Driven by the firm's move into exchange-traded municipal bond funds, the John
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 that it had raised over $240 million for six exchange-traded municipal funds which had been registered with the SEC late last year.
Last week, Nuveen announced it had filed registration statements with the Securities and Exchange Commission for five new closed-end exchange-traded municipal bond funds.
