Nuveen has agreed to acquire Schroders in a board-recommended cash transaction valued at £9.9 billion ($13.5 billion).
The combination would create one of the largest active global asset management firms, with nearly $2.5 trillion of assets under management. The firms said the transaction is intended to expand global reach and strengthen public-to-private investment capabilities. The combined group will operate with significant scale and capabilities in the world's largest financial centers, with a presence in more than 40 markets.
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.
