Nuveen has completed its £9.9bn ($13.4bn) acquisition of Schroders, creating an investment manager responsible for $2.6tn in assets under management across institutional and wealth channels.

The transaction was first announced in February.

The combined firm operates in more than 40 markets, with a presence in the US, the UK, Europe, and Asia-Pacific.

Its operations span active equities, active fixed income, and private markets.

Schroders will continue to operate separately within Nuveen for the next 12 to 18 months. Richard Oldfield, Schroders’ group chief executive, will lead the business and report to Mr Huffman.

The combined firm intends over time to establish a unified investment platform covering public and private markets.

Saira Malik will serve as chief investment officer and report to Huffman.

Johanna Kyrklund will become chief investment officer of public markets and solutions, with responsibility for equities, fixed income, multi-asset, and solutions. She will eventually report to Malik.

Nuveen and Schroders plan to organise their combined $400bn private markets platform by asset class.

The firms also intend to retain their existing investment teams across asset and wealth management for at least 12 to 18 months after completion while integration planning takes place.

Matt Oomen will lead global client coverage, reporting to Huffman. He will be responsible for helping clients access the combined firm’s capabilities.

The firm will continue to build on Schroders’ wealth management businesses, including Cazenove Capital.

London will be the combined firm’s non-US headquarters and its largest office.

Schroders shares were officially delisted from the London Stock Exchange on 2 October 2026.