Nuveen Investments Inc. announced Thursday it will buy FAF Advisors from U.S. Bancorp.

Nuveen, a Chicago-based investment manager for institutions and high-net-worth investors, said it will give U.S. Bancorp a 9.5% stake in the company and cash consideration in exchange for the unit, which manages $25 billion of long-term assets and serves as the advisor of the First American Funds. The business will be merged with Nuveen Asset Management, which manages $75 billion in municipal fixed income assets and serves as advisor of the Nuveen funds.

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