Tradewinds Global Investors is terminating its Global All Cap Plus Strategy on May 23, officials at parent Nuveen Investments disclosed Thursday.
The strategy, with $51 million in assets was one of the smaller ones managed by David Iben, Tradewinds chief investment officer, who is leaving the firm to join Vinik Asset Management on June 30.
“The rationale for the liquidation is to allow the investment team to focus on the long-only strategies, which are core to the Tradewinds platform,” spokeswoman Kristyna Munoz wrote in an e-mail.
Ms. Munoz also wrote that three other departing Nuveen portfolio managers — Alberto Jimenez Crespo, Gregory Padilla and Isabel Satra, will be joining Mr. Iben at Vinik.
Nuveen COO Glenn Richter said in a conference call on March 22 that Tradewinds had lost 12% to 13% of its $38 billion in assets under management in the days following the March 14 announcement that Mr. Iben was leaving.
