Nuveen Investments, a Chicago money management company, announced Monday that it had 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. |
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Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
July 16 -
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
July 16 -
The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
July 16 -
But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
July 16 -
The accusations led to the end of 16 years at the firm.
July 15 -
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
July 15