Nuveen  Nuveen is an American asset manager and wholly owned subsidiary of financial planning firm TIAA, itself known for its legacy focus on managing money for not-for-profit institutions such as universities and their employees. As a consequence of integration efforts over the last several years, Nuveen (or branded sub-affiliates) now manage the entirety of TIAA's own capital as well as all capital sourced from third parties. It is one of a limited number of non-sovereign money managers globally that have exceeded one trillion dollars in assets under management in recent years, and one of only a few that are not part of a larger organization offering retail or institutional banking at scale. Nuveen was founded in Chicago, Illinois in 1898 and originally focused solely on municipal bond underwriting and investments. While its investments today span nearly all major areas of capital markets its is known for its size and influence in domestic fixed income generally, tax advantaged municipal bonds in particular and private real estate. The firm also runs several sustainable investing strategies that feature prominently in its marketing and media efforts. The firm's three major offices globally are Chicago (headquarters of Nuveen proper), Charlotte (headquarters of parent TIAA) as well as New York (home to many market facing employees). Dozens of smaller offices are maintained around the world to support regionally specific concerns. Founded in 1898, Nuveen Investments began as John Nuveen & Company, when founder John Nuveen, Sr. created the firm as an investment banking company specializing in the underwriting and distribution of municipal bonds. The first bond it underwrote was for a Minnesota water company. After World War II, John Nuveen, Jr. helped with the Marshall Plan administration. In 1969, it was purchased by Investors Diversified Services (IDS). In 1974, the company was sold to The St. Paul Companies. It was privatised in 2007 after being acquired by a Private Equity Group led by Madison Dearborn Partners for $5.4 Billion. The company is also known for a commercial it aired in 2000 during the Super Bowl which, through the aid of computer animation, featured Christopher Reeve "walking" along with several other sufferers of spinal paralysis. Nuveen came under criticism during 2008 for its involvement in the auction rate securities auction failures, during which assets held in Nuveen's closed-end funds, totaling $15 billion, became illiquid. Those funds had two share classes: auction-rate preferred shares that hold first claim on the underlying assets (and pay income at rates set in weekly auctions), and common shares that typically pay higher income in exchange for greater risk of loss of principal.