BOSTON - Old Mutual's U.S. asset management unit announced that it has a deal to sell its NWQ Investment Management Co. to John Nuveen Co. for $140 million.
Nuveen Investments would be acquiring a value-oriented equity specialist with $7 billion of assets under management. The deal is expected to close within 60 days, the companies said on Wednesday. Boston-based Old Mutual had acquired NWQ in 2000 when it bought United Asset Management Corp.
Old Mutual also established a strategic alliance through which Chicago-based Nuveen is to distribute its asset management products and services. The alliance, which is for at least five years, would have Nuveen giving priority to Old Mutual's U.S. units for third-party mandates.
