Nuveen Investments agreed to acquire HydePark Investment Strategies and its Richards & Tierney affiliate, said executives from both companies. Terms were not disclosed. Alan Berkshire, senior executive vice president of Nuveens institutional services group, said the acquisition was made to expand its institutional investment offerings. HydePark specializes in enhanced equity index strategies, which will complement the alpha-generating offerings Nuveen offers through its NWQ Investment Management and Tradewinds Global Investors subsidiaries, Mr. Berkshire said. HydePark currently manages $350 million in institutional assets. Nuveen also plans to use the HydePark acquisition to develop active quantitative strategies as well as 130/30.
The acquisition of Richards & Tierney, a risk and advisory firm, will enhance Nuveens asset allocation, multistrategy and overlay capabilities for separately managed accounts, structured products and mutual funds, Mr. Berkshire said. Thomas Richards, co-founder and principal of the firm, said Richards & Tierney will retain its investment consulting clients.