Nuveen

Two Nuveen Closed-End Funds Declare Distributions

Retrieved on: 
Friday, December 15, 2023
Asset Management, Professional Services, Finance, Nuveen, Life insurance

Two Nuveen closed-end funds have declared additional cash distributions with the record, ex-dividend and payable date outlined below.

Key Points: 

Two Nuveen closed-end funds have declared additional cash distributions with the record, ex-dividend and payable date outlined below.
The following dates apply to today's distribution declarations for the following taxable closed-end funds:

AustralianSuper increases Churchill Asset Management partnership to US$1.5 billion

Retrieved on: 
Wednesday, December 13, 2023
Banking, Asset Management, Professional Services, Finance, Equilibrium, Winston Churchill, Acquisition, Fund, WTW, Investment, OID, History, Thought, TIAA, Pension, Ageing, Partnership, Retirement, Environment, Pension fund, Security (finance), Bank, Nuveen, AustralianSuper

AustralianSuper, Australia’s largest superannuation fund, today announced it has increased the program size of its partnership with Churchill Asset Management, an investment specialist affiliate of Nuveen, to US$1.5 billion.

Key Points: 
  • AustralianSuper, Australia’s largest superannuation fund, today announced it has increased the program size of its partnership with Churchill Asset Management, an investment specialist affiliate of Nuveen, to US$1.5 billion.
  • Churchill is the US$47 billion U.S. private capital investment-specialist of Nuveen, the asset manager of TIAA.
  • In 2022, Nuveen expanded its private debt platform with the acquisition of Arcmont Asset Management, covering the European market.
  • Ken Kencel, President and CEO of Churchill said:
    “We are excited to grow our partnership with AustralianSuper, Australia’s largest superannuation fund, and increasingly an investment leader on the global stage.

Churchill Asset Management Named A Best Place to Work in Money Management for the Third Consecutive Year by Pensions & Investments

Retrieved on: 
Tuesday, December 12, 2023
Finance, Banking, Professional Services, Other Professional Services, Asset Management, Winston Churchill, Research, Learning, Culture, Pension, Seagram Building, Growth, P&I, Publication, Crain Communications, Philosophy, Management, Nuveen, Investment

Presented by P&I, the global news source of money management and institutional investing, the 12th annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money management industry.

Key Points: 
  • Presented by P&I, the global news source of money management and institutional investing, the 12th annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money management industry.
  • Churchill employee responses highlighted the firm’s highly inclusive culture, learning and development programs, empowering management team and volunteer opportunities, among other strengths.
  • “Pensions & Investments is proud to honor the Best Places to Work in Money Management for the 12th year.
  • For a complete list of the 2023 Pensions & Investments’ Best Places to Work in Money Management winners, and profiles of the top 100 firms across size categories, go to www.pionline.com/BPTW2023 .

U.S. District Court for the Southern District of New York Rules That Certain Closed-End Funds, Including Funds Advised by BlackRock, Violated the Investment Company Act of 1940

Retrieved on: 
Thursday, December 7, 2023
Professional Services, Finance, ISS, Annual general meeting, NYSE, NTG, Nuveen, FSCO, TTP, RGT, TEAF, BlackRock, ECAT, Boaz Weinstein, District court, Franklin Templeton Investments, Eaton Vance, NDP, ADX, Oaktree Capital Management, Court, Royce Investment Partners, Security (finance), Trustee

Saba filed its lawsuit in the Court on June 29, 2023 after the BlackRock trustees disclosed they would strip shareholders’ votes, in violation of the Investment Company Act of 1940 (the “ICA”), at their 2023 Annual Meeting.

Key Points: 
  • Saba filed its lawsuit in the Court on June 29, 2023 after the BlackRock trustees disclosed they would strip shareholders’ votes, in violation of the Investment Company Act of 1940 (the “ICA”), at their 2023 Annual Meeting.
  • Despite the Funds filing various motions to dismiss the lawsuit, the Court ruled in favor of Saba, finding that the actions of the BlackRock Fund and its trustees violated federal law.
  • Just last week, the U.S. Court of Appeals for the Second Circuit upheld that certain Nuveen-advised closed-end funds also violated the ICA after Saba sued Nuveen and the trustees in the Court.
  • Royce Global Value Trust is managed by Royce Investment Partners, an affiliate of Franklin Templeton.

Nuveen Corporate Income 2023 Target Term Fund Announces Termination and Liquidation

Retrieved on: 
Monday, December 4, 2023
Professional Services, Finance, Corporation, NYSE, NAV, Indian Sugar Mills Association, Nuveen, Originality

Nuveen Corporate Income 2023 Target Term Fund (NYSE: JHAA) completed its termination and liquidation following the close of business on December 1, 2023.

Key Points: 
  • Nuveen Corporate Income 2023 Target Term Fund (NYSE: JHAA) completed its termination and liquidation following the close of business on December 1, 2023.
  • The termination and liquidation was performed in accordance with the fund’s investment objectives and organizational documents, consistent with the fund’s previously announced liquidation plans.
  • As anticipated, due to market conditions, JHAA did not return the Original NAV at its termination.
  • Nuveen is a leading sponsor of closed-end funds (CEFs) with $51 billion of assets under management across 48 CEFs as of 30 Sep 2023.

Nuveen Responds to U.S. Court of Appeals for the Second Circuit Decision

Retrieved on: 
Monday, December 4, 2023
Banking, Professional Services, Finance, Retirement, Trustee, Nuveen, Financial adviser, Security (finance)

Certain Nuveen-sponsored closed-end funds today responded to the ruling by the United States Court of Appeals for the Second Circuit against five closed-end funds advised by Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC with the following statement:

Key Points: 
  • Certain Nuveen-sponsored closed-end funds today responded to the ruling by the United States Court of Appeals for the Second Circuit against five closed-end funds advised by Nuveen Fund Advisors, LLC and Nuveen Asset Management, LLC with the following statement:
    “Nuveen and the Board of Trustees of the Funds are extremely disappointed with the Court’s ruling.
  • Nuveen believes that this ruling will harm the interests of long-term shareholders across the broader closed-end fund industry, and will continue to serve the interests of short-term, opportunistic hedge fund activists who represent a minority of closed end fund shareholders.
  • These actions also make it increasingly difficult for closed-end funds to deliver reliable income to fund shareholders; many of whom rely on this income in retirement.
  • Nuveen will continue serving fund investors by offering funds that provide dependable investment solutions through continued adherence to proven, long-term investing principles.

U.S. Court of Appeals for the Second Circuit Upholds that Nuveen-Advised Closed-End Funds Violated the Investment Company Act of 1940

Retrieved on: 
Friday, December 1, 2023
Finance, Consulting, Banking, Professional Services, Asset Management, NYSE, JSD, Policy, JRO, Appellate court, Amendment, Boaz Weinstein, Trustee, JGH, NSL, District court, Person, Judgement, JFR, Oaktree Capital Management, Financial adviser, Security (finance), Nuveen

The District Court subsequently issued a summary judgment ruling in favor of Saba and invalidated the actions of Nuveen and the Funds’ trustees.

Key Points: 
  • The District Court subsequently issued a summary judgment ruling in favor of Saba and invalidated the actions of Nuveen and the Funds’ trustees.
  • The Court’s decision on November 30, 2023, upholds the District Court’s ruling that Nuveen’s practice of vote stripping is unlawful.
  • Boaz Weinstein, Founder and Chief Investment Officer of Saba, commented:
    “Federal law is unambiguous in the protections it provides shareholders.
  • These Funds’ trustees, who are clearly unfit to serve as fiduciaries, should resign immediately and never again serve on boards.

Trez Capital Appoints Industry Veteran John Creswell as Executive Managing Director, Global Head of Capital Raising

Retrieved on: 
Monday, November 27, 2023
Commercial Building & Real Estate, Construction & Property, Other Retail, Finance, REIT, Professional Services, Other Construction & Property, Retail, Residential Building & Real Estate, Other Professional Services, Public policy, Duff, Nuveen, Multimedia, Investment, Marketing, BNP Paribas Asset Management, Capital, California State University, Business administration, Claremont Graduate University, Management, Financial services

Trez Capital , one of North America’s leading non-bank commercial real estate investors and financiers, is pleased to announce the appointment of John L. Creswell as executive managing director, global head of capital raising.

Key Points: 
  • Trez Capital , one of North America’s leading non-bank commercial real estate investors and financiers, is pleased to announce the appointment of John L. Creswell as executive managing director, global head of capital raising.
  • As a new member of Trez Capital’s executive leadership team, based in the United States, Creswell will lead the Toronto-based capital raising team, developing and executing the firm’s capital raising strategy across all distribution channels, including institutional, retail, and private wealth, throughout all global markets.
  • View the full release here: https://www.businesswire.com/news/home/20231127947170/en/
    Trez Capital Appoints Industry Veteran John Creswell as Executive Managing Director, Global Head of Capital Raising.
  • Before joining Trez Capital, Creswell served as executive managing director at Duff & Phelps Investment Management Co. and had global responsibility for capital raising, client service, marketing and investment operations.

Jamal Hammoud Joins Nuveen Private Capital Team to Strengthen Churchill and Arcmont’s Presence in the Middle East

Retrieved on: 
Monday, November 27, 2023
Asset Management, Professional Services, Finance, Investment, Multimedia, Private equity, Knowledge, Merrill (company), Hammoud, Security (finance), Nuveen

Churchill Asset Management and Arcmont Asset Management , the U.S. and European operating companies of Nuveen Private Capital, today announced the appointment of Jamal Hammoud as Managing Director and Senior Investment Strategist.

Key Points: 
  • Churchill Asset Management and Arcmont Asset Management , the U.S. and European operating companies of Nuveen Private Capital, today announced the appointment of Jamal Hammoud as Managing Director and Senior Investment Strategist.
  • Mr. Hammoud will be responsible for supporting and amplifying Churchill’s and Arcmont’s (collectively, Nuveen Private Capital’s) presence and fundraising efforts in the Middle East.
  • View the full release here: https://www.businesswire.com/news/home/20231127646528/en/
    Nuveen Private Capital formed in March 2023 when Nuveen acquired London-based Arcmont, which in combination with Churchill, has created a $74 billion private capital platform and one of the world’s largest private credit managers.
  • Mr. Hammoud will be employed by Churchill, based in its New York City office, and will spend a significant amount of time on the ground in the Middle East.

Churchill Asset Management Named 2023 Lender Firm of the Year by The M&A Advisor

Retrieved on: 
Monday, November 20, 2023
Asset Management, Professional Services, Finance, Winston Churchill, Partnership, Unitranche debt, Nuveen

Churchill Asset Management (“Churchill”), an investment specialist of Nuveen, today announced that it was named 2023 “Lender Firm of the Year” by The M&A Advisor.

Key Points: 
  • Churchill Asset Management (“Churchill”), an investment specialist of Nuveen, today announced that it was named 2023 “Lender Firm of the Year” by The M&A Advisor.
  • The firm was honored at the 22nd Annual M&A Advisor Awards Gala held in New York City on November 15, 2023.
  • Note: Churchill was selected as one of 10 finalists for “Lender Firm of the Year” in September 2023 by an independent panel of judges appointed by the M&A Advisor.
  • Churchill was chosen as winner in November 2023.