Nuveen to Acquire Schroders in $13.5B Deal
US-based asset manager Nuveen has agreed to acquire UK-based Schroders for approximately $13.5 billion (£9.9bn). The deal will create a global asset management firm with a combined $2.5 trillion in assets under management. The acquisition is seen as a move by Nuveen to bolster its public-to-private investment offerings.
- The acquisition ends over 220 years of family control for the UK-based Schroders, which was founded in 1804. The Schroder family held a 44% stake in the company. - Chicago-based Nuveen was founded in 1898 and is the wholly owned asset management subsidiary of TIAA (Teachers Insurance and Annuity Association of America). - Post-acquisition, Schroders Group CEO Richard Oldfield will continue in his role and report to Nuveen CEO William Huffman. Oldfield was appointed CEO in November 2024. - The combined firm will manage a significant $414 billion in private markets assets, making it one of the ten largest pools of illiquid capital globally. - The deal represents a 34% premium to Schroders' closing share price on February 11, 2026, with shareholders receiving up to 612 pence per share. - Schroders previously divested its investment banking division to Citigroup for £1.3 billion in 2000 to concentrate on asset and wealth management. - Nuveen's current CEO, William Huffman, has been with the firm since 2008 and previously served as the president of Nuveen Asset Management and head of equities and fixed income. - Following the merger, Schroders is expected to operate as a standalone business within Nuveen for at least one year, with London remaining as the group's largest office outside of the U.S.
