Nuveen Investments' [see profile] acquisition of FAF Advisors' [see profile] long-term investment business, including the First American Funds mutual fund family, from U.S. Bancorp became complete on December 31. The First American Funds are now re-branded Nuveen funds. (Click here to see related story on the leadership team at the combined asset manager).

Tom Schreier Nuveen Investmens Vice Chairman, Wealth Management

The deal moves about $27 billion of mutual fund and institutional assets managed by FAF Advisors to Nuveen Asset Management. Nuveen now counts a total of $43 billion of AUM in its open-end fund family. Nuveen officials have launched a section on their Web site that provides fund shareholders with updates as the integration progresses.

As part of the deal, U.S. Bancorp received a 9.5 stake in Nuveen Investments as well as additional cash consideration. The bank is holding on to the money-market and closed-end funds of the First American Funds complex.

FAF's investment professionals and "most other key personnel" are now part of Nuveen.

Bill Huffman Nuveen Asset Management President

As previously reported, FAF Advisors CEO Tom Schreier is now Nuveen's vice chairman, wealth management and Bill Huffman, former co-head and chief operating officer of Nuveen Asset Management, is now president of the combined Nuveen Asset Management businesses.

"With a greatly enhanced investment, distribution and service platform, we look forward to an expanded set of offerings by Nuveen Asset Management which should foster even stronger partnerships with our institutional clients as well as with U.S. Bank, and its Wealth Management clients, and with our growing community of Independent Broker Dealer and retirement plan clients," Schreier said in a press release Monday morning.

Huffman said Nuveen will be coming out with an announcement on portfolio management assigments for "those Nuveen funds sub-advised by Nuveen Asset Management in order to ensure continuity and minimize disruptions for our clients and our people." 

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