continued chug away in the fourth quarter. The money manager grew assets under management by eight percent in the fourth quarter, from $106.9 billion to $115.4 billion. Year over year, the Chicago-based asset manager added more than 21 percent in AUM.
Diluted earnings per share for the asset manager were $0.45 for the fourth quarter, up from $0.41 at the end of the third quarter and $0.39 per diluted share the year before. The results beat analysts' expectations by two pennies.
Exchange-traded funds, the firm's largest product category, increased by two percent quarter over quarter.
The biggest gain by product type came from institutional managed accounts which grew from the third quarter by 19 percent, from $13.1 billion to $15.6 billion. Mutual fund assets under managed grew slightly by three percent, from $12.3 billion at the end of the third quarter to $12.7 billion at the end of the fourth. Retail managed accounts grew 15 percent to $40.0 billion at the end of the year.
At year's end, ETFs made up 43 percent of total AUM, retail managed accounts made up 32 percent, institutional managed accounts made up 12 percent and mutual funds made up 11 percent. AUM by product type remained largely unchanged from the third quarter.
Nuveen grew investment management fee revenue 5.1 percent to $127.1 million from $121.0 million in the third quarter.
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