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UK: US asset manager Nuveen has agreed a deal to buy London-based Schroders for £9.9 billion.
The acquisition, which will see the founding family sell up, will create a combined group with $2.5 trillion of assets under management.
The deal would represent the largest asset management acquisition on record in Europe, Middle East and Africa, according to LSEG data.
“This is a massive transformational step for both firms,” said Bill Huffman, CEO of Nuveen, adding the deal gave the company a global footprint. He also said that Nuveen was open to further deals.
The combined group’s $2.5 trillion in assets under management puts it slightly below Europe’s biggest fund manager, Amundi and a long way behind US behemoths BlackRock, Vanguard and State Street.
Schroders’ shareholders will receive 590 pence per share in cash plus permitted dividends of up to 22 pence, valuing the company at 612 pence per share – a 34 per cent premium to Wednesday’s closing price.
Nuveen Real Estate manages more than $155 billion in assets, with a significant focus on the global housing sector, including traditional apartments, student housing, senior living, and single-family rentals.
BNP Paribas was sole financial adviser to Nuveen, with Wells Fargo and Barclays advising Schroders.
Separately, Schroders reported adjusted operating profit of £756.6 million pounds for 2025, up 25 per cent from a year earlier.
Highlights:
• UK: US asset manager Nuveen has agreed a deal to buy London-based Schroders for £9.9 billion
• The acquisition, which will see the founding family sell up, will create a combined group with $2.5 trillion of assets under management
• The deal would represent the largest asset management acquisition on record in Europe, Middle East and Africa, according to LSEG data
• Nuveen Real Estate manages more than $155 billion in assets, with a significant focus on the global housing sector, including traditional apartments, student housing, senior living, and single-family rentals
