Financial services provider TIAA-CREF announced Monday that it will acquire Nuveen Investments, a diversified investment management company with approximately $221 billion in assets under management.

The acquisition will further strengthen TIAA-CREF as a leading provider of retirement and financial services and expand the products and serves available to its customers, the company said.

"For nearly a hundred years, we have been wise financial stewards for those who make a difference in the world in the academic and non-profit communities," Roger W. Ferguson Jr., president and chief executive officer, TIAA-CREF, said.

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