Magazine article American Banker

Nuveen Sees Contest as Ticket to Boost Recognition, Sales

Magazine article American Banker

Nuveen Sees Contest as Ticket to Boost Recognition, Sales

Article excerpt

Later this month, a client of a bank or a brokerage will win up to $ 2 5,000 to pay his or her taxes - courtesy of mutual fund company John Nuveen & Co.

"Nuveen Tax Free Day" - a drawing to be held on April 15 - is designed to build Nuveen name recognition, garner new assets and bring new customers into banks or brokerages that sell the Chicago company's products. Nuveen offers only tax-free products.

More than 200 institutions and 8,000 brokers are sending in clients' names for the drawing.

Nuveen, which manages or monitors $52 billion in assets, got a bonus when Citibank took the promotion a notch further with full-page advertisements in The New York Times, Newsday, and other publications.

Sales Through Banks Grow

Nuveen expects that banks will soon account for as much as 50% of its sales, said Jerome Contro, vice president and national manager of the bank division.

Last year, Nuveen sold $715.5 million through banks - 9.6% of its total $7.5 billion in sales.

The bank sales were up 22% from 1991, even though the company's overall sales slumped 29% because of fewer unit investment trust offerings, Nuveen said.

Campaign Seen s Successful

The Citibank ads urge investors to call a Citibank investment consultant to receive personal financial planning help from the bank and to be enrolled in the drawing.

A Citibank spokeswoman said the campaign has been successful, but would not provide any figures.

Not only does Nuveen get a plug, but Citibank finds new people for its investment services, said Marietta Parenti, assistant vice president and manager of promotions for Nuveen.

Sticking with Its Theme

In previous advertising campaigns, Nuveen has dramatized tax-free investment advantages using two pails filled with water. One pail has a hole with water pouring out while the other, representing a tax-free investment, remains full of water. …

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