please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . september 2016 learn how and when to remove this template message nuveen type subsidiary industry finance founded 1898 headquarters 333 wacker drive chicago il united states area served worldwide products mutual funds closed end funds institutional separate managed accounts retail managed accounts aum us 229.7 billion march 2016 1 number of employees 1 200 2012 parent tiaa cref website nuveen.com nuveen formerly nuveen investments is a chicago based company in the asset management industry . nuveen was founded in chicago illinois in 1898 and was previously named the john nuveen co. after founder john nuveen . in october 2014 tiaa cref completed their purchase of nuveen . nuveen started in the municipal bond underwriting business and remains active in municipal bond market . nuveen sells services including separately managed accounts retail mutual funds and closed end funds . nuveen has 229.7 billion in assets under management . 1 contents 1 history 2 auction rate securities 3 references 4 external links history edit founded in 1898 nuveen investments began as john nuveen & company when founder john nuveen sr. created the firm as an investment banking company specializing in the underwriting and distribution of municipal bonds . john nuveen formed the company in 1898 . the first bond it underwrote was for a minnesota water company . after world war ii john nuveen jr. helped with the marshall plan administration . in 1969 it was purchased by investors diversified services ids . in 1974 the company was sold to the st. paul companies . it was privatised in 2007 after being acquired by private equity group led by madison dearborn partners for 5.4 billion . 2 the company is also known for a commercial it aired in 2000 during the super bowl which through the aid of computer animation featured christopher reeve walking along with several other sufferers of spinal paralysis . auction rate securities edit nuveen came under criticism during 2008 for its involvement in the auction rate securities auction failures 3 during which assets held in nuveen s closed end funds totaling 15 billion became illiquid . 4 5 those funds had two share classes auction rate preferred shares that hold first claim on the underlying assets and pay income at rates set in weekly auctions and common shares that typically pay higher income in exchange for greater risk of loss of principal . during the auction failures while common shareholders suffered worse than preferred shareholders in terms of principal losses they were able to sell their shares on the nyse while preferred shareholders had no market in which to sell . 4 in response nuveen posted a nuveen auction rate preferred resource center to inform its investors of its plans to borrow money to pay them back . 6 the company later set refinancing for 2.7 billion in taxable auction rate preferred shares and has placed 500 million of vrdp refinancing for its municipal auction rate preferred shares . 7 8 references edit a b investment products . tiaa global asset managment . 31 march 2016 . archived from the original on 14 july 2016 . retrieved 14 july 2016 . 1 dead link as good as cash until it s not . the new york times . retrieved 2016 09 10 . a b toonkel jessica 2011 05 23 . finra nuveen agree to 3m settlement over marketing of auction rate preferred securities . investmentnews.com . retrieved 2016 09 10 . testimony of william adams iv executive vice president nuveen investments inc. before the committee on financial services u.s. house of representatives pdf . archives.financialservices.house.gov . september 18 2008 . retrieved 2016 09 10 . 2 dead link maxey daisy 2008 08 06 . nuveen attempts to solve auction rate issues wsj . online.wsj.com . retrieved 2016 09 10 . 3 dead link external links edit official website finding aid for the nuveen collection archives and rare books library university of cincinnati cincinnati ohio retrieved from https en.wikipedia.org w index.php title nuveen & oldid 743336946 categories financial services companies of the united statescompanies based in chicagocompanies established in 1898hidden categories all articles with dead external linksarticles with dead external links from september 2016articles needing additional references from september 2016all articles needing additional references navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page 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