Nuveen Investments (JNC) Reports Q3 EPS of $0.65
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Nuveen Investments Inc. (NYSE: JNC) reports Q3 EPS of $0.65, ex-items, versus the consensus of $0.68.
Nuveen said due to unfavorable market conditions during the quarter, gross sales were down 23% from the prior year. As a result, net outflows for the quarter were $1.4 billion, primarily driven by $1.8 billion in retail managed account outflows. Institutional net flows were a positive $0.4 billion in the quarter while mutual fund flows were flat.
Total assets under management were $170.4 billion at September 30, 2007, compared to $154.2 billion a year ago, $161.6 billion at the beginning of the year and $171.6 billion at the end of the prior quarter. The 11% increase in assets under management over the prior year was driven by $5.5 billion of net flows, $10.3 billion of market appreciation and $0.4 billion from the acquisition of HydePark Investment Strategies.
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