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John Nuveen Co., one of the largest U.S. managers of municipal bond funds, agreed to buy Los Angeles-based NWQ Investment Management for $140 million in cash to bolster its business with institutions and wealthy clients.
Chicago-based Nuveen is acquiring NWQ, which specializes in stock investing, from Old Mutual. London-based Old Mutual has been selling U.S. fund businesses purchased almost two years ago from United Asset Management Corp. of Boston. Buying NWQ will add more than $7 billion of assets to Nuveen, which has $75 billion in fund assets.
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