Nuveen exits Chinese companies affected by U.S. investment ban

FILE PHOTO: The company logo of China Telecom is displayed at a news conference in Hong Kong, China August 20, 2018. REUTERS/Bobby Yip

LONDON (Reuters) – Nuveen, the $1.1 trillion asset management arm of TIAA, has sold out of the Chinese companies affected by the recent ban on U.S. investment, it said in an email to Reuters.

Nuveen had held positions in several of the blacklisted companies, including a 0.12% holding in China Telecom, 0.08% stake in SMIC, 0.07% each in Xiaomi Corp and CNOOC, 0.04% of China Mobile and 0.02% of China Unicom Hong Kong, according to Refinitiv data up to the end of November 2020.

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