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$930 billion Nuveen’s head of private markets is retiring amid ‘challenges’ to the asset management business

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In a Thursday memo to employees, Jose Minaya, Nuveen's chief investment officer, said private markets head Heather Davis would retire.

Nuveen's Heather Davis is leaving the asset manager after 24 years, while four equity portfolio managers are out.

Her departure follows four equity portfolio managers earlier this week. Asset managers have been cutting both staff and senior executives in a push to cut costs.In a Thursday memo to employees, Jose Minaya, the $930 billion firm's chief investment officer, said private markets head Heather Davis would retire.See alsoAs asset management growth grinds to a halt, firms have to get creative. Here are the 3 avenues analysts say will best boost revenue.

Davis joined the firm in 1995 and has served as president and chief investment officer for private markets since January 2017, according to her LinkedIn profile., Business Insider previously reported. In addition to the departures, Nuveen is consolidating its real estate and real assets team, which will be led by Mike Sales, the head of real estate.

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