British asset manager Schroders is being taken over by US rival Nuveen in a deal worth £9.9 billion.

The company said that the move represents an opportunity to combine two complementary businesses to accelerate growth, better serve clients and create one of the world’s largest global active asset managers.

The combined group will have almost $2.5 trillion of assets under management across institutional and wealth channels.

It expects to deliver "significant benefits" to the UK by enabling more long-term capital to be channelled into the economy by "deepening the pool of investment capital" whilst reinforcing London’s existing role in global asset and wealth management.

The Schroders brand will be retained, with the capital serving as the combined group’s non-US headquarters and largest office, with more than 3,100 team members.

Schroders said that its results for the financial year ended 31 December 2025 demonstrate that the company is making "significant progress" against its three-year transformation programme, with this reflected in recent strong share price performance.

The board explained that while this positive momentum gives it confidence in the execution of its current strategy, after a series of approaches by Nuveen, it believes that the terms of the transaction represent "attractive and certain value for shareholders".

“In a competitive landscape where scale can help deliver benefits, in Nuveen we see a partner that shares our values, respects the culture we have built and will create exciting opportunities for our clients and people,” said Richard Oldfield, group chief executive, Schroders. “The transaction will significantly accelerate our growth plans to create a leading public-to-private platform with enhanced geographic reach and a strengthened balance sheet.

“Together, we can create an exceptional opportunity to provide clients with a true breadth of high-quality solutions to meet their evolving needs.”

William Huffman, chief executive of Nuveen, said that the new company will create an "extraordinary opportunity" for its clients through access to new markets, bolstered product offerings, and deeper pools of investment talent.

This transaction is about unlocking new growth opportunities for wealth and institutional investors around the world by giving our leading, differentiated public-to-private
platform a broader global presence," he continued.

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