Nuveen has agreed to acquire Schroders in a board-recommended cash transaction valued at £9.9 billion ($13.5 billion).
The combination would create an asset manager with $2.5 trillion in assets under management. The firms said the transaction is intended to expand global reach and strengthen public-to-private investment capabilities.
Following completion, Schroders is expected to operate as a standalone business within Nuveen for at least 12 months. Schroders CEO Richard Oldfield will continue to lead the business and join Nuveen’s executive management team, reporting to Nuveen CEO William Huffman.
