| John Nuveen Company |
333 W. Wacker Drive,
Chicago,
IL
60606-1286 |
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www.nuveen.com
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(312) 917-7700
Fax: (312) 917-8049
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In bonds we trust
Founded in 1898 by a former grocer, the John Nuveen Company originally served as an underwriter and trader of municipal bonds. Underwriting bonds remains among the company's most important businesses, although the Chicago-based Nuveen has gradually expanded its products and services, and expanded to the buy side of the market (investment management). The firm's investment management products include defined portfolios, mutual funds, money market funds, and exchange-traded funds. The subsidiary of a couple of different companies in the 1960s and 70s, Nuveen went public in 1992. The company is 80 percent owned by Minnesota insurer The St. Paul Companies.
Get with the (stock) program
Nuveen has spent the past several years playing catchup in the new game of asset management where potential upside (read: stock) reigns supreme. Up until 1995, the firm offered only municipal bond funds; Nuveen has since begun offering equity investments. The firm has an uphill battle in trying to go from niche to mainstream; it is still known primarily for its unit trust and municipal bond businesses. (Unit trusts, also called defined portfolios, are funds that are not managed once created; the the investments that make up the fund remain the same until the fund matures.) Nuveen's most popular defined portfolio is actually an equity portfolio which follows the unique strategy of focuses on stocks of companies that have bought back stock and thus reduced the number of their outstanding shares. While it is attempting to widen its product line, Nuveen's historical niche businesses, have served it well. In 1998, the firm reported record net income of $83.6 million, a 13 percent increase from 1997. At the end of 1998, the firm had about $65 billion under management.
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One former employee notes that Nuveen focuses its recruiting efforts near its Chicago headquarters, most notably at schools like Northwestern, the University of Chicago, and the University of Michigan. The firm looks for applicants with strong quantitative skills who "at least act like they're interested in municipal finance." Requirements and qualifications vary by position. Send or fax resumes to human resources.
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If you're looking for a fast-paced and high-pressure Wall Street environment, John Nuveen is not the place for you. According to employees, Nuveen places family time and community service as a priority, with most employees leaving the office before 7 p.m. on weekdays, and weekend hours are virtually unheard of. On the downside, salary and bonuses for beginning analysts are below Wall Street standards, and Nuveen's slow pace prompts one employee to complain, "it's a stagnant place to work." Though women and minorities have yet to claim a large presence at the conservative firm, employees note a recent push in diversity hiring.
Human Resources
Bond underwriting;Defined portfolios;Exchange-traded funds;Mutual funds;Money market funds
American Century Investments;Fidelity;T. Rowe Price;Vanguard Group
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