- A check of some mutual fund managers after TIAA-CREF agrees to buy Nuveen for $6.5B find Janus (JNS +2.9%), Invesco (IVZ +1.2%), Affiliated Managers (AMG +1.4%), and Federated Investors all posting gains. Acquisitions in this industry don't happen too often as key assets - star fund managers - can pick up and leave pretty much when they choose.
- Top tick? Nuveen's P-E owner Madison Dearborn purchased the company for $6.3B in June 2007. TIAA-CREF chief Roger Ferguson's purchase today takes Madison out at near breakeven.