Roger ferguson, one of the leading numbers in the us investment business, said he plans to step-down as chief executive of tiaa after more than 12 many years working the $1.2tn-in-assets economic solutions organization.

Mr ferguson, who's additionally an old governor of this federal reserve, will step down in march, based on a declaration on tuesday.

Recently, mr ferguson, 69, is mentioned as a competitor for a respected closet role under joe biden, that is set-to be sworn in as us president in january.

Mr ferguson has-been tipped for treasury assistant, one of the more essential monetary functions in washington, alongside other potential prospects including existing fed governor lael brainard additionally the previous fed chair janet yellen.

Tiaa as soon as known as the teachers insurance and annuity association of the united states, with a century-long history dating back to to its founding by the philanthropist andrew carnegie features expanded under mr fergusons leadership from a give attention to teacher pension intends to become a diversified investment household, a lot more than doubling assets under management in the process.

During his tenure, tiaa obtained the asset supervisor nuveen investments in 2014 and expanded in financial using 2017 acquisition of everbank.

In a declaration mr ferguson said: i am definitely convinced and also the board agrees that this is the time to pick the next ceo who can carry on, improve and drive our strategy for another decade and beyond.

He included: its the responsible thing to do with this great organization.

Before joining tiaa in 2008, mr ferguson had been mind of economic solutions for swiss re, the worldwide reinsurance business. on fed, he was vice-chairman of the board of governors from 1999 to 2006, early in the day in the career, he was someone at mckinsey.

Mr ferguson is also one of the leading black professionals in corporate the united states, keeping board chairs at alphabet, international flavors & fragrances and general mills.