(Bloomberg) -- Nuveen's staff will not return to its offices until 2021, Chief Executive Officer Jose Minaya said.
That decision was “heavily debated” and so far the company has found that its operations have fared well with staff working remotely, he said at the FT Future of Asset Management virtual conference Thursday. Chicago-based Nuveen is the investment arm of retirement savings giant TIAA.
“The engagement with clients is the highest ever,” Minaya said.
Minaya also said about 4% of Nuveen's investment staff took voluntary buyouts and the company expects no layoffs for the foreseeable future.
The rate is comparable to the company's turnover for investment personnel in 2019, he said. In May, TIAA offered a voluntary separation program for most of its global workforce. The buyout offer went to 75% of the company's 16,500 employees.
Asset management firms have been closely scrutinizing expenses as investors have flocked to low-cost index funds. The move has cut into profit for some firms and made it difficult for smaller investment companies to compete against behemoths including BlackRock Inc.
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