Nuveen Closed-End Fund Board Approves Closed-End Fund Reorganization
May 26 2016 - 4:54PM
Business Wire
Nuveen Investments, an operating division of TIAA Global Asset
Management, today announced that the Board of the Nuveen Global
Equity Income Fund (NYSE: JGV) approved a plan to reorganize the
fund into the open-end Nuveen NWQ Global Equity Income Fund. As
previously announced, the reorganization is subject to shareholder
approval at the fund’s annual meeting to be held this fall.
The Board also approved the termination of the sub-advisory
agreement between Nuveen Fund Advisors, LLC (NFAL) and Tradewinds
Global Investors, LLC (Tradewinds) for JGV, effective August 1,
2016, and approved an interim sub-advisory agreement between NFAL
and its affiliate, NWQ Investment Management Company, LLC (NWQ),
that will go into effect on the same date. The terms of the fund’s
interim sub-advisory agreement between NFAL and NWQ will be
identical to the terms of the fund’s current sub-advisory agreement
between NFAL and Tradewinds, except that the interim sub-advisory
agreement will terminate on the earlier of 150 days after its
effective date or the date the reorganization for the fund is
consummated.
Additionally, as of August 1, 2016, JGV will no longer be
managed by its current portfolio manager and the fund will be
managed by the following individuals:
James T. Stephenson, CFA, is a Managing Director,
Portfolio Manager and Equity Analyst at NWQ. Prior to joining NWQ
in 2006, Mr. Stephenson spent seven years at Bel Air Investment
Advisors, LLC, a State Street Global Advisors Company, where he was
a Managing Director and Partner. Most recently, Mr. Stephenson was
Chairman of the firm’s Equity Policy Committee and the Portfolio
Manager for Bel Air’s Large Cap Core and Select strategies.
Previous to this, he spent five years as an Analyst and Portfolio
Manager at ARCO Investment Management Company. Prior to that, he
was an Equity Analyst at Trust Company of the West.
Thomas J. Ray, CFA, is Managing Director, Head of Fixed
Income and Portfolio Manager at NWQ. Prior to joining NWQ in 2015,
he served as Chief Investment Officer, President and founding
member of Inflective Asset Management, a boutique investment firm
specializing in convertible securities, from 2001 until 2011. From
2011 until joining NWQ in 2015, Mr. Ray was a private investor.
Prior to founding Inflective, Mr. Ray served as portfolio manager
at Transamerica Investment Management.
A Q&A with more detailed information on the fund
reorganization can be viewed by clicking here.
Nuveen provides investment solutions designed to help secure the
long-term goals of individual investors and the financial advisors
who serve them. Through the expertise and capabilities of TIAA
Global Asset Management’s high-caliber investment managers, Nuveen
is committed to providing world-class consultative services and
advice that align with client needs. Funds distributed by Nuveen
Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen
Investments is an operating division of TIAA Global Asset
Management. For more information, please visit the Nuveen
Investments website at www.nuveen.com.
16615-INV-O-05/18
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Nuveen InvestmentsMedia Contact:Kristyna Munoz(312)
917-8343kristyna.munoz@nuveen.com
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