Nuveen Investments Inc. executives, positioning for an IPO in the next few years, are counting on Robert Doll and a new product line to help broaden the firm's asset base and prepare it to shed more than $4 billion in debt.
Eight equity mutual funds and companion institutional strategies managed by Mr. Doll were launched on July 1 by Nuveen Asset Management LLC, the largest of seven investment shops owned by Nuveen Investments.
Both companies are based in Chicago. Nuveen Asset has $126.5 billion under management, the biggest chunk of Nuveen Investment's $224.4 billion in AUM.
Nuveen Investments has $60.9 billion in institutional assets; Nuveen Asset, $13.6 billion.
Mr. Doll, chief equity strategist and senior portfolio manager at Nuveen Asset since last November, previously was senior managing director and chief equity strategist at BlackRock Inc.
Mr. Doll is seen as someone who can help Nuveen Asset grow organically because he is a known name who can attract investors, said William Huffman, Nuveen Asset's president.
And, organic growth is one of the ingredients to a successful initial public offering for Nuveen Investments, said a high-level company official, who spoke under the condition his name not be used because he is not authorized to talk about an IPO.
Executives of Nuveen and Madison Dearborn Partners LLC, Chicago, the private equity firm that took Nuveen Investments private in a 2007 leveraged buyout, would like to complete an IPO in the next year or two, the official said.