Driven by the firm's move into exchange-traded municipal bond funds, the John Nuveen Company of Chicago had a record net income of $28 million for the quarter ending March 31, a seven percent increase over the first quarter of 2000, the company announced. Nuveen also announced gross sales of $3.8 billion for the quarter, which is also a record, up 20 percent from a year ago. Sales of closed-end exchange-traded municipal bond funds for the first quarter were $ 1.2 billion and sales of defined portfolios and mutual funds were $0.7 billion. Nuveen stands out because so many of its competitors have reported declines in earnings for the first quarter.
During the first quarter of the year, Nuveen had several successful initial offerings of exchange-traded municipal bond funds, the company said. In late March, the company announced that six new exchange-traded municipal bond funds had raised approximately $990 million. In late January, the company announced it had raised over $240 million for six exchange-traded municipal funds which had been registered with the SEC late last year.