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Tuesday, March 29, 2005|
Nuveen Taps Familiar Subadvisor for New ETF
Nuveen Investments has tapped Stamford, Connecticut-based Spectrum Asset Management for a new exchange-traded fund.
Nuveen's Tax-Advantaged Floating Rate Fund raised more than $300 million in an initial offering on the NYSE on March 29.
Spectrum managers invest the portfolio in adjustable rate preferred securities issued by small- to mid-sized banking companies, a strategy that is the first of its kind in the U.S. market, said Mark Lieb, Spectrum founder and executive director.
Spectrum subadvises $7.7 billion in assets for six Nuveen ETFs.
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