US-based investment manager Nuveen has agreed to acquire Schroders for £9.9bn, subject to regulatory approvals.
The cash acquisition is set to complete in the fourth quarter of 2026, with the offer being made through private equity firm Pantheon, a wholly owned subsidiary of Nuveen.
The transaction will see Schroders’ shareholders each receiving up to 612 pence per share, comprising 590 pence per share in cash and permitted dividends of up to 22 pence per share.
Schroders' share price at the close of 11 February 2026 was 456 pence per share, meaning the acquisition offered a premium on shares of around 29%.
The firms stated that Nuveen’s and Schroders’ businesses were highly complimentary and the deal represented an opportunity to combine their capabilities to accelerate growth and create one of the world’s largest active asset managers.
The combined group will have almost $2.5trn of assets under management (AUM) across institutional and wealth channels.
Schroders’ brand will be retained and London will be the combined firm’s non-US headquarters and its largest office.
“The combined group expects to deliver significant benefits to the UK as a global financial centre, enabling more long-term capital to be channelled into the economy by deepening the pool of investment capital, while reinforcing London's role in global asset and wealth management,” according to the statement.
The board of Schroders is intending to unanimously recommend the acquisition offer to the firm’s shareholders.
"Through this exciting and transformational step for both of our distinguished firms, we look forward to welcoming Schroders into the Nuveen family,” said Nuveen chief executive officer, William Huffman.
“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.
“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".
Schroders group chief executive, Richard Oldfield, 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.
“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.
“Together, we can create an exceptional opportunity to provide clients with a true breadth of high-quality solutions to meet their evolving needs."
