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Thursday, January 28, 2016

Amboian and Schreier Pass the Reins

Reported by Neil Anderson, Managing Editor

John Amboian and Tom Schreier are handing over leadership of Nuveen [profile] to a new pair of leaders. Yet only one of the two is riding off into the sunset.

Rob Leary
Chief Executive Officer of Asset Management
This morning Rob Leary, CEO of asset management at Nuveen parent TIAA-CREF [profile], confirms that Nuveen's own Bill Adams and Margo Cook will take over Nuveen as co-presidents in March. Chairman and CEO Amboian will become non-executive chairman of Nuveen, and later in 2016 Nuveen vice chairman of wealth management Schreier will leave the company "upon the transition of several important initiatives and relationships."

Adams currently serves as senior executive vice president of global structured products at Nuveen. He has lead that unit since 1999, and he joined Nuveen in 1981. He is an alumnus of Yale and of the University of Chicago.

John Amboian
Nuveen Investments
Chief Executive Officer
Cook currently serves as senior executive vice president and head of strategy and multi-asset class solutions at Nuveen. She joined Nuveen in 2008 after working with Bear Stearns and BNY Mellon. She is an alumnus of the University of Rhode Island and of Columbia.

Adams and Cook will create a new management committee. The other two members of the new committee will be Anthony Ciccarone, executive vice president and head of strategic partnerships and advisory solutions, and Carl Katerndahl, senior executive vice president and head of retail and high net worth distribution.

William Adams
Nuveen Investments
Senior Executive Vice President, Global Structured Products
Amboian joined Nuveen in 1995. He rose to president in 1999 and took over as chairman and CEO in 2007, the same year that private equity took Nuveen private. Before Nuveen he worked outside financial services, at Philip Morris and Kraft. He is an alumnus of the University of Chicago.

"Over the course of his 20 years at Nuveen, John guided Nuveen as a successful public company and as a private-equity owned business, culminating in Nuveen's strategic acquisition by TIAA-CREF in 2014," Leary states, praising the "terrific Nuveen brand name and [Nuveen's] stable of outstanding investment affiliates."

Schreier joined Nuveen at the end of 2010 when the fund firm bought FAF Advisors. Schreier served as CEO of FAF, and prior to that he worked at Piper Jaffray and Credit Suisse First Boston. He is an alumnus of Notre Dame and of Harvard.

Anthony Ciccarone
Nuveen Investments
Executive Vice President, Head of Strategic Partner, Development & Advisory Products
"We thank Tom for all he's done as a partner and leader," Amboian states. "We greatly appreciate his commitment to a smooth transition, ensuring he leaves Nuveen in good hands."

TIAA-CREF bought Nuveen in the fall of 2014 for $6.25 billion. As of December 31, 2015, Nuveen had about $225 billion in AUM. 

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