Nuveen Investments, a provider of investment services to institutions as well as individual investors, has agreed to acquire Incapital’s Unit Investment Trust (UIT or Unit Trust) platform.
As part of the acquisition, Nuveen Investments will sponsor UITs that utilize the portfolio consultant services of unaffiliated asset managers, including those currently involved with Incapital UITs.
Additionally, Nuveen will also develop new Unit Trust strategies using the expertise of its seven investment affiliates and the capabilities of TIAA Asset Management.
The agreement will see Incapital personnel currently supporting the Unit Trust platform in the areas of sales, product development and management, marketing, IT and operations moving to Nuveen Investments.
Moreover, the Unit Trust team will collaborate with Nuveen Investments’ national accounts team to introduce and expand the use of Unit Trusts by dealers.
Subject to customary closing conditions, the deal is scheduled to complete in the second quarter of 2016. Financial terms of transaction have not been disclosed.
In 2014, Nuveen Investments has teamed up with Incapital to provide marketing and distribution support to several of Incapital’s Unit Trusts for which Nuveen’s investment affiliates have also served as portfolio consultant.
Nuveen Investments senior executive vice president for global structured products William Adams said: "We are also pleased to add the high-quality investment capabilities of Incapital’s portfolio consultant partners to the investment capabilities of Nuveen’s investment affiliates and TIAA Asset Management that will enable us to offer a compelling array of UIT portfolio strategies."
Incapital CEO John DesPrez said: "As we move forward to focus more sharply on our core business of providing risk-managed investment solutions, we are pleased to partner with Nuveen Investments to transition our dynamic UIT business to their team."