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Rating:Nuveen Reports Strong Sales Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 20, 2004

Nuveen Reports Strong Sales

by: Theresa Sim

Nuveen Investments beat analyst expectations of $0.41 in earnings per diluted share. EPS were $0.42, the same as last quarter, up 24 percent from the same period last year. [View the earnings release]

Nuveen added $5.3 billion in assets from December 31, 2003, and $19.6 billion from March 31, 2003. Total assets under management at this quarter's end were $101 billion.

Net income was $40 million, nearly unchanged from last quarter, but up from $32.6 million at March 31, 2003.

"During the first quarter approximately 75% of gross sales and net flows came from non-municipal investment products. Equity sales of $3.8 billion were more than three times the level of our equity sales in the first quarter of 2003 and up over 80% from the prior quarter," said Nuveen Investments’ Chairman Tim Schwertfeger.

Gross sales were $6.1 billion, compared to $4.1 billion at December 31, 2003 and $4.2 billion a year ago. Sales of the firm's retail managed account products, at $3.7 billion, were up nearly 50 percent from $2.5 billion last quarter or 140 percent from $1.5 billion the same period last year. 

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