Nuveen Investments plans to acquire Santa Barbara Asset Management, which manages $2.8 billion in growth equities for institutions and high-net-worth investors, said spokesman Christopher Allen. Mr. Allen said terms will not be disclosed beyond a $50 million cash payment; the deal is expected to close within 60 days. The acquisition "fits into our overall strategy, which is to make a broader selection of equity offerings available," Mr. Allen said. The acquisition expands the capitalization range of Nuveen's offerings, mostly known for its stable growth portfolio, Mr. Allen said. Santa Barbara's research and investment staff totals about 20 people, and the firm will continue to operate independently, Mr. Allen said Nuveen manages approximately $124 billion in assets.