Nuveen, a global asset manager with $1.4 trillion in assets under management, announced it has agreed to the terms of a board-recommended all-cash acquisition of Schroders plc, valuing the UK-listed active manager at approximately £9.9 billion.
The deal would combine Nuveen and Schroders into an active global asset management firm with nearly $2.5 trillion in assets under management and a footprint across more than 40 markets, according to Nuveen. Nuveen said the combined business would bring together capabilities spanning equities, fixed income, multi-asset, infrastructure, private capital, real estate, and natural capital, alongside Schroders’ wealth management operations.
Under the terms, Schroders shareholders would receive £5.90 per share in cash at completion for a total of £9.5 billion, and would be entitled to receive and retain dividends of up to 22 pence per share prior to completion. Nuveen said the cash consideration plus permitted dividends values the entire issued and to be issued share capital of Schroders at £9.9 billion.
Nuveen said the transaction has been unanimously approved by both boards, with the Schroders board unanimously recommending that shareholders vote in favor. Nuveen also said the Schroders Principal Shareholder Group Trustee Companies, representing an aggregate holding of approximately 41% of Schroders shares, have entered into irrevocable undertakings to vote in favor at the upcoming shareholder meeting.
Following completion, Nuveen said Schroders is expected to continue operating as a standalone business within the wider Nuveen group for at least 12 months. Schroders would continue to be led by CEO Richard Oldfield, who would report to Nuveen CEO William Huffman and join Nuveen’s executive management team.
Nuveen said London would serve as the combined group’s non US headquarters and largest office, with more than 3,100 professionals, reflecting Schroders’ heritage and brand. The companies expect the transaction to close in Q4 2026, subject to customary conditions including shareholder approval and regulatory and antitrust clearances.
Support: BNP Paribas is acting as financial advisor to Nuveen, and Clifford Chance LLP is acting as legal advisor to Nuveen.
KEY QUOTES:
“Through this exciting and transformational step for both of our distinguished firms, we look forward to welcoming Schroders into the Nuveen family. By bringing our complementary platforms, capabilities, distribution networks, and cultures together, we will create an extraordinary opportunity to enhance the way we serve our collective clients through access to new markets, bolstered product offerings, and deeper pools of investment talent. This transaction is about unlocking new growth opportunities for wealth and institutional investors around the world by giving our leading, differentiated public-to-private platform a broader global presence.”
William Huffman, Chief Executive Officer, Nuveen
“In a competitive landscape where scale can help deliver benefits, in Nuveen we see a partner that shares our values, respects the culture we have built and will create exciting opportunities for our clients and people. The transaction will significantly accelerate our growth plans to create a leading public-to-private platform with enhanced geographic reach and a strengthened balance sheet. Together, we can create an exceptional opportunity to provide clients with a true breadth of high-quality solutions to meet their evolving needs.”
Richard Oldfield, Group Chief Executive, Schroders
“The Combined Group will bring together two successful firms with shared values and highly complementary strengths to create a new global leader in public-to-private investment management. Building on Schroders’ heritage, London will remain at the heart of this enlarged business and the Transaction will deliver an attractive premium in cash to our shareholders, reflecting the value of our business and its future prospects. The board of Schroders is confident that this is the right step for our shareholders, clients and people.”
Dame Elizabeth Corley, Chair, Schroders
