nuveen , formerly nuveen investments , is a division of tiaa , operating in asset management .

nuveen was founded in chicago , illinois in 1898 and was previously named the john nuveen co. , after founder john nuveen .

in october 2014 , tiaa-cref completed their purchase of nuveen .

nuveen started in the municipal bond underwriting business and remains active in municipal bond market .

nuveen sells services including separately managed accounts , retail mutual funds and closed-end funds .

nuveen has $ 882 billion in assets under management .

nuveen

principal subsidiaries : john nuveen & co . incorporated . ; nuveen advisory corp . ; nuveen institutional advisory corp . ; nuveen asset management inc .
glassdoor has 105 nuveen reviews submitted anonymously by nuveen employees . read employee reviews and ratings on glassdoor to decide if nuveen is right for you .
you are leaving the nuveen website and going to the website of the mi 529 advisor plan , distributed by nuveen securities , llc .
take control back and analyze the systems before make a decision . there are lots of weeds in legacy nuveen too . take them out and restructure the team with right blend instead of doing “nuveen only” team . the strategy for merger supposed to be one nuveen and not just nuveen only .
nuveen offers its specialized investment solutions under the brands of nuveen asset management , llc ; symphony asset management llc ; nwq investment management company , llc ; santa barbara asset management , llc ; winslow capital management , llc and gresham investment management . all are registered investment advisers and subsidiaries of nuveen . asset management services are provided by nuveen in accordance with appropriate local legislation and regulations . nuveen is an operating division of tiaa global asset management . securities offered through nuveen securities , llc , member finra and sipc , a subsidiary of nuveen .
certain statements made by nuveen investments in this release are forward - looking statements .
learn more about nuveen ohio quality income municipal fund , inc . com . on :
4 nuveen funds to redeem $ 596 . 9m in auction - rate securities - marketwatch
nuveen believes that the best solution for the municipal bond funds would be to refinance the arps with vrdp . nuveen is in active discussions with market participants that could provide put commitments for the vrdp . if nuveen is successful in obtaining put commitments , its goal would be to begin refinancing some of the municipal bond fund arps within two to three months . however , nuveen expects that it will take considerably longer to refinance all of the nuveen municipal bond funds
nuveen failed to revise disclosures in their brochures after a lead auction manager responsible for approximately $ 2 . 5 billion of the arps notified nuveen in early january 2008 that it intended to stop managing nuveen auctions . on january 22 , 2008 , the lead manager did not submit support bids in an auction for a series of nuveen auction rate preferred stock and that auction failed . finra found that the auction failure and nuveen ' s inability to find a replacement for the lead manager raised serious questions for nuveen about whether investors in nuveen ' s arps would be able to obtain liquidity for the securities in future auctions . despite this , nuveen failed to revise its marketing brochures to reflect these risks and , thus , the brochures were misleading . in february 2008 , widespread auction failures occurred throughout the auction rate securities market , including auctions for nuveen funds arps .
nuo : dividend date & history for nuveen ohio quality income municipal fund , inc . com .
nuveen spokesperson kathleen cardoza said the company was “pleased to put this matter behind us so that we can continue to focus our efforts on refinancing the nuveen closed - end funds’ remaining arps . ”
to date , the nuveen funds have redeemed approximately $ 14 . 2 billion of the $ 15 . 4 billion of the arps that were outstanding on february 12 , 2008 . as part of the settlement , nuveen agreed to use its best efforts to effect redemptions of any remaining outstanding nuveen funds arps .
arps . nuveen anticipates high call volume and encourages attendees to access the call via the live streaming audio link to facilitate the registration process . online participants will be able to submit questions . attendees can access the teleconference on nuveen
tiaa - cref is acquiring nuveen from an investor group led by madison dearborn partners , a private equity investment firm , for an enterprise value of $ 6 . 25 billion , inclusive of nuveen ' s outstanding debt . nuveen will operate as a separate subsidiary within tiaa - cref ' s asset management business , retaining its current multi - boutique business model and continuing to support its investment affiliates through scaled distribution , marketing and administrative services . john amboian will remain the chief executive officer of nuveen , and nuveen ' s current leadership and key investment team will stay in place .
bofa merrill lynch , wells fargo securities , llc and citigroup global markets acted as financial advisors to nuveen investments . ubs investment bank , goldman sachs & co . and moelis & company acted as financial advisors to the nuveen management team .
john nuveen , jr . died in his home of a stroke on august 8 , 1968 at the age of 72 .
john nuveen a life of service by jerald c . brauer . published by the baptist theological union of chicago . 1997 .
nuveen investments provides high - quality investment services designed to help secure the long - term goals of institutional and individual investors as well as the consultants and financial advisors who serve them . nuveen markets a wide range of specialized investment solutions which provide investors access to capabilities of its high - quality boutique investment affiliates — nuveen asset management , llc , symphony asset management llc , nwq investment management company , llc , santa barbara asset management , llc , tradewinds global investors , llc , winslow capital management , llc and gresham investment management llc , all of which are registered investment advisers and subsidiaries of nuveen investments , inc . in total , nuveen investments managed approximately $ 221 billion as of december 31 , 2013 . for more information , please visit the nuveen investments website at
tiaa - cref individual & institutional services , llc , teachers personal investors services , inc . , and nuveen securities , llc , members
during the 1890s , john nuveen was on the road with great regularity . his job as a wholesale grocer required extensive travel throughout the midwestern united states , giving nuveen an intimate feel for the small rural towns and burgeoning urban centers dotting the midwest . it was reportedly during these trips when nuveen struck upon the idea for his namesake company and the service it would provide . nuveen could sense the pressing need for capital : the larger population centers were developing rapidly ; those areas not growing by leaps and bounds soon would , he believed . capital was the indispensable ingredient in both scenarios , and nuveen believed he could create a company to facilitate the infusion of money into urban and rural areas in dire need of cash . in 1898 , nuveen left the wholesale grocery business behind and started his own company , john nuveen & co . , a municipal bond firm that would pioneer numerous innovations in the investment industry for the next century .
chicago - based nuveen managed $ 52 . 3 billion in assets as of the end of december in its closed - end funds .
plans to restructure their leverage ; the ability of the nuveen funds to structure and create a sufficient number of tender option bonds from their portfolios ; the effects of changes in market and economic conditions ; other legal and regulatory developments ; and other additional risks and uncertainties . nuveen and the closed - end funds managed by nuveen and its affiliates undertake no responsibility to update publicly or revise any forward - looking statements .
taub , stephen ,
is nuveen the next takeover candidate ? ,
financial world , january 17 , 1995 , p . 12 .
we are proud of the accomplishments nuveen has made in recent years and its status as a provider of top performing investment funds ,
said sam mencoff , co - chief executive officer , madison dearborn partners .
tiaa - cref is the right home for nuveen and its investment affiliates moving forward . we thank john and his team for their partnership and we wish them well as nuveen enters this exciting new chapter .
“nuveen was aware of facts that raised significant red flags about the ability of investors to obtain liquidity for their nuveen auction rate securities yet failed to revise their marketing brochures to disclose these risks , ” said finra enforcement chief brad bennett . “this failure deprived investors of important information . ”
as john nuveen entered the late 1990s and charted its course for a second century of business , immediate plans called for a renewed emphasis on marketing uits . three new uits - - the nuveen - standard & poor ' s quality equity portfolio trust , the nuveen u . s . treasury trust , and nuveen insured corporate trust - - were launched in 1997 as part of this strategy . also in 1997 , the company acquired a smaller midwest rival named flagship resources inc . , which managed more than $ 4 . 2 billion in tax - exempt mutual funds and roughly $ 400 million in managed accounts for individual investors . flagship was absorbed as a wholly owned subsidiary and renamed nuveen asset management inc . with this new component to its century - old business , john nuveen moved forward , confident that its future involvement in tax - free investment products would be as lucrative as its past .
holliday , kalen ,
nuveen content to keep mining tax - exempt niche ,
american banker , january 254 , 1995 , p . 11 .
kapiloff , howard ,
nuveen lead bidder for flagship , a midwest rival ,
american banker , july 11 , 1996 , p . 14 .
) - - nuveen investments , inc . , a leading provider of diversified investment services to institutional and high - net - worth investors , today announced that it is seeking to restructure the leverage of the 100 nuveen closed - end funds that have issued auction - rate preferred stock ( arps ) .
actual future results or occurrences may differ significantly from those anticipated in any forward - looking statements due to numerous factors . these include , but are not limited to : the ability of nuveen investments and the leveraged nuveen funds to develop and finalize fund - by - fund specific proposals to restructure the leverage of such funds ; the need for the leveraged nuveen funds to obtain formal fund - by - fund board approval of specific proposals as they are developed and finalized ; the ability of the leveraged nuveen funds to negotiate and obtain from third parties the necessary debt facilities and other commitments and agreements necessary for the nuveen funds to refinance all or a portion their leverage on terms and conditions acceptable to the funds and in a timely manner ; the ability of the leveraged nuveen funds to negotiate and obtain from broker - dealers or other financial institutions the unconditional put commitments necessary for the issuance of vrdp on terms acceptable to the funds and in a timely manner ; the acceptance by the market , and demand for , vrdp in amounts sufficient for the nuveen funds to refinance all or a portion their leverage ; the need to obtain any necessary regulatory approvals for the issuance of vrdp or the implementation of the nuveen funds
not sure whether tiaa acquired nuveen or its vice versa . the previous ceo’s decision to hand over complete control to acquired company seems to be fishy and the ceo moved to europe after the transition . so seems like some money transaction happened there . nuveen employees are pushing tiaa employees out and the current ceo and entire organization is simply sit and watch . we might have seen this only in movies but you could see real time politics if you join nuveen .
nuveen investments provides high - quality investment services designed to help secure the long - term goals of institutions and high - net - worth investors as well as the consultants and financial advisors who serve them . nuveen investments markets its growing range of specialized investment solutions under the high - quality brands of nwq , nuveen , santa barbara , tradewinds , rittenhouse and symphony . in total , the company manages $ 164 billion in assets as of december 31 , 2007 .
by early 2008 , over $ 15 billion of nuveen funds ' arps had been sold to retail customers by third - party broker - dealers . nuveen did not sell the arps to customers , but in its role as distributor for nuveen funds , it created marketing brochures that were used by the broker - dealers who sold the arps to retail customers . the brochures were the primary sales and marketing material nuveen created for the auction rate preferred securities . finra found that the brochures , also available on nuveen ' s website , failed to adequately disclose liquidity risks for arps . nuveen neglected to include the risks that auctions for the arps could fail , investments could become illiquid and that customers might be unable to obtain access to funds invested in the arps for a period of time should the auctions fail . instead , the brochures contained misleading statements which described the arps as safe and liquid investments . also , finra found that nuveen failed to maintain adequate supervisory procedures to ensure that the materials it used to market the auction rate preferred securities accurately described the features and risks of the securities .
brad bennett , finra executive vice president and chief of enforcement , said ,
nuveen was aware of facts that raised significant red flags about the ability of investors to obtain liquidity for their nuveen auction rate securities yet failed to revise their marketing brochures to disclose these risks . this failure deprived investors of important information .
nuveen investments will host a conference call at 10 : 00 a . m . central time on march 12 , 2008 , to discuss the refinancing of the funds
nuveen , a trusted industry leader , will benefit from the enhanced resources , scale and strength that the transaction will add to its platform . nuveen ' s clients and the advisors and consultants who serve them will continue to benefit from the firm ' s and its affiliates ' commitment to high quality performance , integrity and client service .
i based on assets under management across nuveen investments affiliates and tiaa - cref investment management teams as of december 31 , 2013 and march 31 , 2014 , respectively .
nuveen investments , inc . chris allen , 312 - 917 - 8331 christopher . allen @ urltoken kathleen cardoza , 312 - 917 - 7813 kathleen . cardoza @ urltoken
as the distributor for its affiliated funds , nuveen created marketing brochures that were the primary sales and marketing materials provided to third - party broker - dealers for selling the arpss to retail customers . the brochures , which were also available on nuveen’s web site , failed to adequately disclose the arpss’ liquidity risks , finra said in a statement .
nuveen plans to refinance the taxable fund arps with more conventional forms of debt leverage , and has arranged new debt financing to refinance a substantial portion of its taxable fund arps .
the transaction enhances tiaa - cref ' s position as a world - class financial services organization with broad market presence . tiaa - cref and nuveen have highly complementary investment capabilities and distribution reach across a wide range of retail and institutional client segments . the addition of nuveen brings tiaa - cref ' s total assets under management to approximately $ 800 billion i .
the nuveen funds ' arps were a form of auction rate securities , which are long - term securities with interest rates or dividend yields that are reset periodically through an auction process . in contrast to other types of auction rate securities , the nuveen arps were preferred shares issued by closed end mutual funds to raise money for the funds to use to invest .
the boards of directors at both tiaa and nuveen each have unanimously approved the transaction . the acquisition is expected to be complete by year - end 2014 , subject to customary closing conditions .
nuveen , which was acquired last year by an investor group led by private equity firm madison dearborn partners llc , said in a statement that the redemptions will be funded with new borrowings .
arps and is in discussions with market participants regarding additional financing . by the end of march , nuveen intends to begin announcing arps refinancings for specific taxable funds , subject to necessary approvals .
nuveen has been working with its banking partners to develop a new form of preferred stock that includes a put feature ( variable rate demand preferred or vrdp ) , making it eligible for purchase by taxable and tax - exempt money market funds . while nuveen believes that it will be able to address the principal legal and regulatory issues regarding vrdp issuance , the feasibility of refinancing the funds
john nuveen & co . ' s involvement in packaged retail municipal bond products began to pay large dividends during the mid - 1970s and early 1980s , when individual investors flocked to the tax - free benefits municipal bonds yielded , but before the retail municipal bond market took off the company underwent two ownership changes . in 1969 john nuveen & co . was acquired by minneapolis - based investors diversified services ( ids ) , which controlled the company for five years . in 1974 , ids sold john nuveen & co . to the st . paul companies , an insurance company . it was during the first years of st . paul ' s ownership that john nuveen & co . experienced a strong surge in financial growth as the municipal bond market became a haven for individual investors .
when quoting material from this collection , the preferred citation is : nuveen , john , jr . . papers , [ box # , folder # ] , special collections research center , university of chicago library
nuveen neither admitted nor denied the charges , but consented to the entry of finra ' s findings . this action was brought by dan mcclain , director , under the supervision of thomas lawson , chief counsel .
nuveen investments unveiled a plan for four closed - end funds to redeem about $ 596 . 9 million in auction - rate securities as managers of such funds continue to get their investors out of the frozen investments .
by the 1960s , john nuveen & co . had been engaged as an underwriter and trader of municipal bonds for more than a half - century , developing during that time its core business . as the 1960s began , however , the staid persona of the company would be significantly altered , invigorated by the introduction of a novel product that represented a turning point in john nuveen & co . ' s history . in 1961 , the company pioneered unit investment trusts ( uits ) , a fixed portfolio of municipal securities selected and purchased by john nuveen & co . and deposited in a trust . uits were the first tax - free packaged investment products offered by the company , and their introduction marked john nuveen & co . ' s entrance into the retail market . from the 1960s forward , uits and other retail packaged investment products became an intrinsic facet of the company ' s business .
nuveen is the biggest u . s . manager of closed - end funds . the funds issue these securities to borrow and boost returns . but the credit crunch has disrupted the market for these securities and rendered them illiquid .
we are delighted to partner with tiaa - cref , which stands among the most highly respected financial institutions and possesses an unparalleled pedigree in retirement services and investment management ,
said john amboian , chief executive officer , nuveen investments .
the clients of nuveen , and each of our investment affiliates , will benefit from tiaa - cref ' s support of our multi - boutique approach and from the continuity of our client services , our brands and our professionals , whose interests will remain strongly aligned with our long - term success . nuveen and tiaa - cref share similar values and the same high standards of service and we are excited about the opportunity to further serve our clients .
we are pleased to bring our clients around the globe access to new investments and strategies through our partnership with an experienced , market - tested investment firm like nuveen ,
said robert leary , executive vice president , tiaa - cref , and president , tiaa - cref asset management .
in addition , nuveen ' s strong distribution network will give us growth and scaled presence in several important channels through relationships built around experienced investment managers with strong track records .
washington — the financial industry regulatory authority ( finra ) announced today that it has fined nuveen investments , llc , of chicago , $ 3 million for creating misleading marketing materials used in sales of auction rate preferred securities ( arps ) .
for its 87 municipal bond funds , which have $ 11 . 1 billion in preferred shares outstanding , nuveen said the refinancing may be done mainly with a new form of preferred stock that it is currently developing with its banking partners .
as an extension of broad - based credit market strains that first arose last summer , beginning on feb . 12 , 2008 , the $ 342 billion auction - rate securities market , consisting of $ 64 billion of arps issued by closed - end funds , began to experience widespread failed auctions . however , nuveen did experience its first auction failure on jan . 22 . since feb . 14 , virtually all auctions for arps issued by closed - end funds , and all nuveen funds
the financial industry regulatory authority said monday that it found nuveen’s broker - dealer arm violated u . s . securities law and the self - regulator’s rules . without admitting or denying the findings , nuveen also agreed to be censured , to refinance the securities in question on a best - efforts basis and to give finra reports on the status of its efforts . finra noted that the firm has already rectified $ 14 . 2 billion of the $ 15 . 4 billion in affected securities .
the auction failure and nuveen’s inability to replace the manager raised serious questions as to whether investors would be able to obtain liquidity in future auctions . the failure to revise its marketing brochures to reflect these risks made the brochures misleading , finra said .
nuveen , which went private in november after being acquired by a group of private investors led by madison dearborn capital partners inc . , said it will use variable - rated demand preferred shares to help refinance auction - rate preferred shares in the funds . they are the nuveen dividend advantage municipal fund 2 ( nxz ) , insured premium income municipal fund 2 ( npx ) , insured california tax - free advantage municipal fund ( nkx ) and insured new york dividend advantage municipal fund ( nko ) .
mr . amboian continued :
the nuveen team and i also would like to thank madison dearborn for their support and guidance in helping us advance our strategy and grow our business even in the midst of a very challenging and competitive market environment .
align the best qualities of nuveen ' s culture ( the entrepreneurial spirit , for example ) with the best qualities of tiaa ' s culture ( diversity , ethics , etc . ) . encourage more communication across teams , and promote more from within .
following the war , a period of extensive , nationwide development occurred , as the economy grew robustly and the number of public projects proliferated . new buildings were erected , new transit systems made their debut , utility companies expanded , and the nation ' s infrastructure was modernized , creating a fertile environment for john nuveen & co . municipal bonds played a significant role in the development of the united states during the postwar years , with each major project requiring the assistance of underwriters such as john nuveen & co . concurrent with the beginning of this great postwar push toward development , the company opened a new york office , opening its doors in 1948 , and won the bid for underwriting bonds for the ohio turnpike . during the 1950s , john nuveen & co . ' s role in the spate of public projects underway during the decade was highlighted by the company ' s involvement in the utility industry . john nuveen & co . served as the managing underwriter for a series of financings of hydroelectric dams and generating facilities along the columbia river .
new york , may 23 ( thomson reuters accelus ) - the u . s . securities industry self - regulatory body finra fined a nuveen investments [ mdprtn . ul ] unit $ 3 million for creating misleading marketing materials used to sell auction rate preferred securities .
the firm failed to revise its disclosures after a lead auction manager responsible for one sixth of the arpss notified nuveen in early january 2008 that it intended to stop managing its auctions , and shortly thereafter did not submit support bids in an auction that then failed .
arps within four to six months depending on market conditions . nuveen cannot assure investors that it will obtain the financing necessary to redeem all outstanding taxable fund arps or that , if the financing is obtained , it will be able to complete the refinancings in a timely manner .
tiaa - cref , a leading financial services provider , announced today an agreement to acquire nuveen investments (
nuveen
) , a diversified investment management company with approximately $ 221 billion in assets under management . the acquisition further strengthens tiaa - cref as a leading provider of retirement and financial services and significantly expands the products and services available to help customers achieve financial well - being at all stages of their lives . additionally , the transaction adds diversification to tiaa - cref ' s investment and distribution platform while bolstering its award - winning mutual fund offerings .
series ii , chicago and illinois , documents nuveen ' s service on several city and state bodies , including the chicago city manager committee , the chicago crime commission , illinois veterans and civilian committee and the board of public welfare commissioners . this series also includes files on local issues .
nuveen said in march it was working to restructure the leverage of 100 closed - end funds that had issued auction - rate preferred stock . thirteen of them were taxable funds with $ 4 . 3 billion in arps outstanding , with the rest municipal bond funds with $ 11 . 1 billion outstanding .
arps , as presently structured , will likely continue experiencing failed auctions , as market participants have lost confidence in the auction process to provide short - term liquidity . nuveen believes , however , that at current short - term interest rates , leverage continues to offer the potential to enhance returns for common shareholders .
boston , april 1 ( reuters ) - u . s . money manager nuveen investments said on tuesday it is redeeming $ 714 million in auction rate securities issued by four of its closed - end funds , as part of a plan to eventually replace the $ 15 . 4 billion of these securities issued by 100 such funds .
the transaction will provide clients with additional investment choices and access to new products . enhanced investment capabilities from the combination of tiaa - cref and nuveen will span both traditional and alternative investments comprising a diversified range of assets including equities , taxable and tax - exempt fixed income and credit strategies , commodities , real estate and real assets .
born 1896 to john nuveen sr . and ida ( strawbridge ) nuveen , john jr . was raised i chicago , il to parents who were very active in the local baptist community . john sr . established the now famous john nuveen company , which sold municipal bonds specializing in school and public works . in 1910 , john jr . ' s mother passed away and his father married anna strawbridge ( the sister to his mother ) . john sr . was very active in all kevels of the baptist community in chicago - he was president of the chicago baptist social union from 1924 - 1925 , he served on the board of the finance committee of the chicago baptist association for a number of years , both he and his wife were active in the baptist missionary training school in chicago , additionally john sr . served as president of the northern baptist publication society , as a delegate to the northern baptist convention and was a founder of the baptist world alliance , to name just some of his affiliations and positions of leadership .
series iv , international , includes files on u . s . foreign affairs , international organizations and issues , such as nato , international law and trade , world war ii , the marshall plan , and the peace corps , and a series of clippings files on countries and regions . this series also contains material documenting nuveen ' s service on the war production board .
products , services , or strategies shown may not be available in certain jurisdictions and / or to certain investors . recipients should inform themselves about and observe any applicable legal requirements . the information provided should not be considered a solicitation or an offer by nuveen or its affiliates to provide any financial products or services in any jurisdiction where it is not otherwise authorized to do so .
the transaction gives tiaa - cref two award - winning mutual fund complexes with $ 181 billion ii of aggregate aum . this year , for the second year in a row , tiaa - cref was named by lipper as the best overall large fund company iii , a distinction separately awarded to nuveen in 2012 . additionally , ninety - eight percent of tiaa - cref ' s mutual funds receive an overall morningstar rating of three or more stars across all asset classes ( as of march 31 , 2014 , 41 % have 3 stars , 42 % have 4 stars , and 15 % have 5 stars ) iv . ninety percent of nuveen ' s funds have an overall morningstar rating of three or more stars across all asset classes as of march 31 , 2014 .
the auction rate preferred securities , or arpss , were a form of long - term securities with yields that were periodically reset through an auction process . nuveen’s closed - end mutual funds issued the preferred securities to raise money to finance the funds’ investments . like other types of auction - rate securities , the arpss failed in mid - february 2008 when the sponsors or their managers stopped supporting the auctions .
nuveen sponsors 120 closed - end funds of which 100 are leveraged and have a total of $ 15 . 4 billion in arps outstanding . of these 100 leveraged funds , 13 are taxable funds that invest in equities , government and corporate debt , or combinations and have $ 4 . 3 billion of arps outstanding , and 87 are municipal bond funds that invest in municipal bonds and have $ 11 . 1 billion in arps outstanding .
ii based on assets under management across nuveen investments affiliates and tiaa - cref investment management teams as of december 31 , 2013 and march 31 , 2014 , respectively . includes mutual funds ( closed - and open - end ) and etfs . excludes money market strategies , separate accounts , variable annuity products ( including cref variable annuities ) , non - registered funds and foreign domiciled funds . cref accounts aum is approximately $ 227 billion as of march 31 , 2014 .
nuveen sponsors 120 closed - end funds of which 100 are leveraged and have a total of $ 15 . 4 billion in arps outstanding . of those 100 leveraged funds , 87 are municipal funds that invest in municipal bonds and have $ 11 . 1 billion in arps outstanding , and 13 are taxable funds that invest in equities , government and corporate debt , or combinations and have $ 4 . 3 billion of arps outstanding . financial leverage seeks to enhance income for common shareholders in accordance with the funds
you may be able to run your company in north carolina with no regard for your employees and treat people poorly and flood the company with propaganda about what a great company you are but people here in the big city , chicago are a little smarter and expect more . you will fail here in chicago if you don ' t change you ways . nuveen was once a well respected company a great example of what companies in the mid - west could be . how do you think it is viewed now ?
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 ,
said roger w . ferguson jr . , president and chief executive officer , tiaa - cref .
the acquisition of nuveen can generate greater returns that will benefit our customers . this transaction
reinforces our position as a leading diversified financial services organization with a broad mix of product offerings to serve clients today and those in retirement for decades to come .
investment banker , community leader , university of chicago trustee , and diplomat . material relates primarily to organizations and issues with which nuveen was affiliated : the university of chicago , the baptist theological union , the city of chicago , the chicago crime commission , the illinois veterans and civilians committee , the illinois board of public welfare commissioners , the united states war production board , the american friends of the middle east , the marshall plan , dwight eisenhower ' s presidential campaign , the bricker amendment , adlai stevenson ' s presidential campaign , opposition to joseph mccarthy , local and federal politics , and international affairs .
average costs of leverage will likely rise above historic levels . wall street analysts who cover closed - end funds , including the funds sponsored by nuveen , have begun to issue research reports suggesting that the prospect of increased leverage costs due to failed auctions could diminish the potential benefit of leverage and reduce fund earnings per share and distributions , to the detriment of common shareholders of the funds . since the beginning of the arps market turmoil , the share prices of closed - end funds that issue arps have declined to a greater degree than the share prices of closed - end funds that do not issue arps .
madison dearborn partners , based in chicago , is a leading private equity investment firm in the united states . since madison dearborn ' s formation in 1992 , the firm has raised six funds with aggregate capital of over $ 18 billion and has completed approximately 125 investments . madison dearborn invests in businesses across a broad spectrum of industries , including financial and transaction services ; basic industries ; business and government services ; consumer ; health care ; and telecom , media and technology services . its noteworthy investments include asurion , cdw corporation , evo payments international , fieldglass , national financial partners , nuveen investments , and sage products . for more information , please visit
for john nuveen & co . , high - inflationary times meant a considerable percentage of the u . s . population could entertain the thought of investing in municipal bonds . what had once been an investment option for the country ' s wealthier investors was made a viable option for those occupying the lower strata of wealth , sparking a measurable swell in the magnitude of the municipal bond market and increasing the percentage of individual investors versus institutional investors . from the mid - 1970s to the end of the 1980s , the municipal bond market began a dramatic transformation that made individual investors the primary purchasers of municipal bonds . before soaring inflation delivered its repercussive effect on the municipal bond market , 80 percent of the market comprised institutional investors , with retail investors making up the balance . by the end of the 1980s , the composition was reversed , with retail investors purchasing 80 percent of the bonds issued and institutional investors purchasing 20 percent .
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investors across the nation are finding themselves in wall street’s version of the hotel california : they have checked into an investment they can never leave .
the investments , which wall street peddled as a cash equivalent , are known as auction - rate notes . they’re debt instruments carrying rates that reset regularly , usually every week , after auctions overseen by the brokerage firms that originally sold them . they have long - term maturities or , in fact , no maturity dates at all .
but because the notes routinely traded hands at auctions , wall street convinced investors that they were just as good as cold , hard cash .
lo and behold , the $ 330 billion market for auction - rate notes ground to a halt in mid - february when bids for the securities disappeared . investors who thought they could sell their holdings easily are now stuck with them . it turns out that the only thing that’s really just as good as cash is , well , cash .
while investors pray for a resurrection in the auction market , they are receiving a fixed interest rate outlined in offering documents . historically , these securities have paid approximately one percentage point more than money market funds . many purchasers of these notes are relatively small individual investors ; several years ago , banks dropped the minimum investment in them to $ 25 , 000 from $ 250 , 000 .
municipalities and other tax - exempt institutions have issued most of the current crop of auction - rate notes . but closed - end mutual funds issued $ 65 billion worth . such borrowings provide leverage to the funds , letting them generate slightly higher yields for their common stockholders .
closed - end funds that issue auction - rate notes typically sell them in amounts worth one - third the value of their underlying assets . for example , the john hancock tax - advantaged dividend income fund , with $ 1 . 17 billion in assets , has issued $ 380 million in auction - rate notes .
owners of notes issued by closed - end funds are faring far worse than investors stuck with municipal issues . that’s because the interest rates paid on municipal notes when auctions fail are capped at as much as 12 percent , much higher than the caps on closed - end fund notes , which are currently around 3 . 25 percent .
in other words , holders of closed - end fund notes receive little to no premium for being stranded . even airlines try to give you a free meal or an upgrade when they leave you at the gate . investors are likely to remain in this vise because closed - end fund issuers have no incentive to redeem their notes since the interest rates resulting from the failed auctions are so low .
some customers who have tried to get their brokers to cash them out say the firms have responded by offering to let them borrow against the value of these securities . at a cost , of course : the typical margin rate for borrowers is at least 7 percent at most shops . other holders are selling the notes at a deep discount to speculators willing to buy distressed securities .
wall street made generous fees issuing these securities and running the auctions — as long as there were bidders . after the bidders vanished , some firms stepped in and bid for the securities for a while , giving investors a way out .
in interviews , investors who own these securities say they weren’t warned that they might not be able to sell them if an auction failed . they say they were told that the instruments were as safe and liquid as — yes , you guessed it — cash .
stephen n . joffe , a client of ubs financial services , is suing the firm because it put all $ 1 . 35 million of his charitable foundation’s cash into auction - rate securities issued by eaton vance limited duration funds . this , even though he said he explicitly told the broker to take no risk and that he would need constant access to the funds .
dr . joffe , 65 , is a former professor of surgery who founded lca - vision inc . , a company that operates laser vision - correction centers . “i never asked my broker to get me a better rate , ” he said . “i felt the responsibility to maintain this account as a risk - free account . i believed this was in the equivalent of an overnight money market account . ”
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now , the joffe foundation can no longer fund programs that help prevent aids in africa , provide indigent people with laser vision correction and correct the cleft palates of african children .
“this was another hit and run by wall street , ” said jacob h . zamansky , a lawyer in new york who represents mr . joffe . “the banks reaped huge fees on the auctions and underwriting , then left investors holding the bag . ”
in recent days , executives at several closed - end funds have held conference calls with stricken investors . but the investors say that none of those funds have offered to redeem their auction - rate notes . that’s not surprising : their fee structures give them no incentive to buy out investors .
unlike no - load mutual funds , closed - end funds are sold , not bought . they often decline to prices that are a discount from their net asset values after they are first offered for sale . one reason for the discount is that it reflects the brokers’ commissions .
but arthur d . lipson , an investor in distressed securities and a principal at western investment llc , argues that these discounts present an opportunity for closed - end funds to do the right thing , for both common and preferred shareholders .
here is mr . lipson’s solution : because these funds trade at discounts , he suggests that their managers sell underlying securities — utility stocks and shares of real estate investment trusts — and use the proceeds to buy back common shares . this would shrink the size of the funds and allow them to redeem some of the preferred shares they issued to increase the fund’s yield .
managers hate this idea , mr . lipson said , because it would severely reduce the management fees they receive , based on the assets in the funds . so he has mounted proxy fights at three funds , seeking board representation to try to force them to follow his prescription .
the three funds are john hancock tax - advantaged dividend income , which trades at around 7 . 5 percent less than its net asset value ; the cohen & steers reit and utility income fund , trading at a 10 . 5 percent discount ; and cohen & steers select utility , which carries a 5 percent discount .
“the directors of these funds have ignored their responsibilities to the shareholders and have chosen to protect the managers’ fee income , ” mr . lipson said . “these are not operating companies where moms and pops would be out of work . they are merely financial engineering companies . ”
officials at the funds contend that mr . lipson is a speculator out for a fast buck . they urge shareholders to vote against him , saying that they have taken steps to improve fund performance .
as for the frozen market for auction - rate notes , both fund companies say they are working with regulators on a solution .
the annual meeting for shareholders in the john hancock fund is scheduled for march 31 ; shareholders in the two cohen & steers funds will vote on mr . lipson’s dissident slate the next day .
that is about the time that investors will receive their first brokerage statements reflecting major declines in the value of auction - rate notes . it certainly would be a happy ending to this mess if closed - end funds were forced to redeem the notes by selling holdings as mr . lipson suggests .
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a column from gretchen morgenson examining the world of finance and its impact on investors , workers and families .
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lazard acted as lead financial advisor to tiaa - cref and j . p . morgan securities llc also acted as financial advisor to tiaa - cref .
morgan stanley , deutsche bank and rbc capital markets acted as financial advisors to madison dearborn partners .
and is the leading provider of retirement services in the academic , research , medical and cultural fields .
iii the lipper award is given to the group with the lowest average decile ranking of three years ' consistent return for eligible funds over the three - year period ended 11 . 30 . 12 and 11 . 30 . 13 , respectively . tiaa - cref was ranked against 36 fund companies in 2012 and 48 fund companies in 2013 with at least five equity , five bond , or three mixed - asset portfolios . past performance does not guarantee future results . for current tiaa - cref product performance and rankings , please visit the research and performance section on urltoken .
iv morningstar is an independent service that rates mutual funds . the top 10 % of accounts in an investment category receive five stars , the next 22 . 5 % receive four stars , and the next 35 % receive three stars . morningstar proprietary ratings reflect historical risk - adjusted performance and can change every month . they are calculated from the account’s three - , five - and ten - year average annual returns in excess of 90 - day treasury bill returns with appropriate fee adjustments , and a risk factor that reflects mutual fund / subaccount performance below 90 - day t - bill returns . the overall star ratings are morningstar ' s published ratings , which are weighted averages of its three - , five - and ten - year ratings for periods ended march 31 , 2014 .
v tiaa - cref ' s aum as of 3 / 31 does not include the addition of assets from the tiaa henderson joint venture , which closed on april 1 , 2014 . with the addition of those assets tiaa - cref has approximately $ 591 billion in assets under management .
investment , insurance and annuity products are not fdic insured , are not bank guaranteed , are not deposits , are not insured by any federal government agency , are not a condition to any banking service or activity , and may lose value .
investment products may be subject to market and other risk factors . see the applicable product literature , or visit urltoken for details .
you should consider the investment objectives , risks , charges and expenses carefully before investing . please call 877 - 518 - 9161 or log on to urltoken for product and fund prospectuses that contain this and other information . please read the prospectuses carefully before investing .
‡deposit and lending products and services are provided by tiaa bank® . tiaa bank is a division of tiaa , fsb , an equal housing lender and member fdic . tiaa , fsb nmls id : 399805 .
the tiaa group of companies does not provide legal or tax advice . please consult your legal or tax advisor .
, distribute securities products . annuity contracts and certificates are issued by teachers insurance and annuity association of america ( tiaa ) and college retirement equities fund ( cref ) , new york , ny . each of the foregoing is solely responsible for its own financial condition and contractual obligations .
teachers insurance and annuity association of america is domiciled in new york , ny , with its principal place of business in new york , ny . its california certificate of authority number is 3092 .
tiaa - cref life insurance company is domiciled in new york , ny , with its principal place of business in new york , ny . its california certificate of authority number is 6992 .
read the tiaa - cref individual & institutional services , llc , statement of financial condition .
ucits funds are not for sale in the u . s . or to u . s . persons and are available under the conditions of the fund ' s current prospectus and key investor information documents . if you are a us citizen or resident , please visit urltoken .
tiaa global asset management provides investment advice and portfolio management through tiaa and its affiliated registered investment advisers .
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location location worldwide us - all cities – chicago , il area ( includes hq ) – los angeles , ca area – minneapolis - st . paul , mn area – new york city , ny area – philadelphia , pa area – santa barbara , ca area uk - all cities – london area
your trust is our top concern , so companies can ' t alter or remove reviews .
strong benefits ( retirement , pay , pto , work - life , etc . ) . emphasis on ethics and diversity ( particularly from parent company tiaa ) , which creates a good culture with good people
a lot of change since the tiaa acquisition , which has meant a lot of layoffs . limited opportunities for internal advancement
its nothing too share . earlier tiaa culture was good . now you will feel like alone goat in - front of wolves .
tiaa management has no respect for anyone working in chicago . they purchased the company because the need an investment company and they wanted the name . after the got what the wanted the systematically began treat all chicago employees poorly because they don ' t want them and they would rather have an employee quit than provide a package . top level of management are rude , ill mannered and barbaric , absolutely no class .


assuranceforeningen skuld is an international mutual marine insurance company based in oslo , norway that specializes in protection and indemnity insurance and marine insurance .

total premium income for 2016/17 was usd 403 million .

in addition to oslo , skuld has offices in bergen , copenhagen , hamburg , hong kong , london , new york , piraeus and singapore .

assuranceforeningen skuld

about skuld skuld is a diversified marine insurer which offers a wide range ofinsurance products and consists of three main market brands : skuldp & i , skuld offshore and skuld 1897 .
assuranceforeningen skuld’s danish department and acubiz hassigned an agreement concerning the use of acubiz ems . with focus onstreamlining the workflow within expense management we are alsohappy that assuranceforeningen skuld has decided to use acubizcapture as a part of their ems service . hereby employees willbenefit form an app that makes it simple to upload and savereceipts directly in the acubiz ems solution .
assuranceforeningen skuld is a provider of marine insurance services . it offers protection and indemnity , freight defense and demurrage , charterers’ liability , hull war risk , and kidnap and ransom insurance services , as well as ancillary cover , claims handling , underwriting , and risk management services .
the p & i world is changing , and we have to change with it ,
jacobs said .
and we think that this is the right step forward for skuld and for the members of skuld .
skuld , jacobs said , meets its own internal slogan of
the new generation p & i club .
a partial report preview for assuranceforeningen skuld ( gjensidig ) is shown below . where indicated by
yes ,
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del rosario & del rosario lawyers david valencia and ralph villamor took part in the 2018 skuld school in hong kong .
the new vehicle will be called skuld syndicate 1897 , after the year of skuld ' s founding . jacobs , who called the choice of name
a pretty good twist ,
said the shared maritime history of skuld and lloyd ' s is important .
we can ' t think of any better partner ,
he said of lloyd ' s .
for most of its 110 - plus years of existence , norwegian p & i club skuld focused on the scandinavian market .
skuld is seeking a risk manager for our enterprise risk management and actuarial department . deadline for application is 12 august 2018 .
skuld ' s annual review and accounts 2017 ( 20 . 02 . 17 - 20 . 02 . 18 ) is now available .
skuld is currently seeking a senior claims executive ( lawyer ) for our oslo 1 business unit . deadline for application is 9 july 2018 .
the agreement will allow skuld to draw on its own global network . and the turnkey arrangement brings in the kind of specialized expertise that skuld does not yet have , he said . randall & quilter
will run it for three years for us until we are up and standing with our own agency .
at the annual general meeting of skuld mutual protection and indemnity association ( bermuda ) limited , members received reports on matters of importance and annual elections were held .
the oslo - based mutual was founded in 1897 by norwegian shipowners as a counterweight to british p & i clubs , said executive vice president eric jacobs . over the past 15 to 20 years , skuld has branched out to the point where about 75 % of its markets now lie outside scandinavia . these territories provide most of skuld ' s growth , jacobs added .
now , skuld is embarking on what jacobs said may be its biggest change ever : it is entering the lloyd ' s market . skuld has signed a turnkey agreement with london - based insurance investor and nonlife runoff specialist randall & quilter investment holdings plc to form a new lloyd ' s syndicate to write marine and offshore energy risks ( bestwire , nov . 9 , 2010 ) .
skuld sells its insurance to shipowners through brokers and on a direct basis .
for us to add on a new product range into this structure is just a plus ,
jacobs said .
the firm continues to act for international shipowners and their p & i clubs on controversies involving labour , collisions , oil pollution / spills , charter party / bill of lading disputes , ship sale and purchase , ship finance , ship mortgage and ship registrations . the firm’s present roster of p & i and specialist clubs spans the major continents of the world . in europe the list of p & i and specialist clubs represented by the firm includes the uk p & i club , steamship insurance management services ltd , west of england , north of england , british marine insurance , charterama , raets p & i , itic , charterers mutual and shipowners mutual p & i association in the united kingdom ; assuranceforeningen gard , assuranceforeningen skuld , nordisk skibsrederforening in norway , the swedish club in sweden ; noord nederlansche in the netherlands , ingosstrakh insurance company and rosgosstrakh insurance company in russia . in the americas , the firm is correspondent for the american club . in asia , the firm represents the japan p & i club , china p & i club and korea p & i club .
skuld , which has 169 employees , has offices in the united kingdom , denmark , germany , hong kong , russia , the united states and greece . it had total 2009 premium income of $ 253 . 9 million ( 186 . 7 million euros ) .
lloyd ' s
unique
platform fits with skuld ' s existing goal of trying to improve its services and broaden its product offering , jacobs said .
we want to merge the best from lloyd ' s , the best from the p & i world and then give that to our customers and member base ,
he said .
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we ' re truly an international p & i club ,
said jacobs .
in addition to energy , the new syndicate will be covering
marine hull , cargo , loss of hire , war ; the products that our members are seeking and that they ' re comfortable with ,
jacobs said .
the mutuality that the shipowners have created with these p & i clubs is the right product and the right way of doing this type of insurance for them ,
jacobs said .
the syndicate will begin writing for 2011 , with a capacity of 60 million pounds ( 70 . 4 million euros ) . jacobs sees that possibly increasing to 80 million pounds in the second year and maybe as high as 100 million pounds in the third year .
jacobs cited the elements of lloyd ' s
three - tier capital base .
these are the premium income of the syndicates , the capital pledged by market participants and the lloyd ' s central fund .
it ' s a straightforward deal ,
said jacobs , who declined to reveal the financial terms .
they charge us for the services they do and they also will help us to migrate this structure over to own platform when we ' re ready .
jacobs himself has an international perspective . the son of an american father , he spent part of his childhood on long island and speaks perfect english . he confesses to being a new york yankees fan . he was in london on his way to bermuda .
we ' re taking this slow ,
jacobs said of the turnkey deal .
the most important thing is to get this right , not to grow too quickly .
jacobs acknowledged the current international economic downturn . but as long as trade continues , he said , shipowners will need insurance .
we ' re catering for the needs of the new generation shipowner coming up ,
he said .
and i think that ' s our path .
today , the portion of the marketplace focusing on guaranteed death benefits is undergoing a shift toward providing more options and flexibility for policy owners . global atlantic’s new lifetime foundation elite iul bridges that gap between flexibility and options on the one hand and strong death benefit guarantees on the other – because now you can do both . read more
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a summary of recommendations on what the vessel should do to reduce the risk of damage to engines due to catalytic fines in marine bunker fuel .
international shipping industry organisations , with military support , have launched a new website .
liquefaction risks of nickel ore cargoes from indonesia and the philippines have been a long - standing prominent issue which require constant vigilance and review by shipowners and charterers .
at its meeting in tokyo on 15 june 2018 , the committee was informed of the status of the association .
at the committee meeting 15 june 2018 , the committee made a recommendation to close the 2015 policy year .
o . w . bunker and trading a / s and its affiliates in several countries ( collectively “owb” ) went bankrupt in november 2014 . following the bankruptcies of owb a tsunami of legal battles has taken place and do still take place in numerous jurisdictions .
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to determine if a company uses credit information for private passenger automobile or homeowners insurance .
the following organizations rate insurance companies on their financial strength and stability . some of these companies charge for their services .
when considering the company ' s complaint index and ratio , be sure to review the company history information displayed below for recent acquisitions , mergers , or other events that may affect the figures displayed for this company .
confirmed complaints : the number of confirmed complaints closed against the company for the line of insurance and year indicated . a complaint is confirmed if the department receives information indicating that a company committed any violation of an applicable state insurance law or regulation , a federal requirement the department has authority to enforce or the term or condition of an insurance policy or certificate . a complaint is also confirmed if the complaint and company ' s response , considered together , suggest that the company was in error or that the complainant had a valid reason for the complaint .
complaint ratios : the ratio , expressed as a percentage , is the number of closed confirmed complaints divided by the number of policies the company had in force for the line of insurance and year indicated .
complaint index : indicates how a company ' s ratio of the number of complaints to the number of policyholders compares to the average for all insurers . the index is calculated by dividing the company ' s percentage of complaints for a specific line of insurance by the company ' s percentage of the policies in force for the same line of insurance . the average index is 1 . 00 . a number less than 1 indicates fewer complaints than average ; a number greater than 1 indicates more complaints than average . for the most recent completed year , a given insurer ' s index may change over time , as policy count data is received by tdi . this will affect each insurer ' s percentage of the total .
complaints against an insurance company are not part of the complaint tally above if the insurance company served only as a third party administrator ( tpa ) , a company hired simply to administer the paperwork of a health plan . instead , they are included in the complaint record of the insurance company or hmo that hired the tpa . if a bonafide self - insured benefit plan hired the tpa , no complaint numbers are recorded as a part of the company / tpa ' s profile . neither are profiles available for self - insured plans , as such plans are regulated under federal law .
for names of the companys current officers , please contact the company at the phone number listed in the contact information above or on their website .
our expertise in global insurance markets helps give our asian clients a competitive edge in their business .
our understanding of asia’s marine industry is the basis for insurance solutions that work for clients .
we are marine insurance experts with a client base across asia . since our establishment in 1994 , we have become one of the largest marine brokers in the region , not only by understanding the dynamics of clients business , but also by sharing the same values and traditions .
the indian coast guard successfully rescued 22 crewmembers from the burning cont . . .
one of two tankers that ran aground off kaohsiung , taiwan , split in two .
part of the hyperion insurance group copyright © 2018 fp marine limited . fp marine is part if rkh specialty limited (
rkhsl
) , which is a subsidiary of the hyperion insurance group limited . rkhsl is registered in england and wales under company registration number 07142031 and is authorised and regulated by the fca in respect of general insurance business under firm reference number 531097 .
there are thirteen separate and independent principal clubs in the group , plus their affiliated associations .
the purpose of protection and indemnity (
p & i ;
) insurance is to shield the assured from the risk of his liability to others arising from his maritime activities .
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urltoken
for almost three decades , delrosariolaw has led in the shipping and transport practice and continues to do so . this enduring reputation has made the firm’s opinion in major maritime policies of the country most sought after . the firm’s ruben t . del rosario has been invited to sit in the tripartite body that formulated the amendments to the standard contract for filipino seafarers . maritime arbitration was likewise given official recognition through the efforts of the firm both in the standard contract for seafarers and the philippine dispute resolution center , inc . ( pdrci ) . the philippine maritime voluntary arbitrators association ( pmvaa ) has ruben t . del rosario as its charter president .
the firm is also the exclusive manila correspondent of the through transport club , the largest club for non - vessel common carriers , terminal operators and freight forwarders / consolidators . philippine clients include the international container terminal services , inc . ( ictsi ) and the asian terminals , inc . ( ati ) , the two largest arrastre / terminal operators in the country .
delrosariolaw has been active in the practice of labor and personal injury law since its founding on may 1 , 1977 . it has lawyers and claims handlers who attend various hearings , conferences and amicable settlements at the national labor relations commission ( nlrc ) on a daily basis . for the past three decades , delrosariolaw has handled all kinds of labor disputes representing the employer .
the firm has assisted in the settlements of thousands of filipino seafarers claims . its partner , ruben del rosario was a member of the tripartite conference that drafted the poea standard employment contract . the firm has also assisted in the litigation of filipino seafarers claims filed in the united states particularly in lousiana , texas , miami , california , new york and various other states . it has helped in the dismissal of a spate of cases filed in panama . it has assisted the clubs in claims filed in such countries as the united kingdom , denmark , sweden , hong kong , canada and others . the firm ' s lawyers have prepared various types of affidavits in these cases affirming the jurisdiction clause of the poea standard contract .
delrosariolaw has further assisted the clubs in the drafting of the standard form of the receipt and release now widely used in the settlement of crew claims . it has formulated a standard release procedure in order to ensure that releases are iron - clad and cannot be challenged in foreign jurisdictions .
the firm has likewise arranged prompt settlements to protect the filipino seafarer from ambulance chasing lawyers . it has assisted the clubs in their desire to upgrade the preemployment medical examination or peme .
delrosariolaw continues to assist not only in the field of crew claims but on all labor issues such as labor standards , wage policies , retirement benefits and the like . ruben del rosario is the founding president of the philippine maritime voluntary arbitrators association inc . ( pmvaa )
the reputation of the firm earned in defending the interests of international ship owners and their p & i clubs has created an indomitable impression in the entire transport industry .
sea carriage constitutes only a portion of the chain of carriage of goods which , needless to say , may originate in one country and end , after delivery , in another . the other players in the transportation of goods , multimodal transport operators , viz : non - vessel operating common carriers , freight forwarders / consolidators , warehouse operators , as well as terminal operators have also sought the expertise of the firm in matters concerning the rights , obligations and liabilities in the movement of cargo . delrosariolaw represents the top international multimodal transport operators and the sixteen ( 16 ) leading transport operators in the philippines .
being the exclusive correspondent of the through transport club , the firm is involved in most major transport disputes including disputes involving terminal operations . it handles any and all claims such as cargo liabilities , third - party liabilities , equipment claims , personal injury claims , railroad accidents , filed by or against the two largest terminal operators in the country , international container terminal services inc . ( ictsi ) and asian terminals inc . ( ati ) .
from the moment the goods leave the shipper ' s premises until they reach the doorsteps of the consignee , at no instance will the firm be not involved . thus , delrosariolaw ' s extensive services can be utilized throughout the duration of the transport .
our firm provides legal advice and procedural services for incorporation of companies . our experience enables us to evaluate and determine the type of business organization and capital structure best suited for the client’s needs . we take care of all documentation requirements in registering the company .
our services also include advising and assisting clients in securing special license / accreditation from pertinent government agencies when such is required by the special nature of the business of the company .
we provide corporate housekeeping services to ensure that all corporate records are properly kept and the reportorial requirements of the securities & exchange commission ( sec ) and other government agencies are met by clients on time . corporate housekeeping includes , but is not limited to such tasks as preparing the minutes of meetings of shareholders and the board of directors , issuing stock certificates , maintaining the stock & transfer book , and preparing and submitting regular reports required by the sec .
where the company is especially licensed to conduct a particular business , we ensure that all reports required by the appropriate licensing agencies are submitted in proper form and on time .
our firm conducts due diligence to assist clients in the evaluation of the commercial , legal and financial health of a company under consideration . due diligence may either be general or confined to a specific area such as corporate condition , contracts , foreign investment , transfer of technology , and labor matters .
this service includes preparation , review and advice on corporate and commercial transactions and agreements , including but not limited to joint venture agreements , sale and purchase of businesses , distributorship and agency agreements , shareholders agreements , contracts for services , trade and technology transfer agreements , long - term loan agreements , and management services contracts .
while the philippines is encouraging foreign investments into the country , there are still limitations imposed by the foreign investments act , the anti - dummy law , and such other laws , including the philippine constitution itself , that limit the extent of foreign participation in philippine companies . our firm advises and assists overseas clients on pertinent aspects of an investment , such as but not limited to , the appropriate structure or vehicle for such investment , company registration and business licensing requirements consistent with existing laws . we counsel our multinational clients on negotiating , drafting and analyzing agreements for various types of local and international commercial transactions .
the firm provides legal advice on such matters as insurance contracts and the interpretation thereof . services have also included advising multinational clients on philippine insurance law and jurisprudence in relation to prosecution of claims and global policy drafting . it has also represented insurance companies in defense against invalid and at times , fraudulent claims . it has also given advice to foreign insurance companies including reinsurance companies . it has represented at one time or another some of the largest insurance companies in the world .
the firm provides immigration services to multinational companies . at present , its services include : 1 ) extension of temporary visitors ' visa ( 9 [ a ] ) 2 ) filing of petition for change of admission status from temporary visitor 9 ( a ) visa to pre - arranged employment 9 ( g ) visa with the bid ( bureau of immigration and deportation ) a ) renewal extension b ) supplemental petition for dependents 3 ) filing of application for issuance of an alien employment permit ( aep ) with the dole a ) renewal b ) preparation of understudy training program ( utp ) 4 ) filing of petition for issuance of quota / non - quota immigrant visa ( sec . 13 [ a ] ) 5 ) filing of petition for issuance of special investor ' s resident visa ( e . o . 226 , book v ) 6 ) filing of petition for issuance of philippines retirement authority visa ( e . o . no . 1037 ) 7 ) application for issuance of special return certificate ( src ) / re - entry permit ( original and re - issuance ) 8 ) application for issuance of emigration clearance certificate ( ecc ) 9 ) application for issuance / renewal of special work permit ( swp ) with the bid 10 ) application for issuance of a provisional permit to work ( ppw ) with the bid
the firm has wide exposure in handling civil , corporate and criminal disputes and controversies before the different trial and appellate courts in the philippines involving the advocacy and application of civil law , corporate law , criminal law , commercial law , taxation , insurance law , customs , immigration and administrative law , among others . the firm likewise represents various clients before administrative / quasi - judicial bodies such as the nlrc and poea on labor claims ; board of marine inquiry , marina , bureau of customs and philippine coast guard on maritime related investigations ; the prosecutor ' s office and department of justice on criminal prosecution ; and a host of other specialized government agencies .
this extensive litigation work requires the firm ' s lawyers to spend substantial time in court appearances and submission of various written pleadings thus enhancing the firm ' s litigation expertise .
in a limited sense , the firm also engages in litigation work abroad as it is usually called upon by foreign clients / law firms to render expert advice on philippine laws relevant to disputes litigated in the united states , uk , panama , canada , hong kong , singapore and other foreign jurisdictions .
although arbitration in general has not been used extensively in the philippines , delrosariolaw has been active in this limited field and has especially worked for the recognition of maritime arbitration . the firm is actively involved in the philippine dispute resolution center inc . ( pdrci ) , the arbitration arm of the philippine chamber of commerce and industry , the association of the top corporations in the philippines .
ruben del rosario has acted as ad hoc arbitrator in several maritime disputes . he was charter president of the philippine maritime voluntary arbitrators association ( pmvaa ) an organization of voluntary arbitrators composed of former sea officers , manning agents executives , union officials and voluntary labor arbitrators . pmvaa is promoting voluntary arbitration as a means of settling disputes between filipino seafarers and their foreign employers .
the intellectual property department is presently handled by six ipo registered lawyers and two paralegals with arturo t . del rosario jr . still at the helm . the firm continues to be active members of the asian patent attorneys association ( apaa ) , international trademark association ( ita ) and the association internationale pour protection de la propriete intellectuelle ( aippi ) arturo t . del rosario jr . was an elected director of the intellectual property association of the philippines ( ipap ) .
the firm has a wide array of foreign clients , including mainstay sony corporation of japan , compaq computer corporation of texas , other chemical and retail companies in the united states , and european based firms such as delsey and stadler .
the firm handles all aspects of intellectual property law , with emphasis on trademark and design registrations , and their maintenance at competitive rates . the firm also regularly advises its foreign clients on ip rights and steps to be taken to protect these rights . delrosariolaw has been engaged directly by multinational corporations to handle their ip matters in the philippines , and through the firm ' s thirty five years , it has acquired a wide range of skills in the field . . .
we see the del rosario brothers all the time ,
says a leading shipping and maritime practitioner . del rosario & del rosario was established in 1977 by arturo m . del rosario sr . and is now led by his sons , co - managing partners arturo t . del rosario jr . and ruben t . del rosario . . . .
few will dispute del rosario & del rosario position as the philippines ' leading maritime law firm . the five - partner firm , including the highly rated ruben del rosario , arturo del rosario and joseph manolo rebano , offers top - notch advice on wet and dry shipping matters . it represen . . .
the firm this unparalleled shipping firm remains at the forefront of the market . the group counsels international shipowners and p & i clubs on matters relating to collisions , the sale and purchase of vessels , ship finance , mort - gage and registration . in addition , the team has assum . . .
delrosariolaw senior partner charles jay dela cruz was elected as member of the board of trustees of the philippine bar association ( pba ) for the term 2018 - 2019 .
del rosario & del rosario partner joseph rebano was re - elected as director of the philippine bar association for the year 2017 - 2018 .
del rosario pandiphil’s edgardo antonio a . del rosario , md , ruth f . manalo , rn and irish c . villafuerte , rn participated as resource speakers in the officers dialogue of multinational maritime inc , mmsphil maritime services corp . and phil - crewing maritime services inc . held at their newly inaugurated office located in cavite city last april 21 , 2018 .
del rosario & del rosario law office partners charles dela cruz and denise cabanos together with managing associate ma gina guinto - ambil visited several p & i clubs , ship owners and ship managers in greece and cyprus from 16 to 28 april 2018 .
the team in our firm handling crew matters involving filipino personnel on - board cruise lines embarked on a courtesy visit to the major cruise companies based in miami .
skuwd was estabwished in 1897 in oswo , norway , as de first p & i cwub outside de united kingdom . the name has its origins in norse mydowogy according to which skuwd is one of de powerfuw goddesses known as norns who weave de dreads of destiny . the purpose of de association is
mutuaw insurance against wiabiwities and wosses incurred by members in direct connection wif de operation of de entered vessews
. [ 1 ]
as a mutuaw association , de cwub has no sharehowders and is owned and controwwed directwy by its insured shipowners who are known as members of de cwub and are entitwed to vote at de generaw meeting according to de gross tonnage of de ships entered in de association , uh - hah - hah - hah . the members ewect a committee of between 12 and 30 members which meets twice a year , and a board of directors consisting of between five and nine members . the conditions of membership and terms of insurance are contained in de statutes and ruwes .
skuwd underwent a major restructuring in de period 2000 to 2003 which wed to a substantiaw improvement in its financiaw strengf and standard & poor ' s rating of a wif a stabwe outwook . the annuaw report for de insurance year ending 20 february 2017 records assets of usd 1 biwwion and a contingency reserve of usd 394 miwwion , uh - hah - hah - hah . at de commencement de 2017 / 2018 insurance year de entered tonnage for wiabiwity insurance reached 97 miwwion gross tonnes . some 23 % of de tonnage entered continues to be scandinavian - controwwed . skuwd is awso a weading provider of charterers ' wiabiwity insurance .
skuwd is one of dirteen members of de internationaw group of p & i associations dat work cwosewy togeder in reinsurance and industry matters of common interest . the p & i cwubs in de internationaw group provide insurance for de wiabiwities of approximatewy 90 % of de worwd ' s merchant fweet .
in december 2010 , skuwd announced dat it had awso entered de lwoyd ' s market . [ 2 ] [ 3 ]
1 january 2011 , skuwd open as de first p & i cwub a syndicate at lwoyd ' s , skuwd 1897 .
1 january 2017 , skuwd acqwired gerwing norway , a gwobaw speciawist in mainwy huww insurance – now renamed skuwd marine agency or sma .
the p & i (
protection and indemnity
) insurance provided by skuwd to its members is primariwy to cover de wiabiwities which dey incur to dird parties arising out of de operation of deir ships . the common types of cwaim which are covered are for deaf or injury to passengers and crew , oiw powwution , cargo woss or damage , cowwision , wreck removaw and stowaways . shipowners ' exposure to dese cwaims has grown in wine wif increasing reguwation of de shipping industry drough internationaw conventions adopted by de internationaw maritime organisation as weww as by domestic or regionaw wegiswation .
skuwd has been invowved in a number of high - profiwe cases , incwuding de estonia , hebei spirit , braer , sea empress and scandinavian star .
skuwd awso provides shipowners and charterers wif additionaw types of cover . this incwudes cover for wegaw assistance and wegaw costs (
defence
cover ) as weww as insurance for operators of units in de offshore and energy sector .
through de syndicate at lwoyd’s , skuwd 1897 , skuwd offers marine and energy insurance as weww as cargo and port and terminaws insurance .
in skuwd marine agency , skuwd is offering mainwy huww and machinery insurance and associated products wif a possibiwity to write cwaims lead on sewected fweets .
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