SSgA hired Nuveen Investments to subadvise a total of about $2.7 billion in five municipal bond SPDR ETFs and institutional separately managed accounts, effective April 1, confirmed Bill Huffman, co-head and COO of Nuveen Asset Management.
Under the agreement, the ETFs will be rebranded as SPDR Nuveen municipal ETFs and include SPDR Barclays Capital Municipal Bond ETF, SPDR Barclays California Municipal Bond ETF, SPDR Barclays Capital New York Municipal Bond ETF, SPDR Barclays Capital Short Term Municipal Bond ETF and SPDR S&P VRDO Municipal Bond ETF.
Tim Ryan, vice president and lead portfolio manager of the SSgA municipal bond SPDR ETFs and a unit head for its Municipal Bond Group, will move to Nuveen Asset Management as senior vice president.
Mr. Huffman said SSgA had run the ETFs and separate accounts in-house.
“We’re both very excited about it,” Mr. Huffman said in an interview. “We think it’s a great opportunity to grow the ETF complex.”
State Street spokeswoman Marie McGehee confirmed the hire.