EXHIBIT 99

[NUVEEN INVESTMENTS LOGO]


FOR IMMEDIATE RELEASE                                     CONTACT:  PEGGY WILSON
ATTN:  BUSINESS/FINANCIAL EDITORS                    SR. VICE PRESIDENT, FINANCE
                                                                  (312) 917-6801

               NUVEEN INVESTMENTS AND ST. PAUL TRAVELERS EXPLORING
              ALTERNATIVES FOR ST. PAUL TRAVELERS' STAKE IN NUVEEN


CHICAGO, IL, JANUARY 31, 2005 -- Nuveen Investments, Inc. (NYSE: JNC), a leading
provider of diversified investment services for high-net-worth and institutional
investors served by financial advisors, announced today that The St. Paul
Travelers Companies, its majority shareholder, intends to review its strategic
alternatives with respect to its equity interest in Nuveen Investments. The
management of both Nuveen Investments and The St. Paul Travelers Companies will
work closely in this process.

Timothy Schwertfeger, Chairman & CEO of Nuveen Investments, said, "We will stay
focused on meeting and serving the needs of our customers throughout this
process in order to maintain our very positive business momentum. This is an
opportunity for us to advance Nuveen's strategic development of industry-leading
investment and service capabilities. We will continue to build on a 10-year
record of growth that has seen our assets increase to more than $115 billion
under management across a full range of equity and fixed-income investment
styles."

In announcing the decision by St. Paul Travelers, its Chairman & CEO, Jay S.
Fishman, said, "Although not part of our core insurance businesses, Nuveen
Investments is a strong and growing business, with an excellent management team
and an outstanding reputation in its markets. We will conduct our review through
an orderly process that provides strategic continuity for Nuveen."

The St. Paul Travelers Companies made its investment in Nuveen Investments in
1974, and reduced its equity interest to 74% in 1992, when an initial public
offering of Nuveen's common stock was completed. Today St. Paul Travelers owns
approximately 79% of Nuveen Investments.

Nuveen Investments provides high-quality investment services that contribute to
the building of well-diversified investment portfolios. The Company serves
institutional clients, financial advisors and high-net-worth investors. The
firm's asset management capabilities are marketed through four distinct brands,
each with an independent investment team and area of expertise: Nuveen, focused
on fixed-income investments; NWQ, specializing in value-style equities;
Rittenhouse, dedicated to conservative growth-style equities; and Symphony, with
expertise in alternative investment portfolios. Nuveen Investments, Inc. (NYSE:
JNC) is an affiliate of The St. Paul Travelers Companies, Inc. (NYSE: STA).


NWQ             NUVEEN                  RITTENHOUSE                     SYMPHONY