Nuveen Investments may buy small- to mid-size open-end fund firms as part of its expansion push. John Amboian, president, said at the Merrill Lynch Banking and Financial Services conference last week that Nuveen was interested in quantitative or enhanced-indexing shops, international-focused fund firms and those with strong small- and mid-cap growth funds.
Amboian said “tectonic movements and shifts” in the industry were leading Nuveen to explore acquisitions, although he said a “mega-deal” would not be a likely option. He described Nuveen as looking and talking “a lot,” saying the firm is “openly curious” about acquisitions.
Nuveen last year formed an internal business strategy group to develop its open-end line (www.fundaction.com, 8/11). Nuveen has been rolling out fund versions of separately managed accounts offered through the firm’s boutique managers, such as NWQ and Tradewinds.