Meanwhile, total assets under management increased to $136 billion as of Dec. 31, up 18% from $115 billion a year earlier. Of that, $14 billion came from new net inflows. Another $4 billion was from appreciation in the market, and the final $3 billion was due to the firm's acquisition of Santa Barbara Asset Management in October. Nuveen's fee revenue growth paralleled that increase in assets by also rising 18% in 2005.
"We are very pleased to report record sales, revenues and earnings in 2005, along with strong growth in assets under management," said Tim Schwertfeger, chairman and chief executive officer of Nuveen. "This is our 11th consecutive year of reporting record earnings, reflecting the stability and quality of our assets, our expanding investment capabilities and the strength of our relationships with advisers and their affluent and high-net-worth investors, and, increasingly, with institutional investors."
