TIAA-CREF to Buy Nuveen

TIAA-CREF has announced plans to acquire Nuveen Investments for $6.25 billion, including debt. TIAA-CREF believes the acquisition “significantly expands” the products and services it provides, according to a press release.

Nuveen, a diversified investment management company, has roughly $221 billion in assets under management. It will operate as a separate subsidiary within TIAA-CREF’s asset management business, retaining its current multi-boutique business model and continuing to support its investment affiliates through scaled distribution, marketing and administrative services.

The addition of Nuveen brings TIAA-CREF’s total assets under management to about $800 billion. In addition, TIAA-CREF says the transaction also adds diversification to the firm’s “investment and distribution platform while bolstering its award-winning mutual fund offerings.”