Nuveen acquires Schroders for 9.9 billion pounds and creates a global giant with 2.5 trillion dollars in assets
12 FEB, 2026
By Joanna Piwko from RankiaPro Europe
Nuveen, a global manager with 1.4 trillion dollars in assets under management, and Schroders, one of the leading international groups in active management, advisory and wealth management with 1.1 trillion dollars in assets, have reached an agreement for a cash acquisition recommended by the board of directors. The operation contemplates the purchase by Nuveen of 100% of the issued and to be issued capital of Schroders for approximately 9.9 billion pounds sterling.
The integration will result in one of the largest global active management firms in the world, with about 2.5 trillion dollars in assets under management. The combined group will have a significant presence in the main international financial centers and will operate in more than 40 markets.
For at least 12 months after closing, Schroders will continue to operate as an independent entity within the Nuveen group. Richard Oldfield will continue at the helm as CEO and will join the Nuveen executive team, reporting directly to Huffman.
William Huffman, CEO of Nuveen, described the operation as an "exciting and transformative" step for both entities: “By uniting complementary platforms, investment capabilities, distribution networks and corporate cultures, we create an extraordinary opportunity to enhance service to our clients through access to new markets, a strengthened product offering and greater investment talent”. Huffman emphasized that the transaction will expand the global presence of his integrated public and private investment platform.
For his part, Richard Oldfield, CEO of Schroders, highlighted that, in a competitive environment where scale brings structural advantages, Nuveen represents “a partner who shares our values and respects the culture we have built”. In his opinion, the operation will significantly accelerate the group's growth plans and strengthen its balance sheet, expanding its geographical reach and its public-private platform.
Shared Vision
Both companies share a culture focused on investment, the client and collaboration, with complementary capabilities in both public and private markets. The resulting group will offer integrated solutions for institutional and private banking clients, with a wide range of strategies in equities, fixed income, multi-assets, infrastructure, private equity, real estate and natural capital, in addition to its wealth management business.
Dame Elizabeth Corley, president of Schroders, noted that London will continue to be the central hub of the expanded business and that the operation offers an attractive cash premium for shareholders, reflecting the current value and future prospects of the firm.
Nuveen has indicated that London will be the main headquarters outside of the United States for the combined group and its largest office, with more than 3,100 professionals. The firm anticipates that the operation will reinforce the role of the United Kingdom as a global financial center, facilitating the channeling of long-term capital into the economy.
Financial details of the operation
According to the agreed terms, each Schroders shareholder will receive 5.90 pounds in cash per share, which represents a valuation of approximately 9.500 billion pounds (the “Cash Consideration”). In addition, shareholders may receive and retain dividends of up to 22 pence per share before closing. Together, the operation values the total issued and to be issued capital of Schroders at around 9.900 billion pounds.
Timeline and approvals
The transaction has been unanimously approved by the boards of directors of both companies. The Schroders board unanimously recommends its shareholders to vote in favor. In addition, the trust companies representing the main shareholder group linked to the Schroder family —which control approximately 41% of the capital— have made irrevocable commitments to support the operation.
The transaction is expected to be completed in the fourth quarter of 2026, subject to shareholder approval and relevant regulatory and competition authorizations.
BNP Paribas is acting as financial advisor to Nuveen and Clifford Chance LLP as legal advisor.
