Novin appoints Daniel Shut as mayor

John Miller To retire after a profitable 30-year profession

Guarantee continuity of management as well-established succession represents the subsequent stage for an business main platform

New YorkAnd April 10, 2023 /PRNewswire/ — Novin has been appointed chief funding officer of TIAA Daniel ShutCFA®, is a veteran company portfolio supervisor with a confirmed monitor file of success, as mayor.

Mr. Shut, 47, who ran the corporate’s taxable municipalities enterprise, will now lead your complete municipal monetary funding staff. The group has greater than 80 funding professionals with a median of twenty-two years of expertise and is without doubt one of the largest, most profitable and longest serving groups within the asset class. Mr. Claus succeeds John Miller, CFA®, who has retired after a profitable profession, together with practically 30 years at Nuveen. The fundamental ideas of the staff’s funding and analysis operations won’t change.

“Dan’s contributions have been essential to the development of the municipalities’ enterprise in Novin,” he stated William HoffmanPresident, Nuveen Equities & Mounted Revenue. “His traditionally sturdy funding efficiency, robust judgment and dedication to our team-based method give me the utmost confidence that, underneath his management, the Group will retain and improve the benefits and market place for which it has lengthy been identified and admired within the business.”

Mr. Shut started his funding profession in 1998 and has in depth expertise as a portfolio supervisor in each high-yield, tax-exempt and municipal investments. In main Nuveen’s taxable municipalities enterprise, he helped create and develop the platform to $35 billion In property underneath administration, it serves greater than 60 institutional accounts. Mr. Shut is a trusted voice in personalized fastened revenue and asset allocation options and has deep expertise working with shoppers throughout the corporate’s companies worldwide.

“I’m delighted to be taking over my expanded position throughout the muni business’s most skilled, devoted and insightful portfolio administration staff,” stated Mr. Shut. “All of us sit up for increasing Nuveen’s strengths and capabilities by persevering with to innovate and ship super worth to our clients.”

Mr. Miller, who joined Nuveen in 1996 and has been the Municipal Funding Workforce Chief since 2007, has performed a key position in constructing and strengthening the corporate’s complete method to municipal funding. As a part of a well-established transition plan, Mr. Miller will proceed to function portfolio supervisor till his retirement June 1^avenue2023.

“We additionally rejoice John’s extremely profitable profession,” Hoffman stated. “John’s continued dedication to serving the very best pursuits of our clients is on the core of Noveen’s tradition.”

“I’m extremely grateful for my years at Nuveen and retire with a deep sense of delight in all that our devoted and intensely proficient staff has achieved,” stated Mr. Miller. “The municipal enterprise at Nuveen is extremely resilient and nicely positioned to benefit from the various alternatives that lie forward. I want all my colleagues the very best as they proceed to set the business customary for achievement.”

Previous to Mr. Miller’s retirement, Nuveen will leverage the corporate’s group of senior executives to transition obligations for managing 10 of the corporate’s greater than 60 municipal bond funds. Nuveen won’t make any modifications to its individually managed accounts, investment-rated municipalities, or taxable municipal companies.

About Nuveen’s municipal fastened revenue platform

Nuveen has served steadily serving shoppers and communities by funding excellence since its founding in 1898. Right this moment it ranks as an business chief among the many largest municipal fund managers, with $188 billion in property underneath administration¹.

Nuveen’s devoted municipal credit score analysis staff of 25 professionals is among the many largest and most skilled within the asset class. The platform serves shoppers throughout institutional and wealth audiences, offering entry to asset class throughout mutual funds, closed-end funds, individually managed accounts, and mannequin portfolios. Portfolio managers are added to the next methods solely:

Media contact: Sally Leiden: [email protected] // (646) 984. 1913

about noveen
Nuveen, TIAA’s Chief Funding Officer, affords a complete suite of results-focused funding options designed to safe the long-term monetary objectives of institutional and retail buyers. Novin has $1.1 trillion in property underneath administration as of December 31, 2022 and operations in 27 international locations. Its funding professionals provide in-depth experience throughout a complete vary of standard and different investments by a variety of automobiles and customised methods. For extra data, please go to www.nuveen.com.

Necessary details about dangers
Investing in mutual funds entails dangers; Main loss is feasible. Debt or fastened revenue securities resembling these held by funds are topic to market threat, credit score threat, rate of interest threat, name threat, tax threat, political threat, financial threat, and revenue threat. The upper the rates of interest, the decrease the worth of the bonds. Credit score threat refers back to the issuers’ capacity to make curiosity and principal funds as they fall due. Decrease-investment-grade or high-yield debt securities are topic to elevated liquidity and credit score dangers. The usage of cash for inverse floats creates efficient leverage. Leverage entails the chance that you could be lose extra money than you initially invested, and it additionally will increase your cash’s publicity to volatility, rate of interest threat, and credit score threat.

As well as, the Nuveen Excessive Yield Municipal Bond Fund It’s concentrated in non-investment and unrated bonds with lengthy maturities that carry elevated credit score threat, liquidity threat and chance of default. The fund incessantly engages in a big quantity of portfolio leverage and, in doing so, assumes a excessive stage of threat in pursuit of its targets. the Nuveen All-American Municipal Bond Fund It periodically engages in a reasonable quantity of portfolio leverage and, in doing so, assumes the next stage of threat in pursuit of its targets. the Nuveen short-term high-yield municipal bond fund It’s concentrated in non-investment grade bonds and unrated bonds with shorter maturities and phrases that carry elevated credit score threat, liquidity threat and the potential of default. As well as, the fund might have interaction in a reasonable quantity of portfolio leverage and, in doing so, assume the next stage of threat to attain its targets.

The usage of a closed-end leveraged fund creates the potential for greater volatility within the share’s NAV, market value, dividends, and reinsurance. There isn’t a assure that the fund’s leverage technique will succeed. Sources of historic distribution for closed-end funds have included web funding revenue, realized features, and return on capital. Closed-end fund shares might typically commerce at a reduction or premium to their web asset worth.

This materials will not be supposed to be an funding suggestion or recommendation, doesn’t represent a solicitation to purchase, promote or maintain a safety or funding technique, and isn’t supplied in a fiduciary capability. The knowledge offered doesn’t take note of the targets or particular circumstances of any specific investor, or recommend any particular plan of action. Funding selections have to be made primarily based on the investor’s targets and circumstances and in session along with his advisors.

CFA® and Chartered Fiduciary Analyst® are registered logos owned by the CFA Institute.

Earlier than investing, rigorously take into account the cash funding targets, dangers, prices and bills. For this and different data that ought to be learn rigorously, please request a prospectus or briefing out of your monetary skilled or from Nuveen at 800.257.8787 or go to nuveen.com. Nuveen Securities, LLC, member of FINRA and SIPC.

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