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Nuveen is an American asset manager and wholly owned subsidiary of financial planning firm
TIAA The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF) is an American financial services organization that is a private provider of financial retirement services in the academic, resea ...
, itself known for its legacy focus on managing money for not-for-profit institutions such as universities and their employees. As a consequence of integration efforts over the last several years, Nuveen (or branded sub-affiliates) now manage the entirety of TIAA's own capital as well as all capital sourced from third parties. It is one of a limited number of non-sovereign money managers globally that have exceeded one trillion dollars in
assets under management In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...
in recent years, and one of only a few that are not part of a larger organization offering retail or institutional banking at scale. Nuveen was founded in
Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
,
Illinois Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its ...
, in 1898 and originally focused solely on municipal bond underwriting and investments. While its investments today span nearly all major areas of capital markets, it is known for its size and influence in domestic fixed income generally, tax advantaged municipal bonds in particular and private real estate. The firm also runs several sustainable investing strategies that feature prominently in its marketing and media efforts. The firm's three major offices globally are
Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
(headquarters of Nuveen proper), Charlotte and New York (headquarters of parent TIAA). Over a dozen smaller offices are maintained around the world to support regionally specific concerns.


History

Founded in 1898, Nuveen Investments began as John Nuveen & Company, when founder John Nuveen, Sr. created the firm as an investment banking company specializing in the underwriting and distribution of municipal bonds. The first bond it underwrote was for a Minnesota water company. After World War II, John Nuveen, Jr. helped with the
Marshall Plan The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative enacted in 1948 to provide foreign aid to Western Europe. The United States transferred $13.3 billion (equivalent to $ in ) in economic recovery pr ...
administration. In 1969, it was purchased by Investors Diversified Services (IDS). In 1974, the company was sold to The St. Paul Companies. It was privatised in 2007 after being acquired by a Private Equity Group led by
Madison Dearborn Partners Madison Dearborn Partners (MDP) is an American private equity firm specializing in leveraged buyouts of privately held or publicly traded companies, or divisions of larger companies; recapitalizations of family-owned or closely held companies; ba ...
for $5.4 Billion. Following turbulence of both the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
and the
European debt crisis The euro area crisis, often also referred to as the eurozone crisis, European debt crisis, or European sovereign debt crisis, was a multi-year debt crisis and financial crisis in the European Union (EU) from 2009 until, in Greece, 2018. The e ...
and in the face of increasing consolidation in the financial services industry, Nuveen merged with current parent TIAA and has since taken over the entirety of its investment operations. Nuveen came under criticism during 2008 for its involvement in the auction rate securities auction failures, during which assets held in Nuveen's closed-end funds, totaling $15 billion, became illiquid. Those funds had two share classes: auction-rate preferred shares that hold first claim on the underlying assets (and pay income at rates set in weekly auctions), and common shares that typically pay higher income in exchange for greater risk of loss of principal. During the auction failures, while common shareholders suffered worse than preferred shareholders in terms of principal losses, they were able to sell their shares on the NYSE while preferred shareholders had no market in which to sell. In response, Nuveen posted a "Nuveen Auction Rate Preferred Resource Center" to inform its investors of its plans to borrow money to pay them back. The company later set refinancing for $2.7 Billion in taxable auction-rate preferred shares and has placed $500 Million of VRDP refinancing for its municipal auction rate preferred shares. Nuveen is among the signatories of the "Principles for a Responsible Civilian Firearms Industry," which seeks to engage firearms manufacturers, dealers, and retailers in promoting
gun safety Gun safety is the study and practice of managing risk when using, transporting, storing and disposing of firearms, airguns and ammunition in order to avoid injury, illness or death. Gun safety includes the training of users, the design of fi ...
. In October 2022, Nuveen agreed to buy Europe's largest private lender, Arcmont Asset Management, for over US$1billion. Following completion, the company plans to form a new unit called Nuveen Private Capital, which will include Arcmont and Churchill Asset Management businesses. In December 2024, a water main break in 333 W Wacker caused a cancellation of the annual holiday party and employees were asked to work from home for the remainder of the calendar year.


Sponsorships

In recent advertising efforts, Nuveen showcased its long-standing and continued support for the
Chicago Cubs The Chicago Cubs are an American professional baseball team based in Chicago. The Cubs compete in Major League Baseball (MLB) as a member club of the National League (baseball), National League (NL) National League Central, Central Division. Th ...
with the "Nuveen Sign" in
Wrigley Field Wrigley Field is a ballpark on the North Side, Chicago, North Side of Chicago, Illinois. It is the home ballpark of Major League Baseball's Chicago Cubs, one of the city's two MLB franchises. It first opened in 1914 as Weeghman Park for Charl ...
. In April 2016, the 513-square-foot sign was installed beyond the left field bleacher section. The Nuveen sign is 57 feet wide with letters that are nine feet high. In 2017, the Nuveen Sign expanded to
AT&T Park Oracle Park is a ballpark in the South of Market, San Francisco, SoMa district of San Francisco, California. Since 2000, it has been the home of the San Francisco Giants of Major League Baseball (MLB). The stadium stands along San Francisco Bay ...
. The Nuveen Sign frames the newly renovated Fan Lot.


References


External links

*
Finding Aid for the Nuveen collection
Archives and Rare Books Library, University of Cincinnati, Cincinnati, Ohio {{Major asset management companies TIAA Financial services companies of the United States Companies based in Chicago Financial services companies established in 1898 2007 mergers and acquisitions 2014 mergers and acquisitions 1898 establishments in Illinois Asset management companies