State Street Global Advisers (SSgA) has partnered with Nuveen Investments to improve its municipal bond ETF offering and other similar investment strategies.
Nuveen Investments will become sub-adviser for the municipal bond SPDR ETFs, while Nuveen Asset Management will be responsible for managing the assets of five existing municipal bond SPDR ETFs.
SSgA says it will continue to serve as the investment adviser for the municipal bond SPDR funds, which have nearly $2bn in assets.
These funds will be renamed as SPDR Nuveen municipal ETFs. The range comprises the SPDR Barclays Capital Municipal fund, SPDR Barclays Capital California Municipal Bond fund, SPDR Barclays Capital New York Municipal Bond fund, SPDR Barclays Capital Short Term Municipal Bond fund and SPDR S&P VRDO Municipal Bond ETF.
Tim Ryan, the lead portfolio manager of the municipal bond SPDR ETFs will transition to Nuveen Asset Management as senior vice president, to ensure a smooth transition.
SSgA has assets under management for SPDR ETFs amounting to more than $204bn as of 31 December 2009.
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