North American fund TIAA-CREF has agreed to purchase Nuveen Investments, an investment management company with approximately US$221 billion in assets under management.
TIAA-CREF will buy Nuveen from an investor group led by Madison Dearborn Partners for US$6.25 billion, including Nuveen’s outstanding debt.
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Under the deal, 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.
As part of the move, John Amboian will remain as the CEO of Nuveen, while the current leadership and key investment team of Nuveen will stay in place.
Roger Ferguson, president and CEO of TIAA-CREF, said: "The acquisition of Nuveen can generate greater returns that will benefit our customers.
"This transaction reinforces our position as a leading diversified financial services organization with a broad mix of product offerings to serve clients today and those in retirement for decades to come."
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By GlobalDataThe transaction, which is subject to customary closing conditions, is expected to be completed by the end of 2014.
