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                                                              EXHIBIT 10.2(C)(I)


                     AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

AGREEMENT, dated as of May 14, 1999, between George W. Connell (the "Executive")
and The John Nuveen Company, a Delaware corporation ("JNC").

WHEREAS, the Executive and JNC entered into an Employment Agreement as of July
14, 1997; (the "1997 Agreement") and

WHEREAS, the Executive and JNC now desire to enter into this amendment (the
"Amended Agreement") to the 1997 Agreement to effect certain changes in the
Executive's responsibilities and compensation from those set forth in the 1997
Agreement;

NOW THEREFORE, in consideration of the foregoing recitals, the mutual promises
and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and
notwithstanding anything to the contrary in the 1997 Agreement, JNC and the
Executive agree as follows:

1.   Office and Responsibilities. The Executive shall no longer hold the title
     nor assume the responsibilities of Chief Investment Officer of Rittenhouse
     Financial Services ("RFS"), but shall become a part time employee of RFS
     whose duties and responsibilities are to act as an adviser to the RFS
     Investment Committee and to RFS's President, on an as requested basis.
     Executive shall not be required to perform any services for RFS outside of
     the greater Philadelphia area.

2.   Compensation of Executive. As full compensation for his services hereunder,
     RFS will pay the Executive an annual salary equal to one hundred thousand
     dollars ($100,000) for the remaining term of the 1997 Agreement.

3.   Benefits; Other Compensation. As a part time employee, the Executive shall
     be entitled to such health, life and disability insurance benefits and such
     profit sharing, pension, paid vacation, sick and personal time and other
     fringe benefits, if any, as are available to, and on similar terms and
     conditions as apply to, other part time employees of RFS. Executive shall
     continue to be eligible to participate in the Nuveen Scholarship Program.

4.   Effective Date. The compensation payable to Executive under the Amended
     Agreement shall be effective as of April 1, 1999.

5.   No Other Changes to the 1997 Agreement. Except as modified as set forth
     above, the provisions of the 1997 Agreement shall remain in full force and
     effect.



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IN WITNESS WHEREOF, the parties hereto, being duly authorized, have duly
executed and delivered this Agreement.


                                         THE JOHN NUVEEN COMPANY


                                         By: __________________________
                                              Name:  John P. Amboian
                                              Title:    President

                                         Date: _________________________



                                         GEORGE W. CONNELL

                                         --------------------------

                                         Date: _________________________