The John Nuveen Company of Chicago announced today that it would acquire Symphony Asset Management, the institutional money manager of San Francisco, for $210 million in cash plus potential future growth incentives.
Symphony, founded in 1994, manages more than $4 billion in both equity and fixed-income portfolios using market-neutral and other investment strategies focused on reducing risk. Symphony is currently co-owned by BARRA, Inc. of Berkley, Calif. and by the four co-founders of Symphony. In its statement, Nuveen said that it expects to offer Symphony-designed products to its high net worth clients and offer Symphony services to the financial advisers it sells through. Nuveen Investments, the asset management division of John Nuveen, currently manages $71 billion in assets for predominantly affluent clients through mutual funds, separately managed accounts, exchange traded funds and defined portfolios.