4 portfolio managers have exited asset management giant Nuveen after their funds took a hit in 2018

REUTERS/Ivan Alvarado

A trader looks at a screen with the Chilean share price index IPSA at the Santiago Stock Exchange October 27, 2008.

• Four portfolio managers have left $930 billion asset manager Nuveen.
• James Diedrich, Harold Goldstein, Mark Traster, and Derek Sadowsky exited three funds with a collective $1.7 billion in assets.
• A Nuveen spokesman said: "We routinely evaluate our organization to ensure that we are delivering investment excellence to our clients and align our portfolio management teams accordingly."

Four portfolio managers have left Nuveen, the $930 billion asset manager, according to a person familiar with the matter.

James Diedrich, Harold Goldstein, Mark Traster, and Derek Sadowsky are no longer leading three equity funds with a collective $1.7 billion in assets, according to filings with the Securities and Exchange Commission on Tuesday.

The source told Business Insider the four had left the firm. The men did not respond to requests for comment.

"We routinely evaluate our organization to ensure that we are delivering investment excellence to our clients and align our portfolio management teams accordingly," a spokesman for Nuveen said. He could not be reached for further comment.

Nuveen is the investment arm of TIAA.

See more: The CMO of $998 billion asset manager Nuveen explains how the brand is trying to stand out in an increasingly crowded field

For the $484 million Nuveen Mid Cap Growth Opportunities Fund, Gregory Ryan is taking the place of Diedrich and Goldstein, who have been portfolio managers since 2006 and 2005, respectively. That fund returned -8.9% in 2018, while the Russell Midcap Growth Index dropped 4.75%, according to Nuveen's website.

Ryan is also continuing as portfolio manager for the $106 million Nuveen Small Cap Select Fund, and Jon Loth was added as portfolio manager. Traster, who has been a portfolio manager since 2008, is no longer with the fund. The fund returned -11.06% in 2018, in line with the Russell 2000 Index.

And at the $1.1 billion Nuveen Asset Management Dividend Value Strategy fund, Sadowsky, who has been a portfolio manager since 2012, has left. He was replaced by Evan Staples. Co-portfolio manager David Chalupnik will continue in his role. The fund returned -9.11% in 2018, while the Russell 1000 Value Index lost 8.27%.

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