Nuveen announced today it is acquiring Brooklyn Investment Group, a leading multi-asset custom direct indexing provider and its parent technology company, Brooklyn Artificial Intelligence, Inc.
“Together, we will reshape the direct indexing landscape by delivering alternatives and lifetime income in an expanded set of customizable solutions.”
Nuveen CEO Bill Huffman
As a result of the deal, Nuveen and Brooklyn said they will prioritize collaboration on three key initiatives in the coming months, with the first being to accelerate the integration of Nuveen’s alternatives and lifetime income capabilities into tax-advantaged offerings.
The second will be to further enhance the client experience and practice-management benefits that Nuveen delivers to advisors across the wealth channel, leveraging Brooklyn’s advanced technology for streamlining account onboarding, maintenance, and differentiated client reporting. The third will be to continue serving clients via the licensing of Brooklyn’s proprietary, white-labeled technology.
A press release today said the move underscores Nuveen’s conviction in the continued growth of direct indexing and multi-asset tax-managed solutions, which have been one of the fastest growing areas of the asset management industry, having risen to $864 billion in assets at the end of 2024. That represents a 43% compound annual growth rate since the start of this decade.
“Every day we hear from advisors about the demand for personalized multi-asset strategies with the returns that private market allocations offer. Through this partnership, we’ll unlock smart, always-on tax-management and combine the market expertise that distinguishes Nuveen and the innovative technology that Brooklyn has pioneered,” said Bill Huffman, CEO of Nuveen. “Together, we will reshape the direct indexing landscape by delivering alternatives and lifetime income in an expanded set of customizable solutions.”
Nuveen, a TIAA Company and global asset manager with $1.3 trillion in AUM, entered into a strategic partnership with Brooklyn in 2023 and together launched traditional direct indexing, tax-advantaged long-short portfolios, and multi-asset solutions that combine tax-advantaged equity and fixed income capabilities to create unified client solutions.
“This has been a true strategic partnership from the very beginning, linking Nuveen’s vision and experience with our track record of innovation and commitment to advisor efficiency,” said Erkko Etula, CEO of Brooklyn Investment Group. “The strength of Nuveen’s wealth team, their relationships with advisors, investment capabilities, and culture, and our shared commitment to advancement make this the perfect fit as we expand our collaboration across additional asset classes.”
Brooklyn Investment Group is an SEC-registered investment adviser that combines artificial intelligence with institutional-grade portfolio optimization and automated tax-loss harvesting to power personalized portfolios for its clients, which include asset and wealth management firms.
Nuveen is a leading provider of separately managed accounts (SMAs), with more than $82 billion of assets managed across municipal bonds, taxable fixed income, equities, and nontraditional offerings, including direct indexing and multi-asset strategies.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.