Chicago-based Nuveen Investments announced Monday the completion of the "strategic combination" with FAF Advisors and Nuveen Asset Management, the largest investment affiliate of Nuveen Investments.
As part of this transaction, U.S. Bancorp–the parent of FAF Advisors—received a 9.5% stake in Nuveen Investments as well as additional cash consideration in exchange for the long-term investment business of FAF Advisors, including investment-management responsibilities for the mutual funds of the First American Funds family.
The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing the assets and most other key personnel, have become part of Nuveen Asset Management. With the additions to Nuveen Asset Management, the company now manages more than $100 billion of assets across a range of strategies from municipal and taxable fixed income to traditional and specialized equity investments. The parent, Nuveen Investments,now has a total of approximately $195 billion in assets under management as of Dec. 31.
