Nuveen Investments to Buy Santa Barbara Firm

From a Times Staff Writer

Nuveen Investments Inc. this week agreed to acquire Santa Barbara Asset Management for $50 million to attract more investors interested in growth-stock portfolios.

Privately held Santa Barbara Asset Management, founded in that city in 1988, manages $2.8 billion and emphasizes “highly stable growth companies,” according to its website.

Chicago-based Nuveen, perhaps best known for its municipal bond funds, has acquired several independent money management firms in recent years to broaden its product menu. Nuveen manages a total of about $120 billion.