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Deals & People February 12, 2026
Nuveen Offers to Acquire Schroders for $13.5B
The deal, which will create a firm with nearly $2.5 trillion in assets under management, is expected to close during the fourth quarter.
Reported by Matt Toledo
Investment manager Nuveen LLC announced Thursday an offer to the board of U.K.-based manager Schroders PLC to acquire the firm for a total of 9.9 billion pounds (USD $13.5 billion), including 9.5 billion pounds in cash and future dividends to shareholders. The combined manager will have nearly $2.5 trillion in assets under management for institutional and wealth clients.
The boards of Nuveen and Schroders had both agreed to the deal, as well as the Schroders’ Principal Shareholder Group Trustee Companies, the private trusts of the founding Schroders family, which hold 41% of the companies’ shares.
The transaction is expected to close during the fourth quarter, pending approval from shareholders and regulatory bodies.
The acquisition of the 222-year-old London-based firm would combine $1.4 trillion in assets managed by Nuveen and $1.1 trillion by Schroders, forming one of the world’s largest asset managers. It would rank 10th in the world, behind Allianz Group ($2.5 trillion) and ahead of Amundi ($2.3 trillion), according to data from WTW.
On Monday, Schroders announced a partnership with U.S. private equity firm Apollo Global Management Inc. to develop a “next generation” of investment solutions blending private and public markets. Schroders managed 605 billion pounds for asset management clients, and 123.9 billion pounds for wealth management clients as of December 31, 2025, according to the firm’s most recent annual report.
Nuveen, the investment manager arm and wholly owned subsidiary of TIAA, had its start investing in municipal bonds 125 years ago and currently manages $619 billion in retirement solutions, according to data from the firm. Besides its range of public and private investments, the firm offers mutual funds, closed-end funds, 529 plans, target-date funds and other products.
As part of the transaction, Schroders will continue to operate as a standalone business within Nuveen for at least the following 12 months following the completion of the transaction, according to the proposal. It will continue to be led by CEO Richard Oldfield, who will report to Nuveen CEO William Huffman.
London will serve as the combined group’s non-U.S. headquarters and the firm’s largest office, with more than 3,100 professionals. The combined firm would have operations in more than 40 markets.
Under terms of the transaction, Schroders’ shares would be purchased for 5.90 pounds, and shareholders would be entitled to receive and retain up to 22 pence per share prior to completion of the deal. Schroders’ shares in London jumped 30% on the news of the acquisition.
The acquisition would be the largest for Nuveen, which itself was acquired by TIAA in 2014 for $6.25 billion.