Nuveen to buy Winslow Capital

Nuveen Investments Inc., the Chicago-based asset manager that was taken private last year, agreed to acquire Winslow Capital Management to add more growth- stock funds. Terms weren't disclosed.

Winslow manages about $4 billion in assets for institutions and wealthy individual investors, Nuveen said in a statement today. Winslow, based in Minneapolis, invests in stocks of large companies with earnings that are growing faster than peers. Winslow measures its investments against the performance of the Russell 1000 Growth Index, whose members have a median market capitalization of $3.5 billion.

Winslow, which is closely held, will add to about $5 billion in growth funds managed by Nuveen units such as Santa Barbara Asset Management and Rittenhouse Asset Management. Closely held Winslow was founded in 1992 by Clark Winslow, its chief executive officer and head of investments, after he left Alliance Capital Management. Nuveen expects the acquisition to close by the end of the year.

Nuveen manages about $134 billion. The company was taken private for $5.75 billion last year by Madison Dearborn Partners LLC of Chicago.