Nuveen Investments' purchase of the long-term asset management business of FAF Advisors would create a combined mutual fund family with total AUM of $40.7 billion. (See related coverage on The MFWire: "A Midwest Fund Firm is Sold" and "How Much is Nuveen Paying for FAF?")

Nuveen's mutual fund AUM at the end of June was $23.5 billion, while FAF had $17.2 billion, according to Nuveen's investor presentation.

The deal would make Nuveen the 37th largest mutual fund player, according to the Financial Research Corp. FRC data show that as of end-May, Nuveen ranked 55th among mutual fund firms with $23.4 billion of long-term assets. For its part, FAF was No. 65, with $16.1 billion.

Nuveen currently offers more than 60 mutual funds, while FAF has 41 in its roster.

FAF employees joining Nuveen will become part of Nuveen Asset Management.

"Products managed by the investment teams within Nuveen Asset Management will be offered under the Nuveen brand name and possibly, for legacy First American Funds, the Nuveen FAF brand name," according to a news release issued by Nuveen Thursday.  

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