Nuveen assigns new managers to municipal funds as Spalding retires

By Marisa Wong

Morgantown, W.Va., May 26 – Nuveen Investments announced changes to the portfolio management for several of its closed-end municipal bond funds.

These changes follow the announcement of Tom Spalding’s retirement from Nuveen Asset Management, effective May 31.

The following funds are affected:

• Nuveen Municipal Value Fund (NYSE: NUV);

• Nuveen AMT-Free Municipal Value Fund (NYSE: NUW);

• Nuveen Municipal Market Opportunity Fund (NYSE: NMO);

• Nuveen Performance Plus Municipal Fund (NYSE: NPP)

• Nuveen Dividend Advantage Municipal Fund (NYSE: NAD);

• Nuveen Select Quality Municipal Fund (NYSE: NQS);

• Nuveen Select Tax-Free Income Portfolio (NYSE: NXP);

• Nuveen Select Tax-Free Income Portfolio 2 (NYSE: NXQ);

• Nuveen Select Tax-Free Income Portfolio 3 (NYSE: NXR);

• Nuveen Maryland Premium Income Municipal Fund (NYSE: NMY); and

• Nuveen Virginia Premium Income Municipal Fund (NYSE: NPV).

Dan Close will be the new portfolio manager for NUV and NUW. Christopher Drahn will be the new portfolio manager for NMO, NPP, NAD and NQS. Michael Hamilton will be the new portfolio manager for NXP, NXQ and NXR. Stephen Candido will be the new portfolio manager for NMY and NPV.

In addition to the closed-end funds noted above, Candido has been appointed to succeed Spalding in the portfolio management responsibilities for two open-end mutual funds. Candido will manage the Nuveen Virginia Municipal Bond Fund (NFVA) and the Nuveen Maryland Municipal Bond Fund (NMDV), effective May 31.

Close, senior vice president and portfolio manager, manages a number of state-specific, tax-exempt portfolios, including the Georgia, Kentucky, Michigan, North Carolina, Ohio and Tennessee municipal bond strategies and related institutional accounts.

He is also portfolio manager for national closed-end funds and is the lead portfolio manager for the firm’s taxable municipal strategies.

Close joined Nuveen Asset Management in 2000. Prior to his current position, he was a research analyst covering the corporate-backed, energy, transportation and utility sectors. Before that, he worked as an analyst at Banc of America Securities specializing in originating and structuring asset-backed securities.

Drahn, senior vice president and portfolio manager, manages tax-exempt fixed-income portfolios, including the short-term municipal bond, Colorado municipal bond, the Minnesota intermediate municipal bond and the Missouri municipal bond products and related institutional portfolios. He also oversees various closed-end funds.

Drahn joined the firm in 1980 and became a portfolio manager in 1988.

Hamilton, senior vice president and portfolio manager, manages tax-exempt fixed-income portfolios, including the Arizona, Connecticut, Massachusetts and New Mexico municipal bond and Oregon intermediate municipal bond products. He also oversees various closed-end funds.

Hamilton joined the firm in 1989 and became a portfolio manager in 1992. He was previously a fixed-income fund manager and trader.

Candido, vice president and portfolio manager, is a senior research analyst for the municipal fixed-income team, responsible for conducting fundamental credit analysis and contributing to relative value assessments with portfolio managers and traders, primarily for high-yield strategies.

He specializes in covering land secured credits, including special assessment districts, tax increment financings, and REITs. In addition, he is assigned to the student loan and housing sectors, including student housing.

Candido joined the firm’s unit trust division in 1996. Prior to his current role on the research team, he was an assistant vice president for Nuveen’s global structured products team beginning in 2005. He was the manager of the fixed-income unit trust product management and pricing group starting in 2001. Before that he held positions as an equity research analyst and fixed-income pricing analyst.

Fund manager Nuveen Investments is based in Chicago.

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