St. Paul Travelers Cos., Minnesota's largest insurer and the 13th largest in the U.S., wants to divest its majority stake in Nuveen Investments. But unlike other major financial companies like Citigroup and American Express that are now hoping to shed the non-core businesses they added during the corporate acquisition feast of the 1990s, St. Paul Travelers will begrudgingly part with what is easily its most lucrative unit.

Nuveen shares were up about 11% on news of the possible sale and were trading at $40.73 at deadline.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.