Nuveen Preferred Securities Closed-End Funds Announce Proposed Merger
Nuveen has announced a proposed merger between two of its preferred securities closed-end funds. The Nuveen Preferred Securities & Income Opportunities Fund (NYSE: JPI) will merge into the Nuveen Preferred & Income Opportunities Fund (NYSE: JPC), subject to shareholder approval.
The merger aims to create a larger fund with key benefits including lower net operating expenses and increased trading volume on the exchange for common shares. Proxy materials with detailed information are expected to be filed in the coming weeks.
Nuveen currently manages $53 billion in assets across 45 closed-end funds as of December 31, 2024, with over 35 years of experience in CEF management.
Nuveen ha annunciato una fusione proposta tra due dei suoi fondi chiusi di titoli preferenziali. Il Nuveen Preferred Securities & Income Opportunities Fund (NYSE: JPI) si fonderà con il Nuveen Preferred & Income Opportunities Fund (NYSE: JPC), soggetto all'approvazione degli azionisti.
La fusione mira a creare un fondo più grande con vantaggi chiave tra cui minori spese operative nette e aumento del volume di scambi sul mercato per le azioni ordinarie. I materiali di delega con informazioni dettagliate sono previsti per essere presentati nelle prossime settimane.
Nuveen attualmente gestisce 53 miliardi di dollari in attivi attraverso 45 fondi chiusi al 31 dicembre 2024, con oltre 35 anni di esperienza nella gestione dei CEF.
Nuveen ha anunciado una fusión propuesta entre dos de sus fondos cerrados de valores preferentes. El Fondo de Oportunidades de Ingresos y Valores Preferentes de Nuveen (NYSE: JPI) se fusionará con el Fondo de Oportunidades de Ingresos y Valores Preferentes de Nuveen (NYSE: JPC), sujeto a la aprobación de los accionistas.
La fusión tiene como objetivo crear un fondo más grande con beneficios clave, incluyendo menores gastos operativos netos y aumento del volumen de negociación en la bolsa para las acciones comunes. Se espera que se presenten materiales de poder notarial con información detallada en las próximas semanas.
Nuveen actualmente gestiona 53 mil millones de dólares en activos a través de 45 fondos cerrados al 31 de diciembre de 2024, con más de 35 años de experiencia en la gestión de CEF.
누빈은 두 개의 우선주 폐쇄형 펀드 간의 제안된 합병을 발표했습니다. 누빈 우선주 및 소득 기회 펀드 (NYSE: JPI)가 누빈 우선주 및 소득 기회 펀드 (NYSE: JPC)와 합병될 예정이며, 주주 승인에 따라 진행됩니다.
이번 합병의 목표는 낮은 순 운영 비용과 상장된 보통주 거래량 증가와 같은 주요 이점을 포함하여 더 큰 펀드를 만드는 것입니다. 자세한 정보가 담긴 위임장 자료는 오는 몇 주 내에 제출될 예정입니다.
누빈은 2024년 12월 31일 기준으로 45개의 폐쇄형 펀드를 통해 530억 달러의 자산을 관리하고 있으며, CEF 관리 분야에서 35년 이상의 경험을 보유하고 있습니다.
Nuveen a annoncé une fusion proposée entre deux de ses fonds fermés de titres préférentiels. Le Fonds d'opportunités de revenus et de titres préférentiels Nuveen (NYSE: JPI) fusionnera avec le Fonds d'opportunités de revenus et de titres préférentiels Nuveen (NYSE: JPC), sous réserve de l'approbation des actionnaires.
La fusion vise à créer un fonds plus grand avec des avantages clés, notamment des coûts d'exploitation nets réduits et un volume d'échanges accru sur le marché pour les actions ordinaires. Des documents de procuration contenant des informations détaillées devraient être déposés dans les semaines à venir.
Nuveen gère actuellement 53 milliards de dollars d'actifs à travers 45 fonds fermés au 31 décembre 2024, avec plus de 35 ans d'expérience dans la gestion des CEF.
Nuveen hat eine vorgeschlagene Fusion zwischen zwei seiner geschlossenen Fonds für Vorzugsaktien angekündigt. Der Nuveen Preferred Securities & Income Opportunities Fund (NYSE: JPI) wird mit dem Nuveen Preferred & Income Opportunities Fund (NYSE: JPC) fusionieren, vorbehaltlich der Genehmigung der Aktionäre.
Die Fusion zielt darauf ab, einen größeren Fonds zu schaffen, der wichtige Vorteile wie geringere Netto-Betriebskosten und erhöhtes Handelsvolumen für Stammaktien an der Börse bietet. Es wird erwartet, dass in den kommenden Wochen detaillierte Informationen in Form von Vollmachtsunterlagen eingereicht werden.
Nuveen verwaltet derzeit 53 Milliarden Dollar an Vermögenswerten in 45 geschlossenen Fonds zum 31. Dezember 2024 und verfügt über mehr als 35 Jahre Erfahrung im Management von CEF.
- Lower operating expenses expected post-merger
- Increased trading volume anticipated for common shares
- Creation of a larger, more efficient fund structure
- Merger completion uncertain, subject to shareholder approval
- Potential integration costs and temporary market disruption during merger process
The proposed merger of the funds is subject to certain customary closing conditions, including necessary shareholder approvals. Detailed information on the proposed merger will be contained in proxy materials expected to be filed in the coming weeks.
Nuveen is a leading sponsor of closed-end funds (CEFs) with
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has
Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of this press release.
FORWARD-LOOKING STATEMENTS
Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:
- market developments;
- legal and regulatory developments;
- the ability to satisfy conditions to the proposed merger; and
- other additional risks and uncertainties.
You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.
The annual and semi-annual reports and other regulatory filings of Nuveen closed-end funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC’s web site at www.sec.gov and on Nuveen’s web site at www.nuveen.com/cef and may discuss the abovementioned or other factors that affect Nuveen closed-end funds. The information contained on the Nuveen website is not a part of this press release.
IMPORTANT INFORMATION
In connection with the merger proposal discussed herein, the funds expect to file with the SEC solicitation materials in the form of a proxy statement and/or a joint proxy statement/prospectus that will be included in a registration statement on Form N-14. After the registration statement is filed with the SEC, it may be amended or withdrawn and the proxy statement and/or joint proxy statement/prospectus will not be distributed to shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the solicitation materials and any other relevant documents when they become available because they will contain important information about the merger proposal. After they are filed, free copies of the solicitation materials will be available on the SEC’s web site at www.sec.gov.
This communication is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. However, the funds, Nuveen Fund Advisors and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the merger proposal discussed herein. Information about the directors/trustees and officers of the funds may be found in their respective annual reports previously filed with the SEC.
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. Closed-end funds frequently trade at a discount to their net asset value.
4330700
View source version on businesswire.com: https://www.businesswire.com/news/home/20250319774491/en/
For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds or contact:
Financial Professionals:
800-752-8700
Investors:
800-257-8787
Media:
media-inquiries@nuveen.com
Source: Nuveen
FAQ
What are the benefits of the Nuveen JPI and JPC funds merger?
When will shareholders vote on the Nuveen JPI merger proposal?
Which fund will survive after the Nuveen preferred securities merger?
What is Nuveen's current closed-end fund asset management size?
