TIAA-CREF to buy Nuveen Investments in $6.25B deal

TIAA-CREF, a New York-based retirement giant whose largest corporate office is in Charlotte, said Monday it has agreed to buy Chicago-based Nuveen Investments for $6.25 billion.

TIAA-CREF specializes in offering retirement services to colleges and universities and other nonprofits. The company’s clients also include individuals and large investors, such as pension funds.

In Charlotte, the Fortune 500 company has had a campus in the University City area at 8500 Andrew Carnegie Blvd. since 2001.

It was not immediately known Monday whether the deal will impact TIAA-CREF’s employment in Charlotte.

TIAA-CREF has about 3,100 of its 9,000 employees in Charlotte. The company has roughly 190 open positions in Charlotte for a wide range of jobs, according to its website.

TIAA-CREF said it is buying Nuveen from an investor group led by Madison Dearborn Partners, a private equity investment firm. The purchase is expected to include the outstanding debt of Nuveen, an investment services company.

The transaction would create a firm with approximately $800 billion in assets under management. Nuveen has about $221 billion under management.

TIAA-CREF said the purchase will expand its products and services. Nuveen will be a subsidiary within the company’s asset management business.

The purchase is expected to be finalized by the end of this year. The boards of both companies have already approved the deal.