Nuveen Investments has selected State Street to provide it with fund administration services. The transfer of these processes to State Street will occur by the end of the calendar year.

State Street will provide custody and fund accounting services to Nuveen, while Boston Fiancial Data Services will provide transfer agency and shareholder agency. Boston Financial is jointly-owned by State Street and DST Systems.

"We chose State Street based on its proven expertise in supporting both closed-end ETFs and traditional mutual funds, as well as their ability to provide quality service to investors and financial advisors," stated Steven Foy, vice president at Nuveen. Nuveen has 130 funds.

State Street was recently hired to provide similar services for ING and Credit Suisse.

In other Nuveen news, the firm is launching its second closed-end ETF; it specializes in investment-grade taxable preferred securities. It is called the Nuveen Quality Preferred Income Fund 2. Spectrum Asset Management will subadvise the fund. 

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