Nuveen Investments of Chicago announced Monday it has completed the combination of FAF Advisors and with its largest affiliate, Nuveen Asset Management.

As part of this transaction, U.S. Bancorp, FAF Advisors’ parent company, received a 9.5% stake in Nuveen Investments as well as additional cash considerations for FAF's long term fund family.

FAF’s $27 billion of mutual fund and institutional assets under management, its investment professionals managing these assets and most other key personnel have become part of Nuveen Asset Management. With these additions Nuveen Asset Management has more than $100 billion of assets. Nuveen Investments now has a total of approximately $195 billion in assets under management as of Dec. 31.

Bill Huffman, the former co-head and chief operating officer of Nuveen Asset Management, has become the president of the combined Nuveen Asset Management businesses. He said “the combination of our two teams—with very similar cultures—is progressing extremely well and we will be separately announcing portfolio management assignments for those Nuveen funds sub-advised by Nuveen Asset Management in order to ensure continuity and minimize disruptions for our clients and our people.”

As part of the merger, 43 First American Funds have become part of what is now the $43 billion Nuveen open-end fund family. U.S. Bancorp retained the money-market and closed-end funds from the First American Funds complex.