Investment manager Nuveen announced Thursday an offer to the board of U.K.-based manager Schroders PLC to acquire the firm for 9.9 billion pounds ($13.5 billion), including 9.5 billion pounds in cash and future dividends to shareholders.
The boards of Nuveen and Schroders had both agreed to the deal, as well as the Schroders’ Principal Shareholder Group Trustee Companies, the private trusts of the founding Schroders family, which hold 41% of the companies’ shares.
The transaction is expected to close during the fourth quarter, pending approval from shareholders and regulatory bodies.
The acquisition of the 222-year-old London-based firm would create a manager with nearly $2.5 trillion in assets under management for institutional and wealth clients, including $1.4 trillion managed by Nuveen and $1.1 trillion by Schroders, making it one of the world’s largest asset managers. The combined firm would rank 10th in the world, behind Allianz Group ($2.5 trillion) and ahead of Amundi ($2.3 trillion), according to data from WTW.
Nuveen, which had its start investing in municipal bonds 125 years ago, offers a wide range of products for institutional investors and manages $619 billion in retirement solutions, according to data from the firm. Besides its range of public and private investments, the firm offers mutual funds, closed-end funds, 529 plans, target-date funds and other products.
Schroders managed 605 billion pounds for asset management clients and 123.9 billion pounds for wealth management clients as of December 31, 2025, according to the firm’s most recent annual report.
As part of the transaction, Schroders will continue to operate as a stand-alone business within Nuveen for at least 12 months following the completion of the transaction, according to the proposal. It will continue to be led by CEO Richard Oldfield, who will report to Nuveen CEO William Huffman.
London will serve as the combined group’s non-U.S. headquarters and the firm’s largest office, with more than 3,100 professionals. The combined firm would have operations in more than 40 markets.
Under terms of the transaction, Schroders’ shares would be purchased for 5.90 pounds each, and shareholders would be entitled to receive and retain up to 22 pence per share prior to completion of the deal. Schroders’ shares in London jumped 30% on the news of the acquisition.
The acquisition would be the largest for Nuveen, which itself was acquired in 2014 by the Teachers Insurance and Annuity Association of America for $6.25 billion.
In September 2025, Nuveen announced that Hunter Point Capital and Temasek would make a general partner stakes investment in its Nuveen Private Capital platform, which itself was formed by its acquisitions of European private debt firm Arcmont Asset Management and direct-lending firm Churchill Asset Management.
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