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Hedge Fund Acquisitions: Financial Services Giant TIAA-CREF Buys Nuveen Investments

merger-acquisitionNew York (HedgeCo.Net) – The Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA–CREF)  is buying Chicago-based investment management firm Nuveen Investments in an estimated $6.25 billion deal, the two companies have announced. Nuveen Investments manages $221 billion as of December 31, 2013.

“The deal, whose price includes the assumption of debt, will give TIAA-CREF an additional $221 billion in assets under management, and in particular will bolster the firm’s mutual fund offerings.”The New York Times reports. “As a result of the deal, the assets managed by TIAA-CREF will grow to about $800 billion.”

TIAA–CREF is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields. TIAA–CREF serves 3.7 million active and retired employees participating at more than 15,000 institutions and has approximately $570 billion in combined assets under management.

“The acquisition of Nuveen can generate greater returns that will benefit our customers, and it also adds diversification to TIAA-CREF’s investment platform and enhances our award-winning mutual fund offerings.” The company said, ” TIAA-CREF was named the 2013 and 2014 Best Large Overall Fund Company by Lipper as part of its U.S., Lipper Fund Awards based on risk-adjusted performance against 36 peers (2013) and 48 peers (2014).”

Nuveen will operate as a separate subsidiary within TIAA-CREF’s Asset Management business, retaining its current multi-boutique business model and continuing to support its investment affiliates through scaled distribution, marketing and administrative services. John Amboian will remain the chief executive officer of Nuveen, and Nuveen’s current leadership and key investment team will stay in place.

Nuveen markets a wide range of hedge fund investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates— Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc.

Alex Akesson
Editor for HedgeCo.net
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