Schroders, the British asset manager, has agreed to a £9.9bn takeover by US investor Nuveen, ending two centuries of family ownership. The deal, announced on Thursday, will create one of the world's largest fund managers, controlling approximately $2.5tn (£1.8tn) in assets.
Chicago-based Nuveen will acquire the City firm, with Schroders retaining its branding and keeping London as its largest office, employing about 3,100 workers. The takeover marks another FTSE 100 company leaving the London Stock Exchange, adding to concerns about the UK market's competitiveness.
Founded in 1804 by Hamburg financier Johann Schröder, the company began as a merchant bank in London and listed on the London Stock Exchange in 1959. It sold its investment banking arm in 2000 to focus on asset management. The Anglo-German banking dynasty, now led by heiress Leonie Schroder, is estimated to have a net worth of £3.93bn.
Schroders had been seeking cost cuts after a share price decline, announcing a £150m cost-cutting drive last year. CEO Richard Oldfield, who took over in November 2024, has streamlined operations, including ending a joint venture with Lloyds Banking Group and exiting Brazil and Indonesia. Oldfield stated that Nuveen shares the company's values and will create opportunities for clients and staff.
The deal values Schroders at 612p per share, a more than one-third premium on Wednesday's closing price, comprising 590p in cash plus a 22p dividend. Shares rose nearly 30% to 587p on Thursday. The transaction, subject to shareholder approval, is expected to close in the fourth quarter of 2026.
