Schroders, the British asset management group, has agreed to a £9.9bn takeover by US investor Nuveen, ending 200 years 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, home to about 3,100 employees. The takeover removes another FTSE 100 company from 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. It listed on the London Stock Exchange in 1959 and sold its investment banking arm in 2000 to focus on asset management. The Anglo-German banking dynasty, led by heiress Leonie Schroder, holds a 44% stake valued at £4.4bn under the deal.
Schroders has been cutting costs after a share price decline, facing pressure from US rivals like BlackRock and Vanguard. Last year, it announced a £150m cost-cutting drive. Chief executive Richard Oldfield, who took over in November 2024, has streamlined operations, ending a joint venture with Lloyds Banking Group and exiting Brazil and Indonesia.
Oldfield said the deal with Nuveen, which values Schroders at 612p per share (a 590p cash offer plus a 22p dividend), would accelerate growth plans. Shareholder approval is required, with completion expected in the fourth quarter of 2026.
