Schroders shareholders have approved the £9.9bn ($13.4bn) sale of the UK asset manager to US rival Nuveen.
At a general meeting in London, 99.9% of votes cast backed the takeover, comfortably above the 75% approval threshold.
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The transaction, first announced in February, covers the entire issued and to-be-issued share capital of Schroders.
The deal creates an investment group with nearly $2.5tn of assets under management, operating across more than 40 markets.
When the deal was unveiled, Nuveen said the combined business would continue operating across equities, fixed income, multi-asset strategies, infrastructure, private capital, real estate and natural capital.
After completion, Schroders is expected to remain a separate business within Nuveen for at least a year.
Schroders will keep its brand and its London office, which is set to become the enlarged group’s non-US headquarters. Around 3,100 staff are based there.
Richard Oldfield will remain chief executive of Schroders. He will report to Nuveen CEO William Huffman and join Nuveen’s executive management team.
The shareholder vote came on the same day Schroders reported net client withdrawals of £2.2bn in the first quarter of 2026, citing investor caution linked to the Middle East conflict.
In its trading update, Schroders said group assets under management fell to £814.4bn at the end of March, from £823.7bn at the end of 2025.
Excluding joint ventures and associates, net new business was negative £2.2bn. Including them, total outflows were £1.1bn.
Asset management assets under management declined to £599.4bn, reflecting negative market movements and £2.5bn of outflows.
