10 Apr 2023
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Nuveen appoints Daniel Close as Head of Municipals
John Miller to Retire After Successful 30-year Career
Leadership Continuity Ensured as Well-Established Succession Marks the Next Stage for Industry-Leading Platform
New York, April 10, 2023 – Nuveen, the investment manager of TIAA, appointed Daniel Close, CFA®, a veteran portfolio manager at the firm with a proven track record of success, as Head of Municipals.
Mr. Close, 47, who ran the firm’s taxable municipals business, will now assume leadership over its entire municipal finance investment team. The group includes more than 80 investment professionals averaging 22 years of experience and is one of the largest, most successful and longest-tenured teams in the asset class. Mr. Close succeeds John Miller, CFA®, who is retiring after a successful career, including nearly 30 years at Nuveen. The key tenets of the team’s proven investment and research processes will not change.
“Dan’s contributions have been crucial to the advancement of Nuveen’s municipals business,” said William Huffman, President of Nuveen Equities and Fixed Income. “His strong historical investment performance, rock-solid judgment and dedication to our team-based approach give me the utmost confidence that the group, under his leadership, will retain and strengthen the advantages and market positioning that they’ve long been known and admired for in the industry.”
Mr. Close began his investment career in 1998 and has extensive experience as a portfolio manager in both tax exempt high-yield and investment-grade municipals. In leading Nuveen’s Taxable Municipals business, he helped establish and expand the platform to $35 billion in assets under management, serving more than 60 institutional accounts. Mr. Close is a trusted voice on custom fixed income solutions and asset allocation and has deep experience working with clients across the firm’s business worldwide.
“I’m delighted to take on my expanded role within the muni industry’s most experienced, dedicated and insightful portfolio management team,” Mr. Close said. “All of us look forward to expanding Nuveen’s strengths and capabilities by continuing to innovate and provide tremendous value for our clients.”
Mr. Miller, who joined Nuveen in 1996, and has been the Head of the Municipals investment team since 2007, played a central role in building and strengthening the firm’s comprehensive approach to municipal investing. As part of a well-established transition plan, Mr. Miller will continue to serve as a portfolio manager until his retirement on June 1st, 2023.
“We’re also celebrating John’s incredibly successful career,” Mr. Huffman said. “John’s ceaseless dedication to our clients’ best interests represents the very heart of Nuveen’s culture.”
“I am deeply grateful for my years at Nuveen and retire with a profound sense of pride in all that our dedicated and extremely talented team accomplished,” Mr. Miller said. “Nuveen’s municipal business is incredibly resilient and well-positioned to capitalize on the many opportunities that lay ahead. I wish all of my colleagues the best as they continue to set the industry standard for success.”
Prior to Mr. Miller’s retirement, Nuveen will leverage the firm’s deep bench of senior executives to transition responsibilities for managing 10 of the firm’s more than 60 municipal bond funds. Nuveen will make no changes to its separately managed accounts, investment-grade municipals or taxable municipals businesses.
About Nuveen’s Municipal Fixed Income Platform
Nuveen has steadfastly served clients and communities through excellence in investment since its founding in 1898. Today it is an industry leader ranking among the largest municipal fund managers, with $188 billion in assets under management1.
Nuveen’s specialized municipal credit research team of 25 professionals is among the largest and most experienced in the asset class. The platform serves clients across institutional and wealth audiences, providing access to the asset class via mutual funds, closed-end funds, separately managed accounts and model portfolios. Portfolio managers are being added to only the following strategies:
|FUND NAME||TICKER||PORTFOLIO MANAGEMENT TEAM2 AS OF 04/10/20233|
|Nuveen High Yield Municipal Bond Fund||NHMRX||Dan Close, CFA; Stephen Candido, CFA|
|Nuveen California High Yield Municipal Bond Fund||NCHRX||Scott Romans, Ph.D.; Dan Close, CFA; Stephen Candido, CFA|
|Nuveen Short Duration High Yield Municipal Bond Fund||NVHIX||Steve Hlavin; Tim Ryan, CFA; Stephen Candido, CFA|
|Nuveen Strategic Municipal Opportunities Fund||NSIOX||Tim Ryan, CFA; Dan Close, CFA; Stephen Candido, CFA|
|Nuveen All-American Municipal Bond Fund||FAARX||Tim Ryan, CFA; Paul Brennan, CFA|
|Nuveen Dynamic Municipal Opportunities Fund||NYSE: NDMO||Tim Ryan, CFA; Dan Close, CFA; Stephen Candido, CFA|
|Nuveen Municipal Credit Opportunities Fund||NYSE: NMCO||Steve Hlavin; Dan Close, CFA; Stephen Candido, CFA|
|Nuveen Municipal High Income Opportunity Fund||NYSE: NMZ||Dan Close, CFA; Stephen Candido, CFA|
|Nuveen Taxable Municipal Income Fund||NYSE: NBB||Dan Close, CFA; Kristen DeJong, CFA|
|Nuveen Enhanced High Yield Municipal Bond Fund||NMSSX||Steve Hlavin; Dan Close, CFA; Stephen Candido, CFA|
Media Contact: Sally Lyden: Sally.Lyden@Nuveen.com // (646) 984. 1913
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 31 Dec 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
1 As of 12/31/2022.
2 Blue font denotes the addition of a portfolio manager; Black font denotes an existing portfolio manager.
3 John Miller will continue to serve as a portfolio manager on these strategies until his retirement on June 1, 2023.
Important information on risk
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the funds, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The funds’ use of inverse floaters creates effective leverage. Leverage involves the risk that the funds could lose more than its original investment and also increases the funds’ exposure to volatility,interest rate risk, and credit risk.
In addition, the Nuveen High Yield Municipal Bond Fund concentrates in non-investment-grade and unrated bonds with long maturities and durations which carry heightened credit risk, liquidity risk, and potential for default. The fund oftentimes engages in a significant amount of portfolio leverage and in doing so, assumes a high level of risk in pursuit of its objectives. The Nuveen All-American Municipal Bond Fund periodically engages in a moderate amount of portfolio leverage and in doing so, assumes a higher level of risk in pursuit of its objectives. The Nuveen Short Duration High Yield Municipal Bond Fund concentrates in non-investment grade and unrated bonds with shorter maturities and durations which carry heightened credit risk, liquidity risk, and potential for default. In addition, the Fund may engage in a moderate amount of portfolio leverage and in doing so, assumes a higher level of risk in pursuit of its objectives.
A closed-end fund’s use of leverage creates the possibility of higher volatility for the fund’s per share NAV, market price, distributions and re tur ns. There is no assurance that a fund’s leveraging strategy will be successful. Closed-end funds historical distribution sources have included net investment income, realized gains and return of capital. Closed-end fund shares may frequently trade at a discount or premium to their net asset value.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
CFA® and Chartered Fiduciary Analyst® are registered trademarks owned by CFA Institute.
Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial professional or Nuveen at 800.257.8787 or visit nuveen.com. Nuveen Securities, LLC, member FINRA and SIPC.
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