Nuveen to acquire Schroders for £9.9bn, forming near‑£2.5tn global asset platform

Nuveen has reached a deal to purchase Schroders in a transaction priced at £9.9 billion, delivering immediate cash consideration plus a dividend component that together imply 612 pence per share. The offer packages 590 pence in cash with up to 22 pence of permitted dividend, representing roughly a one‑third uplift versus the prior session’s market value. Backing from a large U.S. pension-backed investor reinforces Nuveen’s strategic intent to expand its cross-border footprint. Schroders’ board has secured support from the family shareholder bloc that controls a large block of stock, smoothing the path to a negotiated sale. Management continuity is part of the agreement: Schroders’ chief executive will remain in place and London will serve as the combined group’s non‑U.S. hub. The deal assembles a public-to-private platform with complementary distribution across the Americas, Europe and Asia‑Pacific and is positioned to leverage scale in institutional and retail channels. Schroders also disclosed its latest operating performance, reporting adjusted operating profit of £756.6 million for the most recent fiscal year, a 25 percent year-on-year increase that strengthens the firm’s valuation case. Financial advisers on the transaction included BNP Paribas for the buyer and a consortium of banks for Schroders, reflecting a conventional sell‑side process for a deal of this magnitude. For shareholders, the bid delivers a definite cash outcome at a meaningful premium; for Nuveen, it accelerates ambitions to build a broader, globally diversified asset manager. Integration will test cultural and regulatory harmonization across jurisdictions and requires careful handling of client relationships and product overlaps. The transaction reshapes competitive dynamics in asset management by consolidating scale, geographic reach and distribution muscle under a private ownership structure.