According to a company press release, enhanced equity strategies are designed to consistently outperform a chosen benchmark while assuming minimal additional risk. HydePark’s enhanced equity products currently include: an Enhanced 500, an Enhanced 1000, an Enhanced 2000, an Enhanced Midcap, a Large Growth portfolio, a long-short market neutral portfolio and a series of enhanced portfolios customized to client needs.
The financial terms of the deal that is supposed to close at the end of the month were not disclosed, but Nuveen’s takeover of HydePark also includes Richards & Tierney, Inc., a firm that provides specialized risk control and portfolio advisory services to institutional investors.
HydePark has about $350 million in assets under management and a client list that includes GE Asset Management, The University of Minnesota Foundation, and COPIC Insurance Company, the release stated.
Richards & Tierney was founded in 1984 by Thomas Richards and David Tierney, whose clients include The California Public Employees’ Retirement System (CalPERS), Target Corp., General Mills, The Regents of the University of California, and The American University of Cairo.
Richards & Tierney will continue to operate under current management; however, HydePark will operate under the Nuveen brand.
“HydePark and Richards & Tierney are known for their thought leadership and innovation, and will be strong additions to our growing family of investment products and services,” said Timothy Schwertfeger, Chairman and CEO of Nuveen, said in the release. “Their disciplined, high-quality capabilities will expand our equity-based offerings designed to help secure the goals of institutional and high-net-worth investors and those who serve them.”