AcquisitionFinance
Nuveen to Acquire Schroders in £9.9bn Takeover
•February 12, 2026
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Why It Matters
The transaction gives Nuveen a strong European foothold and expands Schroders’ scale, addressing competitive pressures and unlocking growth for clients and shareholders.
Key Takeaways
- •£9.9bn deal values Schroders at 612p per share.
- •Combined AUM reaches roughly £1.8 trillion.
- •Schroders retains brand; London becomes non‑US headquarters.
- •Completion targeted for Q4 2026.
- •Deal aims to accelerate growth and diversify client offerings.
Pulse Analysis
The asset‑management industry has entered a phase of rapid consolidation as firms chase scale to offset fee pressure and meet growing demand for active strategies. Schroders, the United Kingdom’s largest independent manager, has seen its share price tumble 23 % over five years and faced criticism over a high cost base. By aligning with Nuveen, the investment arm of the Teachers Insurance and Annuity Association of America, Schroders gains a partner with $1.4 trillion in assets and a global distribution network, positioning both entities to compete more effectively against the sector’s megafunds.
The transaction values Schroders at £9.9 billion, translating to a 612‑pence per‑share offer that includes a 590‑pence cash component and a 22‑pence dividend, representing a 29 % premium to the prior close. While the Schroders brand will be preserved and London will serve as the combined group’s non‑U.S. headquarters, Nuveen will assume ultimate control, with CEO Richard Oldfield joining its executive team. Upon closing in Q4 2026, the merged entity will command roughly £1.8 trillion in assets under management across institutional and wealth channels, spanning more than 40 markets.
For investors, the deal promises broader product coverage, deeper research capabilities, and enhanced access to both public‑to‑private opportunities. The expanded scale should improve cost efficiencies, allowing the group to reinvest in technology and talent while maintaining competitive fee structures. Regulators will scrutinize the integration to ensure market stability, but the retained independence of Schroders for at least a year eases transition risks. Ultimately, the Nuveen‑Schroders partnership illustrates how cross‑Atlantic mergers can reshape the active‑management landscape, delivering growth potential for clients and shareholders alike.
Deal Summary
UK asset manager Schroders has agreed to be acquired by US investment firm Nuveen in a £9.9bn cash‑and‑dividend deal. The transaction will create one of the world’s largest active asset managers with about £1.8tn in assets under management and is expected to close in Q4 2026.
Article
Source: City A.M. — Economics
Asset manager Schroders has agreed to a £9.9bn takeover by American investment firm Nuveen, in a deal that would end over two centuries of independence for the UK’s largest standalone asset manager.
Under the terms of the agreement, Schroders shareholders will receive 612 pence per share, including a cash consideration of 590 pence and a dividend of 22 pence.
The cash consideration represents a premium of 29 per cent of Wednesday’s closing price of 457 pence.
The acquisition by Nuveen, which is the asset management arm of Teachers Insurance and Annuity Association of America, is set to create one of the world’s largest active asset managers with nearly £1.8 trillion in assets under management across institutional and wealth channels.
The Schroders brand will be retained and London will serve as the combined group’s non-US headquarters and largest office. The deal is expected to complete in the fourth quarter of 2026.
Richard Oldfield, chief executive of Schroders, 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.”
As recently as July, Oldfield had rebuffed speculation that the Schroder family, who control almost half the company’s shares, were eyeing a sale of the business.
“No, there’s no intention of the family to sell,” Oldfield said last year.
“I engage with two members of the family through the board. They’re tremendously supportive, they’ve made their statutory statement in the annual report that’s very clear about their long-term commitment to the business.”
Nuveen, which holds $1.4 trillion (£1 trillion) in assets under management, also hailed the transaction, adding it would unlock “new growth opportunities for wealth an institutional investors around the world”, while also bolstering its global presence.
The combined group will have a presence in more than 40 markets, including in some of the world’s largest financial centres.
It is expected that for at least 12 months following the completion of the deal that Schroders will continue to operate a standalone business within the wider Nuveen group.
Schroders will continue to be led by Oldfield, who will report to Huffman and becme a member of the Nuveen Executive Management Team.
Schroders’s struggles
The UK asset manager has struggled in recent years, facing increasing criticism for its high cost base and slower organic growth in its private markets arm.
The group’s share price has plummeted 23 per cent in the last five years and had a market close of $10bn at Wednesday’s close.
However, in its latest results the group returned to organic growth, with over 70 per cent of client assets outperforming competitors, bringing its strongest performance since 2021.
Assets under management jumped six per cent to £823.7bn, up from £778.7bn the prior year, with its public markets business also returning to growth for the first time since 2021, reporting net inflows of £3.7bn.
Gross inflows reached £142bn.
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