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Nuveen Reports Record Second-Quarter Earnings

Nuveen Investments reported a 14% increase in its second-quarter earnings of $36 million over the period of a year earlier, on a restated basis. The firm's operating revenues were $120.4 million, up 13% from 2003. Nuveen took in $6 billion in assets and netted $3.1 billion in the quarter, with total assets now reaching $102 billion, up 16% from assets of $88 billion a year ago. The firm reported that the increase in assets was driven by $11.2 billion in net new flows and $2.4 billion of market appreciation.

Nuveen Chairman and CEO Tom Schwertfeger attributed his firm's strong quarter to its diversification beyond municipal mutual funds over the past few years into core equity, as well as the growth of its institutional and retail managed accounts. He noted that institutional sales of $1.7 billion were more than three times higher than prior year sales, while retail managed account sales totaled $3.5 billion, double year-ago sales.