Nuveen has agreed a £9.9bn cash acquisition of Schroders in a board-recommended transaction that will create one of the world’s largest active asset managers, with nearly $2.5trn of assets under management.

Under the agreed terms, Schroders shareholders will receive £5.90 per share in cash, valuing the equity at £9.5bn. Shareholders will also retain dividends of up to 22 pence per share before completion, bringing the total transaction value to £9.9bn.

The combination will unite Nuveen’s $1.4trn platform with Schroders’ $1.1trn franchise. The enlarged group will operate across more than 40 markets, spanning equities, fixed income, multi-asset, infrastructure, private capital, real estate, natural capital, and wealth management.

“Through this exciting and transformational step for both of our distinguished firms, we look forward to welcoming Schroders into the Nuveen family,” said William Huffman, Chief Executive Officer of Nuveen. “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.”

The transaction is positioned as a scale-driven response to intensifying competition in global asset management, particularly across public-to-private strategies where investors increasingly demand integrated capabilities.

Richard Oldfield, Group Chief Executive of Schroders, added: “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.”

Schroders will continue to operate as a standalone business within Nuveen for at least 12 months following completion. London will remain the non-US headquarters of the combined group, with more than 3,100 professionals.

The deal has been unanimously approved by both boards. Schroders’ Principal Shareholder Group Trustee Companies, representing approximately 41% of the company’s shares, have irrevocably undertaken to vote in favour.

Completion is expected in Q4 2026, subject to shareholder approval and regulatory clearances.

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