Schroders is set to be acquired by US investment manager Nuveen for £9.9 billion cash.
The firms hold a combined US$2.5 trillion in assets under management (AUM). This includes a US$414 billion private markets franchise and US$613 billion in fixed income AUM.
Nuveen subsidiary Pantheon (Bidco) is purchasing the UK firm. The transaction is expected to be effective in Q4 pending regulatory approvals.
Through the acquisition, the companies aim to expand their offering of public-to-private capabilities and geographical reach.
Schroders will continue to operate under its name, with London becoming the non-US headquarters for the newly-combined group.
“In the event that Nuveen and Bidco were to consider an initial public offering of Schroders or the combined group in future, Nuveen and Bidco would (subject to an appropriate analysis at the time) intend to list on the London Stock Exchange as one of the dual listing venues,” the acquisition announcement affirms.
Nuveen intends to retain Schroders’ employees and management. Earlier this year, the company named Tom Stephens as its first head of ETFs.
READ MORE: Stephens leads Schroders’ growing ETF business
In March 2025 Schroders launched a three-year transformation programme, with goals including £150 million in net cost savings annually. In its year-end results, the firm reported net in-year savings of £75 million. Operating profits were up 25% year-on-year to £756.6 million.
