Nuveen Investments of Chicago announced Monday it has agreed to buy Santa Barbara Asset Management.

Santa Barbara, which has $2.8 billion of assets under management, specializes in managing growth stock portfolios for institutions and high-net-worth investors.

Nuveen is to pay $50 million of initial consideration in cash for Santa Barbara, whose assets under management have doubled in the past two years. The California company's research and investment team will continue to operate independently and expand its investment platform and team over time. The deal is expected to close within 60 days.

Nuveen manages $124 billion of assets.

(c) 2005 Money Management Executive and SourceMedia, Inc. All Rights Reserved.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.