posted a net income of $44.9 million for the first quarter, up 4 percent from $43.4 million a year earlier, on the back of solid growth in assets under management.
The Chicago-based firm said Wednesday that total assets under management grew $26 billion to $145 billion, representing an increase of 22 percent. The growth was driven by $15 billion of positive net flows, in addition to $8 billion of market appreciation and $3 billion of assets from its acquisition of Santa Barbara Asset Management
The asset growth led to a 19-percent rise in advisory fee revenue.
Nuveen said it has witnessed accelerating growth in its mutual funds in the first three months of the year, with sales hitting $1.3 billion and positive net flows of $864 million, more than double the flows a year ago and 60 percent higher compared to the previous quarter.
"Our strong start to the year reflects our broader, more diversified business base and investment expertise," said Tim Schwertfeger
, chairman and chief executive of Nuveen Investments, in a statement.
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