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A client message from Jose Minaya, Chief Executive Officer, Nuveen

Jose Minaya
Nuveen Chief Executive Officer
Jose Minaya

The history of Nuveen is a timeline of constant study, innovation, and building with an eye on the future. And after being in the financial services business for 125 years now, we know that the intentional moves we make today become the foundational strengths that allow tomorrow’s investors to thrive. This is the approach we take in each market and asset class where we operate on behalf of you and every client and partner who entrusts us with capital.

At Nuveen we have a responsibility to thousands of institutions and financial advisors representing the interests of millions of people around the world to generate reliable returns and build financial security. The biggest threat to that effort right now is continued market volatility and uncertainty. What was once an academic portfolio exercise about preparing for a challenging environment, has now taken on a far greater sense of urgency. Risk has always been inherent in this business, but in the current interest rate environment there are better options than leaving cash on the sidelines. And over the last several years, in alignment with the strength of our parent company’s balance sheet, we’ve been building capabilities and strategies that are designed for this moment to help investors manage the risks posed by that threat.

The first is centered around diversified portfolio construction. Far beyond the 60/40 split, we see an approach that brings the right mix of investments both public and private, traditional and alternative, to handle almost anything the market can throw at investors. From real assets and natural capital to infrastructure and private capital, we’ve been building new platforms for years now to provide access to harder-to-reach investments that deliver results in inflationary and higher-for-longer interest rate environments. We’ve been working directly with both individuals and institutions to address their needs and those of their stakeholders. And in the retirement channel, we’ve been opening new pathways to streams of lifetime income.

All of these moves are the result of a focus on bringing the management and development of Nuveen products and platforms closer to the strategic needs of investors like you, no matter what they might be.

Second is incorporating environmental, social and governance factors into our investment process. In 2023 we saw a variety of them set into motion, including advancements in the global energy transformation, a focus on affordable housing, and greater corporate transparency. We appreciate that these factors are far more polarizing today than ever before, but we hear you through channels like our EQuilibrium survey of institutional investors from around the world, and we see the attention being paid by regulators as a sign that transparency, intent and engagement in these issues on behalf of constituents is here to stay. Political debates aside, we have a fiduciary responsibility to make sure that we continue to consider these factors in our thinking because stakeholders like you increasingly demand it, prudent investment management requires it, and those that dismiss it face greater actual risks. As a result, we will maintain our commitment in this area, make investment adjustments where necessary, and engage with management to help assets make decisions that drive returns and reduce risk.

Third is advancing income. A PLANADVISOR survey showed that 85% of plan participants said they wanted something that would provide income generation in retirement. For several years now we’ve worked on innovative solutions that incorporate guaranteed lifetime income streams into defined contribution plans. And with Secure Acts 1.0 and 2.0 passing with support from both sides of the aisle, the time to deliver this option has finally arrived. Last fall we launched the Nuveen Lifecycle Income target date series in the United States, a next-generation qualified default investment alternative that combines a simple and familiar target date structure with the opportunity to generate guaranteed lifetime income and help participants cover their living expenses throughout retirement without the risk of outliving their savings. This is the next step in portfolio diversification, ensuring that investors of every stripe can gain access to hard-to-reach and underlying asset classes and strategies that offer better correlation, downside protection and upside opportunity. And as a wholly owned subsidiary of TIAA, and investment manager for its general account, our position as both owner and manager continues to be a significant advantage for you and the clients we serve, aligning our interests and goals for the long-term. In 2024 we expect this capability to become available to millions more investors and individual savers seeking this kind of solution for their retirement income needs.

Studying, innovating, and eventually building capabilities like these is how we’ve been able to help multiple generations of investors achieve their financial goals.

By constantly adapting our business to offer greater breadth and depth of products, advice, strategies and service models, we’ve been able to develop a large network of partners who share our commitment to meeting the long-term needs of generations of investors while eschewing the pressures of short-term results. That takes trust: trust that we can deliver investment excellence today no matter what the conditions are, and trust that we are always working to create the foundational strengths that will serve investors well tomorrow.

You are the reason we continue to do all of this. We thank you for celebrating our 125th anniversary with us. We thank you for your continued trust in our firm to create an enduring impact for generations to come by delivering long-term investment success. And we look forward to seeing many of you in person and serving you in every way possible in the year ahead.


Jose Minaya

Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.

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