CHICAGO--(BUSINESS WIRE)--Nuveen Investments, an operating division of TIAA Global Asset Management, today announced updated portfolio management responsibilities for several of its closed-end municipal bond funds. These changes follow the announcement that after 40 years of service to the firm, Tom Spalding will retire from Nuveen Asset Management, effective May 31, 2016. Following is a list of the affected funds.
“It is with deep gratitude that we share the news of Tom’s retirement,” said John Miller, Co-Head of Fixed Income for Nuveen Asset Management. “For all of us who have worked with and have been mentored by Tom, he has shown himself to be the epitome of quiet humility, steady calm, and a thoughtful steward, always putting clients’ needs before his own. He has left an indelible mark on our team. His colleagues, who bring with them deep expertise in municipal bond analysis and portfolio management, stand ready to ensure a smooth transition in the management of his funds which continue to provide meaningful tax-free income to our clients.”
| Fund Name | New Portfolio Manager | ||
| Nuveen Municipal Value Fund (NYSE: NUV) | Dan Close | ||
| Nuveen AMT-Free Municipal Value Fund (NYSE: NUW) | Dan Close | ||
|
Nuveen Municipal Market Opportunity Fund (NYSE: NMO) |
Christopher Drahn | ||
|
Nuveen Performance Plus Municipal Fund (NYSE: NPP) |
Christopher Drahn | ||
|
Nuveen Dividend Advantage Municipal Fund (NYSE: NAD) |
Christopher Drahn | ||
| Nuveen Select Quality Municipal Fund (NYSE: NQS) | Christopher Drahn | ||
|
Nuveen Select Tax-Free Income Portfolio (NYSE: NXP) |
Michael Hamilton | ||
|
Nuveen Select Tax-Free Income Portfolio 2 (NYSE: NXQ) |
Michael Hamilton | ||
|
Nuveen Select Tax-Free Income Portfolio 3 (NYSE: NXR) |
Michael Hamilton | ||
| Nuveen Maryland Premium Income Municipal Fund (NYSE: NMY) | Stephen Candido | ||
| Nuveen Virginia Premium Income Municipal Fund (NYSE: NPV) | Stephen Candido | ||
In addition to the closed-end funds noted above, Stephen Candido has been appointed to succeed Spalding in the portfolio management responsibilities for two open-end mutual funds. Candido will manage the Nuveen Virginia Municipal Bond Fund (NFVA) and the Nuveen Maryland Municipal Bond Fund (NMDV), effective May 31, 2016.
About the Portfolio Management Team
Daniel J. Close, CFA
Senior Vice President, Portfolio
Manager
Dan manages a number of state-specific, tax-exempt portfolios, including the Georgia Municipal Bond, Kentucky Municipal Bond, Michigan Municipal Bond, North Carolina Municipal Bond, Ohio Municipal Bond and Tennessee Municipal Bond strategies and related institutional accounts. He also serves as portfolio manager for national closed-end funds and is the lead portfolio manager for the firm’s Taxable Municipal strategies.
Dan began his career in the financial industry in 1998 and joined Nuveen Asset Management in 2000. Prior to his current position, he served as a research analyst covering the corporate-backed, energy, transportation and utility sectors. Before joining the firm, he worked as an analyst at Banc of America Securities specializing in originating and structuring asset-backed securities.
Dan received a B.S. in business from Miami University in Ohio and an M.B.A. at the J. L. Kellogg School of Management at Northwestern University. He also holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.
Christopher L. Drahn, CFA
Senior Vice President, Portfolio
Manager
Chris manages tax-exempt fixed-income portfolios, including the Short Term Municipal Bond, the Colorado Municipal Bond, the Minnesota Intermediate Municipal Bond and the Missouri Municipal Bond products and related institutional portfolios. He also oversees various closed-end funds.
He began working in the financial industry when he joined the firm in 1980. Chris became a portfolio manager in 1988.
He received a B.A. from Wartburg College and an M.B.A. in finance from the University of Minnesota. Chris also holds the Chartered Financial Analyst designation. He is a member of the CFA Institute, the Minnesota Society of Municipal Analysts, and the CFA Society of Minnesota.
Michael S. Hamilton
Senior Vice President, Portfolio Manager
Michael manages tax-exempt fixed income portfolios, including the Arizona Municipal Bond, the Connecticut Municipal Bond, the Massachusetts Municipal Bond, the New Mexico Municipal Bond, and the Oregon Intermediate Municipal Bond products. He also oversees various closed-end funds.
He began working in the financial industry when he joined the firm in 1989. Michael, who became a portfolio manager in 1992, was previously a fixed income fund manager and trader.
He received a B.A. from the College of Idaho and an M.B.A. from Western Washington University. Michael is a member of the CFA Institute and the Portland Society of Financial Analysts.
Stephen J. Candido, CFA
VP, Portfolio Manager and Senior
Analyst
Stephen is a senior research analyst for the Municipal Fixed Income Team, responsible for conducting fundamental credit analysis and contributing to relative value assessments with portfolio managers and traders, primarily for high yield strategies. He specializes in covering land secured credits, including special assessment districts, tax increment financings, and REITs. In addition, he is assigned to the student loan and housing sectors, including student housing.
Stephen started working in the financial services industry in 1996 when he joined the firm in the Unit Trust Division. Prior to his current role on the research team, he was an assistant vice president for Nuveen’s Global Structured Products team beginning in 2005. He also served as the manager of the Fixed Income Unit Trust Product Management and Pricing Group starting in 2001 and prior to that held positions as an equity research analyst and fixed income pricing analyst. In 2012, Stephen was selected as a 2nd Team All-Star Municipal Analyst by Smith’s Research & Gradings.
Stephen earned a B.S. in finance from Miami University in Ohio and an M.B.A. in finance with honors as a member of Beta Gamma Sigma from the University of Illinois-Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.
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.
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