Nuveen Reports Record Second-Quarter Earnings

Nuveen Investments last week reported a 14% increase in its second-quarter earnings of $36 million over the same period of a year earlier, on a restated basis. The firm's operating revenues were $120.4 million, up 13% from 2003. Nuveen took in $6 billion in assets and netted $3.1 billion in the quarter, with total assets now reaching $102 billion, up 16% from assets of $88 billion a year ago. The firm reported that the increase in assets was driven by $11.2 billion in net new flows and $2.4 billion of market appreciation.