UK asset manager Schroders is to become part of US investment giant Nuveen, the companies announced this morning.
Schroders, which manages £824bn, will be acquired by Nuveen in the fourth quarter of this year in a deal worth around £9.9bn. Completion is subject to the approval of regulators and Schroders shareholders, and is subject to other conditions being met.
The announcement comes after a busy year for Schroders, which has seen it boost assets under management by 6% over the course of 2025, aided by net new business worth £11.2bn.
This has included significant fiduciary management mandates for the Aga Rangemaster Group Pension Scheme and the Royal National Institute of Blind People’s Retirement Benefits Scheme, worth £740m and £170m respectively.
Earlier this month, Schroders was awarded a £3bn mandate by the E.ON UK Group pension fund. Its other notable fiduciary mandates include the Tesco and Centrica pension schemes.
The Nuveen transaction will create a $2.5trn (£1.8trn) asset manager, according to Schroders’ stock market announcement.
The asset manager said in its announcement: “The combined group expects to deliver significant benefits to the UK as a global financial centre, enabling more long-term capital to be channelled into the economy by deepening the pool of investment capital, while reinforcing London’s role in global asset and wealth management.”
Dame Elizabeth Corley, chair of Schroders, added that Schroders’ London base would “remain at the heart of this enlarged business”.
Nuveen chief executive officer William Huffman said the combination would “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”.
Richard Oldfield, Schroders’ group chief executive, said: “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.”
