Nuveen Weighs Sale of Stake in $78 Billion Private-Capital Arm

Nuveen, the investment manager owned by TIAA, is exploring the sale of a stake in Nuveen Private Capital, its arm that holds Churchill Asset Management and Arcmont Asset Management, according to people with knowledge of the matter.

The firm has been discussing selling a minority stake in the $78 billion unit, which is led by Churchill Chief Executive Officer Ken Kencel and Arcmont CEO Anthony Fobel, said the people, who asked not to be identified discussing confidential information. No transaction has been finalized, and it’s possible a deal won’t be reached.

Nuveen Private Capital was formed in March ...