Episode Summary: Money & Wealth with Nadir Settles

Podcast: Money And Wealth With John Hope Bryant
Host: John Hope Bryant
Guest: Nadir Settles, Global Head of Real Estate Impact at Nuveen
Release Date: May 1, 2025

1. Introduction

In this insightful episode of Money And Wealth With John Hope Bryant, host John Hope Bryant welcomes Nadir Settles, the Global Head of Real Estate Impact at Nuveen, to discuss institutional investing, wealth-building strategies, and the significance of diversity in the financial sector. Bryant sets the stage by highlighting the challenges the Black community faces in understanding and leveraging capitalism and the free enterprise system.

Notable Quote:

John Hope Bryant [01:19]: "No one ever told you how capitalism works. No one ever told you how our free enterprise works."

2. Nadir Settles’ Journey and Background

Nadir Settles shares his compelling personal story, tracing his roots from a single-parent household in the Bronx to his current role managing $8 billion in affordable housing. He emphasizes the pivotal decisions made by his mother, who used an insurance payout to relocate the family to Spring Valley, New York, thereby providing a stable environment conducive to his academic and personal growth.

Key Points:

• Educational Background: BA in Business Administration (St. John University), MBA (Villanova School of Business), Master's in Real Estate Finance (New York University).
• Professional Experience: Previous roles in asset management and acquisitions at Silverstein Properties, RLJ Development, and Urban Lodging Trust before joining Nuveen in 2011.

Notable Quote:

Nadir Settles [19:29]: "Growing up poor, I always thought about, I don't want to be poor. And that sort of drill drove my motivation."

3. Understanding Institutional Investing

Bryant introduces the concept of institutional investing, aiming to demystify terms that are often unfamiliar to the general audience. Nadir Settles elaborates on his role at Nuveen, a subsidiary of the $2 trillion TIAA-Cref, focusing on managing diversified real estate investments aimed at affordable housing.

Key Definitions:

• Institutional Investing: Investment activities conducted by large entities such as pension funds, insurance companies, and endowments.
• Capital: The financial resources (debt and equity) used by investment managers to acquire and manage assets.

Notable Quote:

Nadir Settles [33:04]: "Always think about how I can be an owner of something."

4. Nuveen’s Investment Strategy and Impact

Settles provides an in-depth look into Nuveen's operations, emphasizing their commitment to affordable housing and the broader impact on communities. He explains the mechanisms behind their investments, including Section 8 contracts and low-income housing tax credits, aimed at providing dignified living conditions for individuals earning 60% or below the area median income.

Key Highlights:

• Vertical Integration: Nuveen owns, operates, and manages all aspects of their real estate investments, ensuring quality and sustainability.
• Double Bottom Line: Focuses not only on financial returns but also on social impact, such as financial literacy, healthcare access, and reducing the digital divide.
• Community Engagement: Proactively communicates with residents to introduce new programs and gather feedback, fostering a sense of community and trust.

Notable Quote:

Nadir Settles [45:10]: "When you hear about ESG, everybody has leaned too much into the E because it's easy. But we are emphasizing the S."

5. The Importance of Diversity in Investment Management

A significant portion of the discussion revolves around the lack of diversity in high-level investment management positions. Settles addresses the systemic barriers that prevent qualified African Americans from accessing opportunities to manage substantial funds, despite their competency.

Key Points:

• Representation Matters: Having leaders who share similar backgrounds with the community they serve can lead to more empathetic and effective management.
• Performance Over Demographics: Emphasizes that success should be based on performance, not demographics, paving the way for more inclusive opportunities.
• Role Models: Highlighting leaders like Settles serves as inspiration for aspiring Black professionals in finance and real estate.

Notable Quote:

Nadir Settles [09:41]: "It is our obligation as leaders, as anyone on this call who is rising, to create diverse teams."

6. Practical Advice for Wealth Building

Settles offers actionable advice for listeners aiming to build personal wealth and pursue successful careers in finance and real estate. His guidance focuses on passion-driven careers, continuous education, and the importance of resilience.

Key Recommendations:

• Don’t Chase Money: Instead, find what you are passionate about, and the financial rewards will follow naturally.
• Continuous Learning: Invest in education and skill development to stay competitive in a service-oriented, intellectual economy.
• Build Relationships: Foster genuine connections without expecting immediate business gains; relationships built on trust and mutual respect can lead to long-term success.

Notable Quotes:

Nadir Settles [58:19]: "Don’t chase money. Prepare yourself for whatever you want to do."

Nadir Settles [60:56]: "What would you be willing to do for free? If money was not an issue, would you do this because you love it? There's your answer."

7. Behind the Scenes: Building Authentic Relationships

Settles recounts his personal interactions with John Hope Bryant, illustrating the importance of authentic relationships over transactional ones. Despite not finalizing business deals, their genuine friendship underscores the value of building trust and mutual support within professional networks.

Key Points:

• Authenticity Over Transactions: Emphasizes that true partnerships are built on shared values and genuine interest rather than immediate business prospects.
• Long-Term Vision: Focuses on contributing to community upliftment and financial literacy rather than short-term gains.

Notable Quote:

Nadir Settles [61:34]: "We didn’t come with a transaction. We came with our heart out. It wasn’t about what we had to get; it was about what we have to give."

8. Conclusion and Call to Action

The episode concludes with Settles reiterating his commitment to advancing financial literacy and community development. He encourages listeners to seek internships or entry-level positions at firms like Nuveen or TIAA-Cref, advocating for proactive steps towards building a diverse and inclusive investment landscape.

Final Thoughts:

• Dream with Purpose: Inspired by Dr. Dorothy Height, Settles urges listeners to be "dreamers with shovels in their hands," actively working towards their aspirations.
• Continuous Support: Settles offers himself as a resource for those seeking guidance in their financial and professional journeys.

Notable Quote:

Nadir Settles [65:46]: "We're out much money and wealth with John O'Brien. We're here to help you build, to help you learn, to help you thrive."

Key Takeaways

• Institutional investing plays a crucial role in managing large-scale investments, such as affordable housing, which directly impacts community well-being.
• Diversity in investment management is essential for creating inclusive economic opportunities and ensuring that leadership reflects the communities served.
• Personal passion and continuous education are foundational to building sustainable wealth and achieving professional success.
• Authentic relationships and genuine commitment to community upliftment can drive meaningful change beyond immediate business outcomes.

Resources Mentioned

• Nuveen: www.nuveen.com
• Nadir Settles on LinkedIn: Search for "Nadir Settles" with the last name spelled S-E-T-T-L-E-S.
• Black Effect Podcast Network: Available on iHeartRadio, Apple Podcasts, and other major podcast platforms.

This episode serves as an inspiring guide for individuals seeking to understand the complexities of institutional investing and highlights the importance of representation and purposeful action in wealth building. Through Nadir Settles’ experiences and insights, listeners gain valuable knowledge on navigating the financial landscape and fostering a wealth-building mindset within the Black community.