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The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, June 20, 2007 Nuveen Execs Discuss Company's Future Nuveen executives held a conference call this morning at to discuss the firm's sale to a private equity group led by Madison Dearborn Partners LLC. Here are some highlights: Timothy Schwertfeger, outgoing CEO: "The new ownership structure will help create and retain new talent. I have been with Nuveen for 30 years, 11 as CEO. Nuveen's transition to private ownership is a good point to start the transition to new leadership." John P. Amboian, president and director (Amboian will become CEO effective July 1): "The overall strategic direction will not change. the deal will foster a positive, stable environment for investment teams." ***
From the Q&A with analysts: Q: What is the impact on the investment team, any change of control issuers, contacts up for negotiation? A: We will continue to work with each of the teams to foster stable and healthy environment. We will supplement support with incentive-based opportunities. There will be a consent process with fund advisory agreements. We do not anticipate a problem with this. Q: Why now? A: We are still feeling we have a lot of investing we can do, this will allow us to accelerate the pace of investment and growth capabilities. MDP's assertiveness in presenting a thoughtful presentation also helped the process. Q: Why the small timeframe for competing offers? A: A 30-day window is just standard, we have not thought it about beyond that. Q: What drives going private? A: The valuation was compelling and striking, we can also build our business at faster pace. Q: What types of investments will you accelerate? A: We would like to build new investment platforms, recruit more talent, and build additional distribution channels. Q: Was the bidding process a competitive process? A: That information will be filed as part of proxy in about 45 days. Q: Are you interested in more acquisitions? A: We will continue to pursue this option, if we did we would be looking for added distribution access and technology capabilities. This has been part of the dialog with MDP. Q: What will the management structure look like post-merger? A: Not been discussed at all. Printed from: MFWire.com/story.asp?s=14796 Copyright 2007, InvestmentWires, Inc. All Rights Reserved |