Nuveen Investments, long known for its closed-end mutual funds, which appeal to high-net-worth investors, has launched seven open-end funds to appeal to middle-market retail investors, MarketWatch reports.
That brings its total tally of open-end funds to 46—evidently a smart move for the company, since assets in these funds in the first three quarters of this year rose 50%, with $2.6 billion in net flows. Over the past three years, assets have risen 30%, and now stand at $18 billion.
“As part of our high-net-worth focus in the U.S., we’ve elevated our focus on mutual funds,” said Timothy Schwertfeger, Nuveen’s chief executive officer and chairman. “It’s an area we expect to keep expanding.”
Nuveen also wants to increase its business with financial advisers, who the firm expects will take a more active role in helping retiring Baby Boomers make their money last throughout retirement.