Nuveen to Acquire Schroders in $13.5B Deal

February 12, 2026

The combined firms would control $2.5 trillion of assets under management.

Nuveen maintains a significant corporate presence in New York City at 730 Third Ave. pictured here, alongside its dual-headquarters operations in Chicago. *Image courtesy of Yardi Matrix*

Nuveen will acquire London-based Schroders in a £9.9 billion, or $13.5 billion, all-cash deal. The agreement will combine Nuveen’s $1.4 trillion in assets with Schroders’ $1.1 trillion, creating one of the largest global asset management firms with about $2.5 trillion of assets under management.

The acquisition is expected to close in the fourth quarter of 2026, subject to approval from regulatory authorities and Schroders shareholders. Both Nuveen and Schroders’ boards of directors have unanimously approved the transaction, and Shroders’ board has recommended the acquisition to shareholders.

Owners of four Schroders family trusts, representing about 41 percent of Schroders shares, have already agreed to vote in favor of the deal.

Under the terms of the deal, Schroders CEO Richard Oldfield will remain in his role and will report to Nuveen CEO William Huffman. Nuveen said in a statement that the Schroders London office, with 3,100 employees, would likely become the new firm’s international headquarters and largest office.

Chicago-based Nuveen, part of TIAA, also said it expects Schroders to continue to operate as a standalone business within the broader company for at least a year after the acquisition closes.

Schroders shareholders would receive cash consideration of £5.90, or about $8.06, per share for a total of £9.5 billion, or about $13 billion. They would also be entitled to dividends of up to 22 pence, or $0.30, per Schroders share prior to completion.

A strategic expansion

In prepared remarks, Huffman said that the deal will allow both firms to access new, global markets. Nuveen, which mainly operates in the Americas, will be able to access Schroders’ clients in the U.K., Europe, Middle East, Asia and Africa, according to The Wall Street Journal.

Schroders, founded in 1804, will also benefit by accessing Nuveen’s American customers and TIAA’s annuities business. Oldfield noted in a statement the competitiveness of the asset management landscape and said that “scale can help deliver benefits.”