MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, July 15, 2003 Nuveen Ready to Do a Deal Nuveen Investments is in the market as a buyer according to John Amboian. The Nuveen president told Wall Street analysts this morning that he sees opportunities in the market for the firm to make strategic acquisitions. Potential targets would be asset managers lacking strong distribution capabilities, he said. Amboian added that Nuveen is willing to add a modest level of debt to its balance sheet in order to pursue potential deals. So far during the bear market Nuveen has purchased two niche managers -- NWQ Investment Management and hedge fund manager Symphony. "We can tolerate a range of debt levels that can support some strategic acquisition activity here as we do see more and more opportunities for firms that have fallen a little out of favor or come to realize that lacking a distribution platform makes it difficult to view their competitive position as strengthening over time," Amboian told listeners on the conference call. The Chicago-based asset manager also said that its second-quarter net income rose to $34 million, or 36 cents a diluted share, from $30.5 million, or 31 cents a share, in 2002. Printed from: MFWire.com/story.asp?s=5497 Copyright 2003, InvestmentWires, Inc. All Rights Reserved |