Nuveen Investments posted a net income of $44.9 million for the first quarter, up 4 percent from $43.4 million a year earlier, on the back of solid growth in assets under management.

The Chicago-based firm said Wednesday that total assets under management grew $26 billion to $145 billion, representing an increase of 22 percent. The growth was driven by $15 billion of positive net flows, in addition to $8 billion of market appreciation and $3 billion of assets from its acquisition of Santa Barbara Asset Management last fall.

The asset growth led to a 19-percent rise in advisory fee revenue.

Nuveen said it has witnessed accelerating growth in its mutual funds in the first three months of the year, with sales hitting $1.3 billion and positive net flows of $864 million, more than double the flows a year ago and 60 percent higher compared to the previous quarter.

"Our strong start to the year reflects our broader, more diversified business base and investment expertise," said Tim Schwertfeger, chairman and chief executive of Nuveen Investments, in a statement.  

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