Chicago-based Nuveen Investments will pay $50 million in initial consideration to acquire Santa Barbara Asset Management, an institutional and high-net worth money manager with $2.8 billion in assets under management.

Santa Barbara's investment team will remain in place and continue to operate independently, said Nuveen in a press release. The mid- and large-capitalization growth manager is headquartered in Santa Barbara, California with offices in Pasadena, California.  

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