TIAA-CREF to Purchase Nuveen Investments
Targeted News Service |
TIAA-CREF, a leading financial services provider, announced today an agreement to acquire
Nuveen, a trusted industry leader, will benefit from the enhanced resources, scale and strength that the transaction will add to its platform. Nuveen's clients and the advisors and consultants who serve them will continue to benefit from the firm's and its affiliates' commitment to high quality performance, integrity and client service.
TIAA-CREF is acquiring Nuveen from an investor group led by
The transaction enhances TIAA-CREF's position as a world-class financial services organization with broad market presence. TIAA-CREF and Nuveen have highly complementary investment capabilities and distribution reach across a wide range of retail and institutional client segments. The addition of Nuveen brings TIAA-CREF's total assets under management to approximately
"For nearly a hundred years, we have been wise financial stewards for those who make a difference in the world in the academic and non-profit communities," said
"We are pleased to bring our clients around the globe access to new investments and strategies through our partnership with an experienced, market-tested investment firm like Nuveen," said
"We are delighted to partner with TIAA-CREF, which stands among the most highly respected financial institutions and possesses an unparalleled pedigree in retirement services and investment management," said
"We are proud of the accomplishments Nuveen has made in recent years and its status as a provider of top performing investment funds," said
"The transaction will provide clients with additional investment choices and access to new products. Enhanced investment capabilities from the combination of TIAA-CREF and Nuveen will span both traditional and alternative investments comprising a diversified range of assets including equities, taxable and tax-exempt fixed income and credit strategies, commodities, real estate and real assets.
The transaction gives TIAA-CREF two award-winning mutual fund complexes with
The boards of directors at both TIAA-CREF and Nuveen each have unanimously approved the transaction. The acquisition is expected to be complete by year-end 2014, subject to customary closing conditions.
BofA Merrill Lynch,
About
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i Based on assets under management across
ii Based on assets under management across
iii The Lipper Award is given to the group with the lowest average decile ranking of three years' Consistent Return for eligible funds over the three-year period ended
iv Morningstar is an independent service that rates mutual funds. The top 10% of accounts in an investment category receive five stars, the next 22.5% receive four stars, and the next 35% receive three stars. Morningstar proprietary ratings reflect historical risk-adjusted performance and can change every month. They are calculated from the account's three-, five- and ten-year average annual returns in excess of 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects mutual fund/subaccount performance below 90-day T-bill returns. The overall star ratings are Morningstar's published ratings, which are weighted averages of its three-, five- and ten-year ratings for periods ended
v TIAA-CREF's AUM as of 3/31 does not include the addition of assets from the TIAA Henderson joint venture, which closed on
Investment, insurance and annuity products are not
Investment products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org for details.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or log on to www.tiaa-cref.org for product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.
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