Chad Phillips

Nuveen, the investment manager of TIAA, announced today that Chad W. Phillips will serve as Global Head of Nuveen Real Estate, effective immediately, as the firm activates long-standing succession plans following Chris McGibbon’s decision to retire after nearly 25 years of service.

In this role, Mr. Phillips will be responsible for $141 billion in assets under management of commercial real estate equity and debt investments extending across 22 countries globally. He will also chair the Nuveen Real Estate Global Executive Leadership Team, which oversees the platform’s strategic initiatives.

With nearly 25 years of experience in all facets of real estate investing and portfolio management, Mr. Phillips joined Nuveen in 2019. Most recently, he led a global team of dedicated sector specialists that focus on workplace, healthcare, retail and mixed-use investments, overseeing the strategy, performance, and day-to-day investment and fundraising activities across those sectors. He graduated with a B.A. from Davidson College and a master’s degree in real estate from Georgetown University.

“Chad is known for his leadership style, investment expertise and consistent commitment to client service,” said Mike Sales, Chief Executive Officer of Real Assets at Nuveen. “I have every confidence he will maintain our drive for excellence as he guides the platform into the future.”

In keeping with his decades-long commitment to the best interests of clients and colleagues, Mr. McGibbon will ensure a smooth transition, remaining with the firm until his retirement on June 30, 2025.

“Over the course of nearly 25 years with TIAA and Nuveen, including the last six years as Global Head of Nuveen Real Estate, Chris has worked tirelessly to grow and transform our real estate business, which is now a top five global player,” said Mr. Sales. “His vision, dedication to clients, focus on investment performance and support of our top talent will leave a lasting impact on our real estate business.”

With over 90 years of real estate investing experience and more than 750 employees dedicated to real estate in more than 30 cities throughout the U.S., Europe and Asia Pacific, Nuveen Real Estate is one of the largest real estate investment managers in the world.

“It’s a privilege and a pleasure to take on the leadership of Nuveen Real Estate, a dynamic platform that combines deep sector expertise with the advantages of our size and scale,” said Mr. Phillips. “Focusing on our clients’ objectives will remain our foremost priority as we continue building our platform’s reputation for innovation through the expertise and hard work of our industry-leading teams.”

“I’m incredibly proud of the platform that we’ve built and confident that Nuveen’s real estate business is in very good hands with Chad at the helm,” said Mr. McGibbon. “The global leadership position that the platform has achieved is a testament to the strength of our team and their constant dedication to our investors.”

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Michael Sales

Nuveen, a premier global asset manager, is enhancing its Real Assets platform, by bringing together its private real asset capabilities and launching two new business units, to create a more streamlined proposition as investors seek to increase exposure to real assets and alternatives^[1].

According to research^[1] conducted by Nuveen, over two thirds of institutional investors are planning to increase allocation to infrastructure, natural resources investments and other alternative assets, as they seek to reduce climate-related financial risk exposure and align portfolios with the transition to a sustainable low-carbon economy.

The newly structured Nuveen Real Assets platform will consist of capabilities in real estate, farmland, infrastructure, timberland, agribusiness, and commodities. These will be organised under three core pillars, including two newly launched units: Nuveen Natural Capital and Nuveen Infrastructure. These two pillars will sit alongside Nuveen Real Estate and will be enhanced by targeted and complementary capabilities across Nuveen’s Private Impact and Commodities segments.

Commenting on the new offerings, Nuveen CEO of Real Assets, Mike Sales said: “We’re hugely excited to be enhancing our Real Assets proposition, which will include bringing expertise together to create the newly launched Nuveen Infrastructure and Nuveen Natural Capital businesses.  Investor demand for real assets is increasing at an extraordinary pace and by bringing together our unrivalled expertise in alternatives, we will be better positioned to respond to meet growing global investor demand for long-term sustainably managed investments. The strengthening of the platform represents the next step in our evolution in becoming the leading land-based asset manager, investing in a sustainable way for the enduring benefit of our clients and society.”

Nuveen’s sustainable investment philosophy will underpin the entire Real Asset platform’s approach, offering investors access to alpha driven strategies that are deployed via a responsible investing lens.

Nuveen is one of the world’s largest managers of real assets, managing $150 billion in assets under management for global investors. Under the leadership of Mike Sales, CEO of Real Assets, the enhanced platform will launch in January 2022.

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[1]  Nuveen’s Global Institutional Investor Survey, February 2021

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