and TIAA-CREF Investment Management.

Evans' promotion was announced Tuesday. He will develop investment products and oversee the company's more than $370 billion of assets under management. The asset management unit was formed by combining TIAA-CREF's investment management capabilities with its sales, product development and support service resources.

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