Nuveen and Schroders have agreed to a board-recommended cash transaction that will reshape the global asset management landscape, combining $1.4 trillion and $1.1 trillion firms into a nearly $2.5-trillion powerhouse.
Under the terms of the agreement, Nuveen will acquire the entire issued and to-be-issued share capital of Schroders for approximately £9.9 billion ($13.5 billion). Schroders shareholders will receive £5.90 per share in cash, valuing the equity at £9.5 billion, plus up to 22 pence per share in permitted dividends prior to closing.
The combined group will create one of the largest active asset managers globally, with expanded capabilities across equities, fixed income, multi-asset, infrastructure, private capital, real estate, natural capital, and wealth management.
“This transaction is about unlocking new growth opportunities for wealth and institutional investors around the world by giving our leading, differentiated public-to-private platform a broader global presence,” said William Huffman, CEO of Nuveen.
Richard Oldfield, Group CEO of Schroders, added: “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.”
Schroders will continue to operate as a standalone business within Nuveen for at least 12 months post-close, with Oldfield remaining CEO and joining Nuveen’s executive management team. London will serve as the combined group’s non-U.S. headquarters.
The transaction is expected to close in Q4 2026.
BNP Paribas is acting as financial advisor to Nuveen, with Clifford Chance LLP acting as legal advisor to Nuveen.
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