Nuveen has acquired Schroders for £9.9bn, creating a private markets franchise worth $414bn (£303.6bn).
The $1.4tn US asset manager, owned by the Teachers Insurance and Annuity Association of America, is acquiring the UK-based Schroders, historically recognised for its active public markets expertise. The combined entity will rank among the world’s largest asset managers, with nearly $2.5tn in assets under management (AUM).
The acquisition of the 222-year-old firm will also form one of the industry’s largest alternatives platforms, with around 17 per cent of combined assets allocated to private markets, according to the LSEG.
Schroders Capital, the firm’s private assets unit, had $98bn of assets under management as of Schroders’ 2025 results, while Nuveen’s private markets business oversees about $316bn across real estate, natural capital, infrastructure and private capital.
The announcement comes days after Schroders signed a partnership agreement with US private credit giant Apollo, a tie-up which is expected to generate “several billion” in AUM growth.
“The combined group will bring together two successful firms with shared values and highly complementary strengths to create a new global leader in public-to-private investment management,” said Dame Elizabeth Corley, chair of Schroders. “Building on Schroders’ heritage, London will remain at the heart of this enlarged business and the transaction will deliver an attractive premium in cash to our shareholders, reflecting the value of our business and its future prospects.”
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The acquisition also reflects both firms’ strategic focus on growth through the wealth channel, with Schroders being the first UK manager to launch a Long-Term Asset Fund and has since introduced ELTIFs.
“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,” said William Huffman, chief executive of Nuveen.
The deal would be the largest asset management acquisition on record in Europe, the Middle East and Africa, according to LSEG data.
Schroders shareholders will receive 590p per share in cash, plus permitted dividends of up to 22p, valuing the company at 612p per share, a 34 per cent premium to Wednesday’s closing price, according to LSEG data.
