Nuveen’s Road to Schroders Deal Started in Minnesota Muni Bonds

Schroders Plc dates back 222 years and is one of the oldest names in the City of London, with its genesis in financing infrastructure. Nuveen, its new American owner, is only about half as old but no less storied.

Founded in Chicago by John Nuveen in 1898, almost a century after Schroders, the American firm got its start underwriting municipal bonds. Its first was for a $7,000 water system in Minnesota. Over the decades, it built a reputation as active fund manager, giving rise to star muni bond pickers such as John Miller and famed stock investor David Iben.