Nuveen Investments Inc., a Chicago investment services provider, announced Wednesday that its earnings rose 11% in the third quarter.
Assets under management reached $128 billion at Sept. 30, from $107 billion a year earlier. The 20% increase in assets under management was driven by $15 billion of positive net flows and $6 billion of market appreciation, the company said.
Net income of $43.5 million was up 11% from last year's third quarter. Earnings per share were 54 cents, up 32%.
Earnings before interest and taxes, which excludes for comparative purposes the effects of new borrowings incurred to repurchase shares, were $77 million, up 17%. And the quarter's operating revenues were $158 million, a 20% increase.
Third-quarter gross sales were $5.9 billion, with positive net flows of $2 billion. Gross sales of managed accounts to high-net-worth investors and of institutional separate accounts were $5 billion; mutual fund gross sales were $900 million.
Gross sales for the first nine months of this year were $20 billion, with positive net flows of $9.8 billion.
Strong asset growth produced advisory fee revenue that was 17% higher in the third quarter as well as for the first nine months. At the end of the quarter, the allocation of assets under management was: 47% in municipal portfolios, 41% in equity-based portfolios, and 12% in taxable income-oriented portfolios.
