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.