TIAA Acquires Nuveen Investments

Objectives:

Integrate the two firms and consolidate duplicative functions, products and, overhead. Cross-sell complimentary products and provide end to end solutions for participants. Realize synergies and capitalize on both firms strengths.

Nuveen was founded in 1898 as a bond underwriter. It focused on investing in municipal bonds, which still make up a big chunk of its $221 billion of assets under management, through the 1990s, when it started branching into other products. It has diversified into stocks, corporate credit and real estate, and is the largest manager of U.S. closed-end funds, a type of investment fund that is listed on a stock exchange.

Role we played:

Worked closely with the deal team during confirmatory and took hand-off on behalf of the transition team. Oversaw and directed McKinsey, EY and, internal resources; Stood up an IMO; Established a transition governance framework, Synergy attainment framework, Value realization tracking, playbook enhancements; established integration plans. Other duties included: right-sizing dual organizations, facilitating best of breed processes such as fund seeding, product / market overlaps, inter-company charges and playbook development. Transition handed over to BAU in approximately 12months once TOM version 1.0 was achieved.

Lead: Albert Eng