TIAA-CREF to Acquire Nuveen Investments
TIAA-CREF has announced that it has no plans at this time to tinker with Nuveen's operations.
On Monday, TIAA-CREF announced that it will acquire Nuveen Investments from private equity firm Madison Dearborn Partners. Both firms currently have Morningstar Parent Ratings of Neutral. In all, the consolidation of the two firms will bring TIAA-CREF's total assets under management up to $790 billion from $569 billion. TIAA-CREF expects to close the deal by year-end.
From a day-to-day standpoint, fundholders of both firms should see little change. TIAA-CREF plans to keep Nuveen as a stand-alone entity, which means that both firms' respective management teams, fee levels, operating structures, and brands should remain intact.
Steven Pikelny does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.