Nuveen Investments to Acquire 60% Stake in Commodities Leader Gresham
November 14 2011 - 2:22PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced an agreement to acquire a 60% stake in New York-based
Gresham Investment Management LLC. With nearly $14 billion of
assets under management, Gresham was founded in 1992 by Dr. Henry
Jarecki, and is recognized as one of the world’s leading investment
managers focused exclusively on portfolios providing investors
access to a diversified array of commodities. Gresham is one of the
largest and most respected managers in this area, primarily serving
institutional clients around the world.
The addition of Gresham’s capabilities reinforces Nuveen
Investments’ commitment to providing investors access to premier
boutique asset managers recognized for high-quality results in
their distinct areas of investment expertise. This partnership
builds on an existing relationship between the two firms as Gresham
currently serves as sub-advisor to the Nuveen Diversified Commodity
Fund (NYSE AMEX: CFD). Gresham’s focus on commodities represents a
critical and growing component of the broader marketplace, and
further complements the investment strategies offered through
Nuveen Investments’ existing family of specialized and distinct
money managers.
“We are very pleased to partner with Gresham in this meaningful
way and look forward to sharing their leadership and innovation in
this compelling asset class with our growing array of institutional
and high-net-worth clients in the United States and abroad,” said
John Amboian, Nuveen Investments Chairman and CEO. “The addition of
Gresham’s seasoned team will enhance our ability to better meet the
long-term investment needs of clients seeking to enhance their
exposure to commodities and to provide a measure of protection
against inflation.”
“Nuveen is an outstanding partner with which to continue the
work we began with Gresham’s Tangible Asset Program 25 years ago,”
said Dr. Henry Jarecki. “I am proud of the team we have built. They
are experienced professionals with a proven record of success. I am
glad this transaction will allow us to continue to provide value to
our clients.”
Gresham President Jonathan Spencer added, “My colleagues and I
look forward to working with Nuveen in the months and years ahead,
to the benefit of our clients. As investors increasingly recognize
the important role this asset class plays in constructing well
diversified portfolios, we are excited to be part of Nuveen’s
investment culture.”
Maintaining a significant minority ownership stake in the firm,
Gresham management and its investment team will continue to operate
independently while leveraging the strengths of Nuveen Investments’
shared resources. The transaction, while subject to customary
closing conditions, is expected to close by the end of the year.
Nuveen was advised by UBS Investment Bank. Gresham was advised by
Rothschild.
About Gresham Investment
Management
Gresham Investment Management LLC was founded in 1992 by Dr.
Henry Jarecki and has pioneered the management of diversified
commodity investment portfolios using commodity futures. Gresham’s
Tangible Asset Program® (TAP®) began trading in January 1987. As of
October 31, 2011, Gresham managed nearly $14 billion for a variety
of clients, including Public and Corporate Pension Funds,
Endowments, Insurance Companies, Health Systems, Family Offices,
and Sovereign Wealth Funds, based in the Americas, Europe, Asia,
and the Middle East. Gresham is registered as an Investment Adviser
with the Securities and Exchange Commission, a Commodity Pool
Operator and Commodity Trading Advisor with the Commodity Futures
Trading Commission, and is a member of the National Futures
Association and the Futures Industry Association.
About Nuveen Investments
Nuveen Investments provides high quality investment services
designed to help secure the long-term goals of institutional and
individual investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets a wide range of
specialized investment solutions which provide investors access to
capabilities of its high-quality boutique investment
affiliates—Nuveen Asset Management, NWQ, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, Nuveen Investments
managed $207 billion as of October 31, 2011. For more information,
please visit the Nuveen Investments website at www.nuveen.com.
Certain statements made by the Company in this release are
forward-looking statements. The Company’s actual future results may
differ significantly from those anticipated in any forward-looking
statements due to numerous factors. These include, but are not
limited to, the effects of the substantial competition in the
investment management business, including competition for access to
brokerage firms’ retail distribution systems, the Company’s
reliance on revenues from investment management contracts which
renew annually, regulatory developments, accounting pronouncements,
and other additional risks and uncertainties as set forth in the
Company’s filings with the SEC. The Company undertakes no
responsibility to update publicly or revise any forward-looking
statements.
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