Nuveen chief executive exits amid leadership shakeup

Nuveen chief executive Jose Minaya has exited the US$1.2 trillion asset management firm, but his successor has already been appointed.

Nuveen Asset Management president and head of equities and fixed income William (Bill) Huffman, who's been with the firm for over 16 years, has been appointed as chief executive.

Huffman, who is based in Chicago, will also chair the Nuveen executive leadership team and serve on the executive leadership committee of the Teachers Insurance and Annuity Association of America (TIAA) - which owns Nuveen.

He joined the firm in 2008 as chief operating officer after serving as chief executive at Northern Trust.

Since then, he's led on "multiple significant acquisitions," including FAF Advisors, Greenworks Lending, and Arcmont Asset Management.

He's also overseen the integration of numerous affiliate businesses - like Nuveen Asset Management, TIAA Public Investments, TIAA Private Investments, Symphony Asset Management, NWQ Investment Management, Santa Barbara Asset Management, and Churchill Asset Management.

TIAA chief executive Thasunda Brown Duckett said Huffman's dedication to clients and the firm's strategic advancement has had a "transformative impact" on its growth and innovation.

Duckett added she's confident that Nuveen will go from strength to strength under his stewardship.

She also wished Minaya "every success" in his future endeavours, though it remains unclear where he'll be heading.

Huffman said: "We will continue to succeed by reinforcing our position as a market leader in fixed income, delivering enhanced public market and alternative capabilities to clients, and investing in our wealth and institutional businesses in key segments including insurance and retirement."

He added an increased international presence will enable Nuveen to serve clients in new ways.