Nuveen Investments plans to double its mutual fund assets to $40 billion in the next three to five years, a departure from its previous concentration on institutional and high-net-worth investors, Reuters reports.
In sync with this, the company is planning to seed the capital for the launch of 10 new mutual funds, including one on Oct. 1 that will use hedge fund strategies similar to those of its Symphony family of hedge funds, said Alan Brown, head of Nuveen’s mutual fund business. Since he assumed that position in late 2005, the company seeded capital for 13 mutual funds and launched six in 2006. This year, it seeded one fund and launched four. Those actions increased the firm’s mutual fund assets by 66% from $12 billion to $20 billion today.
“In three to five years, we’d like to see that in the $40 billion range,” said Brown, whose title is executive vice president of the mutual fund business.