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FAF Advisors to be combined with Nuveen Asset Management


US Bancorp is taking a 9.5 per cent stake in Nuveen Investments and cash consideration in exchange for the long-term asset business of US Bancorp’s FAF Advisors.

FAF, which manages USD25bn of long-term assets and serves as the adviser of the First American Funds, will be combined with Nuveen Asset Management, which manages USD75bn in municipal fixed income assets and serves as adviser of the Nuveen funds.

Upon completion of the transaction, Nuveen Investments, which currently manages USD150bn of assets across several high-quality affiliates, will manage a combined total of USD175bn in institutional and retail assets.

"We are combining two highly respected investment organisations and capabilities. The resulting business will bring together Nuveen Asset Management’s market-leading municipal bond expertise with FAF’s proven and distinct investment capabilities including taxable fixed income, real assets, equities and asset allocation," says John Amboian, chairman and chief executive of Nuveen Investments.

"Together the acquired FAF business and Nuveen Asset Management, which will operate under the name of Nuveen Asset Management with operations in Chicago and Minneapolis, will create a substantial affiliate within Nuveen Investments’ multi-boutique business model. We’re excited to bring into one business two strong investment platforms and to leverage the scaled distribution, marketing and service capabilities provided by both organisations," adds Tom Schreier (pictured), chief executive officer of FAF. "We look forward to maintaining our strong partnership with US Bank, particularly with its wealth management business, and we intend to strengthen even further our commitment to FAF’s current mutual fund, retirement and institutional clients."

Schreier will become vice chairman, wealth management of Nuveen Investments and oversee the firm’s efforts to further scale and develop its wealth management platforms and to enhance related shared-service functions of Nuveen Investments.

Bill Huffman, current co-head and chief operating officer of Nuveen Asset Management, will become the president of the combined Nuveen Asset Management businesses, taking on responsibility for all business activities of Nuveen Asset Management and reporting to the office of the chairman of Nuveen Investments through Schreier.

Products managed by the investment teams within Nuveen Asset Management will be offered under the Nuveen brand name and possibly, for legacy First American Funds, the Nuveen FAF brand name.

The transaction is expected to close later this year, subject to customary conditions.

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