Nuveen Multi-Strategy Income and Growth Fund to focus on preferreds

By Tali David

Minneapolis, Jan. 23 - The Nuveen Multi-Strategy Income and Growth Fund began the implementation of its previously announced portfolio repositioning on Monday, according to a press release.

The fund features a mix of debt and equity investment strategies. After the repositioning, it will focus its investments on preferred securities.

Nuveen Asset Management, LLC and NWQ Investment Management Co., LLC, affiliates of Nuveen Investments, will assume portfolio management responsibilities from the fund's existing sub-advisers and each will manage a part of the fund's investment portfolio.

As a result, Douglas Baker and Brenda Langenfeld from Nuveen and Michael Carne and Kevin Hunter from NWQ have been appointed to the existing portfolio management team.

The Nuveen Multi-Strategy Income and Growth Fund 2 will also reposition, focusing on a single, broad-based credit strategy with an emphasis on senior loans.

Chicago-based Nuveen provides investment services to institutions as well as high-net-worth and affluent investors.

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