Nuveen Investments just bought one of New York Life Investment Management's subadvisors, though the deal will not effect the relationships. On Monday the Chicago-based closed-end specialists unveiled a deal to acquire Winslow Capital Management, a Minneapolis-based equity manager advising more than $4 billion of AUM.

Nuveen expects to close the deal by year-end. Terms were not disclosed. A NYLIM spokesman confirmed that Winslow and NYLIM's Mainstay will keep working together.

"The Mainstay Large Cap Growth Fund and the Mainstay VP Large Cap Growth Fund will remain subadvised by Winslow," NYLIM spokesman John Puccio told MFWire. "We're finalizing a long-term exclusivity agreement [for Mainstay to continue branding and distributing the funds."

Puccio added that Mainstay Large Cap Growth separately managed account offering will go to Nuveen, and he said that NYLIM is looking forward to working with both Nuveen and Winslow going forward.

According to Nuveen, Winslow's team (led by founder, CEO, and chief investment officer Clark J. Winslow) will continue to operate as an independent unit, though Nuveen already boasts two other equity growth managers: Santa Barbara Asset Management and Rittenhouse Asset Management.

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Company Press Release

CHICAGO, IL, November 24, 2008 -- Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced an agreement to acquire Winslow Capital Management, a Minneapolis-based investment manager with more than $4 billion of assets under management and advisement. Winslow specializes in managing large cap growth stock portfolios for institutions and high net worth investors.

The addition of Winslow reinforces Nuveen Investments’ commitment to provide investors access to a broad range of high-quality investment managers that specialize in distinct styles of investing with their own unique investment processes and proven long-term performance records. Winslow Capital’s portfolios focus on large cap growth stocks that demonstrate long-term sustainable earnings growth potential, quality cyclical growth, and newer industries with rapid growth potential.

Winslow’s investment approach complements the expertise offered through Nuveen Investments’ existing growth equity managers, Santa Barbara Asset Management and Rittenhouse Asset Management. Nuveen Investments also offers specialized expertise through NWQ in value equities; Nuveen Asset Management in taxable and municipal fixed-income; Tradewinds in international and global equities; HydePark in enhanced equity strategies; and Symphony in alternative investments as well as traditional equity and credit-based strategies.

Winslow’s investment team will continue to operate independently, and Winslow expects to enhance its large cap growth investment platform over time, drawing upon the strength of Nuveen Investments’ existing operations, distribution and other resources. Winslow’s key professionals will have long-term employment agreements in addition to equity-based incentives that align their interests with those of Winslow’s current clients as well as Nuveen.

“We are pleased to welcome Winslow Capital and look forward to continuing their high levels of client service and investment performance,” said John Amboian, Nuveen Investments Chairman and CEO. “Winslow has a very strong reputation and record. They share our values and our philosophy of providing consistent, high-quality service with a strong orientation toward risk management. The addition of Winslow Capital will strengthen our ability to best meet the long-term financial needs of high-net-worth and institutional investors.”

“We are very excited about the opportunities presented by this new partnership and look forward to being part of the Nuveen family of investment managers,” said Clark J. Winslow, Winslow Capital Management’s CEO and Chief Investment Officer. “We are pleased to be a part of Nuveen’s 110 year history of proven investment quality and service, and believe the distribution and operational resources offered by Nuveen Investments will play a key role in our future growth, enabling us to continue to focus primarily on our investment process for the benefit of our clients.”

The transaction is expected to close by the end of the year. 

Edited by: Neil Anderson, Managing Editor


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