Facebook Twitter

John Nuveen Co. reports 2nd quarter profits up 10%

SHARE John Nuveen Co. reports 2nd quarter profits up 10%

CHICAGO (Bloomberg) — John Nuveen Co., one of the biggest U.S. managers of municipal bond funds, said its second-quarter profit rose 10 percent as investors switched from technology stocks to more balanced investment funds.

Net income rose to a record $26.3 million, or 78 cents a share, from $23.9 million, or 70 cents a share, a year earlier.

Revenue rose to $85.1 million, from $84.8 million reported a year ago.

The earnings just topped the average estimate of 77 cents a share among analysts surveyed by First Call/Thomson Financial.

"We are pleased with our ability to report strong earnings in a quarter when most market indices declined," said Nuveen Chairman Tim Schwertfeger in a statement. "We attribute this to the market's shift from high technology concentrations earlier in the year to a more balanced investing approach," he said. Nuveen said net sales in the quarter climbed to $1.8 billion, the highest in four quarters.