Nuveen, the investment manager of TIAA with $1.1 trillion in assets under management, completed the merger of its JPT and JPS into JPC on Monday, forming a $4 billion portfolio. This merger makes it the largest among listed preferred securities closed-end funds. The transactions were tax-free and involved share conversions at specific exchange ratios.
The merger was first announced on October 24, 2023, and following this announcement, Nuveen declared a post-merger distribution for its Preferred & Income Opportunities Fund (JPC). The distribution is scheduled to be payable on December 1, 2023. Nuveen's distribution strategy caters to regular income seekers ensuring total payouts (pre and post-merger) are at least equal to prior monthly distributions from JPC, JPT, and JPS.
Operating in 27 countries, Nuveen manages $51 billion across 48 closed-end funds. With a history of 35 years, the company offers outcome-focused solutions with regular distributions. It has deep expertise across traditional and alternative investments and provides customized strategies. Nuveen is a member of FINRA and SIPC.
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