Chicago-based Nuveen Investments announced Monday the completion of the “strategic combination” with FAF Advisors and Nuveen Asset Management, the largest investment affiliate of Nuveen Investments.

As part of this transaction, U.S. Bancorp–the parent of FAF Advisors—received a 9.5% stake in Nuveen Investments as well as additional cash consideration in exchange for the long-term investment business of FAF Advisors, including investment-management responsibilities for the mutual funds of the First American Funds family.

The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing the assets and most other key personnel, have become part of Nuveen Asset Management. With the additions to Nuveen Asset Management, the company now manages more than $100 billion of assets across a range of strategies from municipal and taxable fixed income to traditional and specialized equity investments. The parent, Nuveen Investments,now has a total of approximately $195 billion in assets under management as of Dec. 31.

“We are pleased with the successful completion of this transaction, as it combines highly respected and distinct investment teams and marks another important step in our firm’s strategic development,” said John Amboian, Chairman and CEO of Nuveen Investments, said in a statement. “We remain deeply committed to serving with excellence our institutional and individual clients,as well as their consultants and financial advisors; and as a result of this powerful combination, we can draw from even greater tools and expertise to meet and exceed their needs.”

Bill Huffman, former co-head and chief operating officer of Nuveen Asset Management, who has become the president of the combined Nuveen Asset Management businesses, with responsibility for all business activities of Nuveen Asset Management, added “the combination of our two teams—with very similar cultures—is progressing extremely well and we will be separately announcing portfolio management assignments for those Nuveen funds sub-advised by Nuveen Asset Management in order to ensure continuity and minimize disruptions for our clients and our people.”