TIAA-CREF completes Nuveen acquisition for $6.25 bln

Financial services provider TIAA-CREF has closed its buy of rival Chicago-based asset manager Nuveen Investments for $6.25 billion.

The seller was an investor group led by Madison Dearborn Partners.

Nuveen Investments will operate as a separate TIAA-CREF unit. Nuveen Investments CEO John Amboian will remain in his position while Carol Deckbar will continue in her role as CEO of TIAA-CREF’s core asset management business. Both will report to Rob Leary, head of TIAA-CREF’s asset-management unit.

According to the company, Nuveen Investments’ assets jumped to $231 billion as of June 30, 2014, making this an all-time high for the firm.

This acquisition follows the closing of TIAA Henderson real estate joint venture in April 2014, as well as several other TIAA-CREF acquisitions, which include GreenWood Resources in 2012 and Westchester Group Investment Management in 2010.

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