Deep Bench Ensures Continuity of
Long-Standing Team-Based Approach to
Investing
NEW
YORK, Oct. 13, 2023 /PRNewswire/ -- Aligned with
the firm's proud heritage and culture of taking a team-based
approach to investing, Nuveen, the investment manager of TIAA,
is formalizing a co-portfolio manager structure across its
municipal platform, naming additional managers to 27 mutual funds
and 24 closed-ends funds. These strategies account for $52 billion out of the firm's $188 billion1 municipal assets
under management. The key tenets of the team's proven investment
and research processes remain unchanged.
"Nuveen's municipal platform is one of the largest,
longest-tenured and most successful in the asset class and our
culture and success have always been fueled by our team-based
approach to investing," said Dan
Close, Head of Municipals, Nuveen. "Reflecting our
conviction that collaboration is a key driver of performance, today
we're taking the administrative step of solidifying the
co-portfolio manager structure across the entirety of our fund
lineup."
Nuveen also announces today the upcoming retirement of tenured
municipal investor, Chris Drahn, who
served the firm with distinction since 1980. Mr. Drahn will remain
a portfolio manager on six mutual funds and five closed-end funds
until his departure from the firm on April
1, 2024.
"It's an honor to celebrate Chris' incredible career. We are
deeply grateful for his profound dedication and many contributions
throughout the last 43 years. Our clients were well-served because
of his insight and abiding commitment over his truly remarkable
tenure at the firm." Mr. Close said.
About Nuveen's Municipal Investment
Platform
Nuveen has steadfastly served clients and communities through
excellence in investment since its founding in 1898. Today it is an
industry leader ranking among the largest municipal fund managers,
with $188 billion in assets under
management1. With nearly 80 investment professionals
averaging 22 years of experience, including 24 specialized
municipal credit research analysts, the group is among the largest
and most experienced in the asset class.
The platform serves clients across institutional and wealth
audiences, providing access to the asset class via mutual funds,
closed-end funds, separately managed accounts and model
portfolios.
Portfolio Management Update Overview
A full overview of the portfolio management updates is available
at www.nuveen.com/MuniCo-PMs.
Media Contacts
Sally
Lyden: Sally.Lyden@Nuveen.com // (646) 984. 1913
E-Soo Kim: E-Soo.Kim@Nuveen.com //
(551) 224. 4919
About Nuveen
Nuveen, the investment manager of TIAA,
offers a comprehensive range of outcome-focused investment
solutions designed to secure the long-term financial goals of
institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of
30 Jun 2023 and operations in 27
countries. Its investment specialists offer deep expertise across a
comprehensive range of traditional and alternative investments
through a wide array of vehicles and customized strategies. For
more information, please visit www.nuveen.com.
Important information on risk
Fund investing involves
risk; principal loss is possible. Debt or fixed income securities
such as those held by the funds, are subject to market risk, credit
risk, interest rate risk, call risk, tax risk, political and
economic risk, and income risk. As interest rates rise, bond prices
fall. Credit risk refers to an issuers ability to make interest and
principal payments when due. Below investment grade or high yield
debt securities are subject to liquidity risk and heightened credit
risk. Leverage, including through the use of inverse floaters,
involves the risk that the funds could lose more than its original
investment and also increases the funds' exposure to volatility,
interest rate risk, and credit risk. Closed-end fund shares may
frequently trade at a discount or premium to their net asset
value.
This material is not intended to be a recommendation or
investment advice, does not constitute a solicitation to buy, sell
or hold a security or an investment strategy, and is not provided
in a fiduciary capacity. The information provided does not take
into account the specific objectives or circumstances of any
particular investor, or suggest any specific course of action.
Investment decisions should be made based on an investor's
objectives and circumstances and in consultation with his or her
advisors. For more specific risks of investing in the funds
please see each mutual fund's prospectus or summary prospectus and
each closed-end funds most recent annual report to
shareholders.
CFA® and Chartered Fiduciary Analyst® are registered trademarks
owned by CFA Institute.
Before investing, carefully consider fund investment
objectives, risks, charges and expenses. For this and other
information that should be read carefully, please request a
prospectus or summary prospectus for open-end funds from your
financial professional or Nuveen at 800.257.8787 or visit
nuveen.com. Cl0sed-end fund annual reports for shareholders are
also at nuveen.com.
Nuveen Securities, LLC, member FINRA and SIPC.
FORWARD-LOOKING STATEMENTS
Certain statements made or referenced in this release may be
forward-looking statements. Actual future results or occurrences
may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. These include,
but are not limited to: market developments; legal and regulatory
developments; and other additional risks and uncertainties.
You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Nuveen
and the funds managed by Nuveen and its affiliates undertake no
responsibility to update publicly or revise any forward-looking
statements. Regulatory filings of Nuveen funds with the
Securities and Exchange Commission ("SEC") are accessible on the
SEC's web site at www.sec.gov and on Nuveen's web site at
www.nuveen.com and may discuss the abovementioned or other factors
that affect Nuveen funds.
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1 All
figures as of 6/30/2023
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SOURCE Nuveen