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The large retirement investment firm TIAA-CREF said Monday that it had agreed to buy Nuveen Investments, an investment management firm, for about $6.25 billion, to become one of the country’s top money managers.
The deal, whose price includes the assumption of debt, will give TIAA-CREF an additional $221 billion in assets under management and in particular will bolster the firm’s mutual fund offerings.
Begun 96 years ago, TIAA-CREF has sought to expand beyond its roots as an investment adviser for academics and hospitals, particularly during the tenure of Roger W. Ferguson Jr., its chief executive.
As a result of the deal, the assets managed by TIAA-CREF will grow to about $800 billion.