Key facts
- Nuveen has offered to acquire U.K.-based manager Schroders PLC for 9.9 billion pounds ($13.5 billion).
- The deal, which combines $1.4 trillion managed by Nuveen and $1.1 trillion by Schroders, is expected to create a firm with nearly $2.5 trillion in assets under management.
- The transaction is anticipated to close in the fourth quarter, subject to shareholder and regulatory approvals.
- Nuveen CEO William Huffman stated the company is open to further acquisitions, potentially in Asia, after the Schroders deal.
Nuveen LLC has made an offer to acquire U.K.-based asset manager Schroders PLC for 9.9 billion pounds ($13.5 billion), a deal that would create one of the world's largest asset managers with nearly $2.5 trillion in assets under management. The transaction, which includes cash and future dividends to shareholders, has received agreement from the boards of both companies and the Schroders’ Principal Shareholder Group Trustee Companies, which holds 41% of Schroders' shares.
The acquisition is expected to be completed in the fourth quarter, pending shareholder and regulatory approvals. The combined entity would rank 10th globally, behind Allianz Group and ahead of Amundi. Nuveen, a subsidiary of TIAA, currently manages $1.4 trillion, while Schroders manages $1.1 trillion, comprising 605 billion pounds for asset management clients and 123.9 billion pounds for wealth management clients as of December 31, 2025.
Following the acquisition, Schroders will continue to operate as a standalone business within Nuveen for at least 12 months and will remain led by its current CEO, Richard Oldfield, who will report to Nuveen CEO William Huffman. London will serve as the combined group's non-U.S. headquarters, housing over 3,100 professionals. Schroders' shares jumped 30% on the news of the acquisition.
Nuveen CEO William Huffman indicated that the company is open to further acquisitions, including in Asia, to expand its presence or client base, following this 'perfect match' deal. This acquisition would be Nuveen's largest, surpassing its own acquisition by TIAA in 2014 for $6.25 billion. In September 2025, Nuveen also announced investments from Hunter Point Capital and Temasek into its Nuveen Private Capital platform.