Nuveen Investments, the Chicago-based investment services firm, has completed its acquisition of a 60 per cent stake in New York-headquartered
Gresham Investment Management.

As part of the deal, Gresham's management and investment teams will maintain a significant minority interest in the company and continue to function independently. As of 31 December 2011, Gresham reported around $13 billion in assets under management. 

Gresham, which was founded in 1992, has a focus on commodities which Nuveen views as a “critical and growing component of the broader marketplace.” Gresham already serves as sub-advisor to the Nuveen Diversified Commodity Fund.

At the end of October 2011, Nuveen Investments managed $207 billion for institutions, individual investors and intermediaries. Other affilitas of Nuveen Investments include NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital.

News of the takeover was previously reported here.