Nuveen has reached an agreement to purchase Schroders for about £9.9bn ($13.5bn), covering the entire issued and to-be-issued share capital of the British asset management company.
Under the deal, Schroders shareholders will receive £5.90 in cash per share at completion, equating to £9.5bn in total.
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Shareholders will also be able to receive and keep dividends up to 22 pence per share before the deal closes, resulting in a total valuation of £9.9bn.
The combined company will manage nearly $2.5tn in assets and operate across more than 40 markets worldwide.
Following completion, Schroders is expected to continue as a separate business within Nuveen for at least a year.
Richard Oldfield will remain as CEO of Schroders and will report to Nuveen CEO William Huffman, joining the Nuveen executive management team.
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By GlobalDataOldfield 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.”
Nuveen indicated that the merged group will maintain operations across various segments, including equities, fixed income, multi-asset investments, infrastructure, private capital, real estate, and natural capital.
London is intended to serve as the non-US headquarters and be the largest office for the combined group, employing over 3,100 people.
The transaction is expected to close in the fourth quarter of 2026, subject to approval by Schroders shareholders as well as relevant antitrust and regulatory authorities.
Huffman commented: “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.”
