] purchase of Nuveen
] is complete, and the Chicago-based manager will keep its multi-boutique model, its own brand, its own leadership, its own distribution, and its own investment teams as a separate subsidiary within TIAA-CREF. And John Amboian
and Carol Deckbar
are both sticking around post-merger.
In April New York City-based TIAA-CREF, a financial services giant focused on serving the higher education retirement savings market, unveiled
a deal to buy Nuveen from its backers (who were led by Madison Dearborn Partners). Today TIAA-CREF president and CEO Roger Ferguson confirms
that the acquisition has closed.
Amboian will continue to serve as CEO of Nuveen, and Deckbar will continue to serve as CEO of the "core asset management business" at TIAA-CREF. Both Amboian and Deckbar report to Rob Leary
, executive vice president at TIAA-CREF and president of the shop's asset management arm.
The combined firms now work with about $844 billion in client assets, including $194 billion in retail mutual funds, closed-end funds and commodity ETFs.
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