Nuveen ( JNC) continued to benefit from a wider range of investment strategies in the fourth quarter of 2006, as growth in its equity assets helped boost net income by 15% to $50.2 million, or 60 cents a diluted share, compared with $43.52 million, or 53 cents a diluted share, a year earlier.

But the results fell just short of the average forecast of 61 cents a share from analysts surveyed by Thomson First Call, sending Nuveen's shares down $1.51, or 2.82%, to $52.07 in early trading.

The Chicago money manager is known for its municipal bond funds but has been adding to its domestic and international equity offerings. This has helped Nuveen attract new money from investors, particularly as U.S. stocks rallied in the second half of last year. Assets under management rose 5% in the fourth quarter over the year-earlier period to about $162 billion, with $2 billion of the increase coming from net new money and $5.4 billion from market appreciation.

For the full year 2006, Nuveen's net income rose 10% to $187.7 million, and its earnings per share rose 14% to $2.26. The company finished the year with $136 billion in assets under management, an increase of $25 billion, or 19%, over year-end 2005. Of that, $15 billion came from new money, and $10 billion came from market appreciation.

As a result of the asset growth, advisory fee revenue rose 23% for the full year to $685.8 million.

Domestic and global equity assets accounted for over 50% of the company's total assets at year-end.

More from Mutual Funds

60 Seconds: What's the Difference Between an ETF and a Mutual Fund?

60 Seconds: What's the Difference Between an ETF and a Mutual Fund?

High-Flying Mutual Funds Begin to Favor Energy but Tech Still Reigns Supreme

High-Flying Mutual Funds Begin to Favor Energy but Tech Still Reigns Supreme

Mutual Funds on Track for Record Year

Mutual Funds on Track for Record Year

Bitcoin Today: Prices Come Off Highs as Rally to $10,000 Pauses

Bitcoin Today: Prices Come Off Highs as Rally to $10,000 Pauses

Video: How to Select Mutual Funds in Your 401(k)

Video: How to Select Mutual Funds in Your 401(k)