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Nuveen to Acquire Symphony Asset Management

The John Nuveen Company announced it will acquire institutional money manager Symphony Asset Management for $210 million in cash plus potential future growth incentives.

Symphony, founded in 1994, manages more than $4 billion in equity and fixed-income portfolios using market-neutral and other investment strategies focused on reducing risk. Symphony is currently co-owned by its four co-founders and BARRA, Inc.

In its statement, Nuveen said that it expects to offer Symphony-designed products to its high-net-worth clients and offer Symphony services to the financial advisers it sells through.

Nuveen Investments, the asset management division of John Nuveen, currently manages $71 billion in assets for predominantly affluent clients through mutual funds, separately managed accounts, exchange traded funds and defined portfolios.