Nuveen

Nuveen
Subsidiary
Industry Finance
Founded 1898
Headquarters 333 Wacker Drive
Chicago, IL, United States
Area served
 Worldwide
Products Mutual Funds, Closed-End Funds, Private Equity, Hedge Funds, Real Estate, Separately Managed Accounts
AUM Increase US$970 billion (December 2017)[1]
Number of employees
 1,200 (2012)
Parent TIAA
Website Nuveen.com

Nuveen, formerly Nuveen Investments, a subsidiary of TIAA, is an American asset manager. Nuveen was founded in Chicago, Illinois in 1898 and was previously named The John Nuveen Co., after founder John Nuveen. Nuveen's products include separately managed accounts, retail mutual funds, exchange traded funds and closed-end funds, and Nuveen's services include fixed income, alternative investments such as private equity funds, hedge funds, real estate, and other real assets, and global equities.[2] Nuveen has $970 billion in assets under management with holdings in more than 50 countries, with $396 billion in fixed income, $323 billion in equities, and $204 billion in alternatives.[1] Nuveen maintains its international headquarters in Chicago, with major offices in New York City, Charlotte, San Francisco, London and secondary offices in Los Angeles, Shanghai, Singapore, Minneapolis, Montreal, Washington DC, Sydney and Hong Kong across their investment affiliates.

History

Nuveen's global headquarters, located at 333 Wacker Drive

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. John Nuveen formed the company in 1898. The first bond it underwrote was for a Minnesota water company. After World War II, John Nuveen, Jr. helped with the Marshall Plan 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 for $5.4 Billion.[3]

The company is also known for a commercial it aired in 2000 during the Super Bowl which, through the aid of computer animation, featured Christopher Reeve "walking" along with several other sufferers of spinal paralysis.[4]

Nuveen came under criticism during 2008 for its involvement in the auction rate securities auction failures,[5] during which assets held in Nuveen's closed-end funds, totaling $15 billion, became illiquid.[6][7] 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.[6] 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.[8] 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.[9][10]

Sponsorships

Nuveen sign at Wrigley Field, Chicago Cubs, 2017
Nuveen sign at AT&T Park, San Francisco Giants, 2017

In recent advertising efforts, Nuveen showcased its long-standing and continued support for the Chicago Cubs with the "Nuveen Sign" in Wrigley Field.[11] 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. The Nuveen Sign frames the newly renovated Fan Lot.[12]

References

  1. 1 2 Norton, Leslie P. "Core Values". Nuveen. Nuveen. Retrieved 15 February 2018.
  2. ↑ "Nuveen - Institutional Investors". TIAA. Nuveen. Retrieved 15 February 2018.
  3. ↑ "Archived copy". Archived from the original on 2008-02-26. Retrieved 2008-09-23.
  4. ↑ Mara Reinstein; Steve McClellan (February 7, 2000). "Super Bowl spots don't score" (PDF). American Radio History. Broadcasting & Cable. p. 30. Retrieved 8 September 2017.
  5. ↑ "As Good as Cash, Until It's Not". The New York Times. Retrieved 2016-09-10.
  6. 1 2 Toonkel, Jessica (2011-05-23). "Finra, Nuveen agree to $3M settlement over marketing of auction-rate preferred securities". Investmentnews.com. Retrieved 2016-09-10.
  7. ↑ "Testimony of William Adams IV, Executive Vice President, Nuveen Investments, Inc. Before the Committee on Financial Services, U.S. House of Representatives" (PDF). Archives.financialservices.house.gov. September 18, 2008. Retrieved 2016-09-10.
  8. ↑ "Archived copy". Archived from the original on 2008-10-07. Retrieved 2008-10-05.
  9. ↑ Maxey, Daisy (2008-08-06). "Nuveen Attempts To Solve Auction-Rate Issues - WSJ". Online.wsj.com. Retrieved 2016-09-10.
  10. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2012-07-23. Retrieved 2008-12-02.
  11. ↑ Ecker, Danny (2016-04-19). "Cubs installing 'Nuveen' as Wrigley's third outfield ad sign". Crains Chicago Business.
  12. ↑ "Giants unveil "what's new" for the 2017 season at AT&T Park". MLB News. 2017-03-29.
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