William Huffman

Nuveen, a global asset manager with $1.4 trillion in assets under management1, and Schroders (LON: SDR), a leading provider of active asset management, advisory and wealth management services with $1.1 trillion in assets under management have agreed to the terms of a board recommended cash acquisition (“the Transaction”) by Nuveen for the entire issued and to-be-issued share capital of Schroders for approximately £9.9 billion.

This Transaction will create one of the largest active global asset management firms, with nearly $2.5 trillion of assets under management. The Combined Group will operate with significant scale and capabilities in the world’s largest financial centers with a presence in more than 40 markets in total.

“Through this exciting and transformational step for both of our distinguished firms, we look forward to welcoming Schroders into the Nuveen family. By bringing our complementary platforms, capabilities, distribution networks, and cultures together, we will create an extraordinary opportunity to enhance the way we serve our collective clients through access to new markets, bolstered product offerings, and deeper pools of investment talent,” said William Huffman, Chief Executive Officer, Nuveen. “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.”

“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.”

It is expected that for at least 12 months following the completion of the Transaction, the Schroders group will continue to operate as a standalone business within the wider Nuveen group.Schroders will continue to be led by CEO, Richard Oldfield, who will report to William Huffman, CEO, Nuveen, and become a member of the Nuveen Executive Management Team.

Compelling Strategic Rationale

Nuveen and Schroders have an investment-led, client-centric and collaborative culture with well-matched capabilities across public and private markets. Together, Nuveen and Schroders will design new solutions to meet wealth and institutional clients’ increasingly diverse needs. This will include a breadth of capabilities across equities, fixed income, multi-asset, infrastructure, private capital, real estate, and natural capital, which together with the wealth management business, would provide more ways to build resilient portfolios through a single platform.

“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. 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. The board of Schroders is confident that this is the right step for our shareholders, clients and people,” said Dame Elizabeth Corley, Chair of Schroders.

Transaction Details

Under the terms of the Transaction, each Schroders shareholder would be entitled to receive cash consideration of £5.90 per Schroders share at completion for a total of £9.5bn (the “Cash Consideration”). In addition, Schroders shareholders would be entitled to receive and retain dividend(s) of up to 22 pence (in aggregate) per Schroders share prior to completion (“Permitted Dividends”), which coupled with the Cash Consideration values the entire issued and to be issued share capital of Schroders at £9.9bn.

The terms and conditions of the Transaction are set out in a joint announcement released by Nuveen and Schroders in the UK today under Rule 2.7 of the UK Takeover Code (the “Transaction Announcement”).

Commitment to Heritage and Culture

In recognition of Schroders’ position as a preeminent financial institution with a deep-rooted history and strong brand, Nuveen expects that London will serve as the Combined Group’s non-US headquarters and largest office, with more than 3,100 professionals. The Combined Group expects to deliver significant benefits to the UK as a global financial centre, enabling more long-term capital to be channeled into the economy, while reinforcing London’s role in global asset and wealth management.

Timing and Approvals

The Transaction has been unanimously approved by the Boards of Directors of both Nuveen and Schroders and the Schroders Board are unanimously recommending that shareholders of Schroders approve the Transaction. The Schroders Directors who hold Schroders shares have also irrevocably undertaken to vote in favor of the Transaction. The Transaction is currently expected to become effective and close during Q4 2026, subject to the satisfaction or waiver of certain conditions, including the approval by Schroders shareholders and relevant antitrust and regulatory authorities, as set out in full in the Transaction Announcement.

Irrevocable Undertaking from Principal Shareholder Group Trustee Companies

The Schroders’ Principal Shareholder Group Trustee Companies, which comprise four private trust companies which act as the trustees of various trusts settled by certain members of the Schroder family, have entered into irrevocable undertakings to vote in favor of the Transaction at the upcoming Schroders shareholder meeting in respect of their aggregate holding of approximately 41% of Schroders shares.

Advisors

BNP Paribas is acting as financial advisor to Nuveen, with Clifford Chance LLP acting as legal advisor to, Nuveen.

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Richard Oldfield

The long-standing “active versus passive” debate is losing relevance as investors confront market concentration, heightened volatility, and the need for more strategic portfolio construction, according to Richard Oldfield, group CEO of Schroders.

While passive index investing has delivered strong returns over the past decade, largely driven by the dominance of US equities, recent market swings and geopolitical shocks have exposed its vulnerabilities. Broad market indices such as the MSCI World Index are heavily concentrated, with almost three quarters made up of US companies and just 10 technology stocks accounting for half that exposure.

Schroders’ latest Global Investor Insights Survey (conducted among 995 professional investors worldwide representing USD 67 trillion in assets) confirms the shift in mindset, with 80 per cent of respondents saying they are more likely to use actively managed strategies in the next 12 months, reflecting a move away from one-size-fits-all market exposure toward more deliberate, diversified investment approaches.

“Investors are increasingly realising that labels like ‘active’ or ‘passive’ matter less than the strategies behind them,” Mr Oldfield said.

“What’s needed now is a deliberate, diversified approach that can adapt to change and anticipate risks.

“Investors now want to build resilience into portfolios, and they’re looking to do it by diversifying across geographies, styles and asset classes. Many are reducing dollar exposure. The use of assets is evolving, and growing appetite for private markets is changing the story.”

Investors are deliberately rebalancing away from heavy US exposure, directing more capital into Europe, Asia and emerging markets to create a broader geographic spread. This diversification is not only about reducing risk, but also about accessing under-owned markets with distinct growth drivers and valuation opportunities.

As sovereign debt burdens swell and bond yields fluctuate the Global Investor Insight Survey found investors seeking steady income are looking to private debt and credit alternatives.

Mr Oldfield said the pivot towards private markets marks a structural shift, with these assets increasingly being used as core portfolio components.

“The choice between active and passive is giving way to a focus on investment style and philosophy,” said Mr Oldfield.

“Rather than tracking an index, investors are looking for anticipatory or contrarian approaches that can position portfolios ahead of change. Value investing and thematic strategies, such as energy transition, healthcare innovation or demographic change, are gaining popularity.”

Rapid advances in AI, distributed ledger technology, and data analytics are redefining what’s possible in portfolio construction. For private investors, these tools enable highly personalised, goal-specific strategies aligned to life events, income needs and risk tolerance.

“For much of the past two decades, markets were driven by macro factors that lifted all boats. In today’s environment, micro factors, like company resilience, valuations and structural trends, are far more important”, Mr Oldfield said.

“The evolution of portfolio construction means the traditional active-versus-passive debate is being replaced by a more nuanced conversation. One centred on strategy, risk management, and the intelligent blending of public and private assets.”

Read the Survey.

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Richard Oldfield

Schroders Capital’s Infrastructure team in Asia has announced the first close of a China renewable energy strategy following a US$100 million anchor investment commitment from Apple. 

The actively-managed strategy targets renewable infrastructure investments in late-stage development and construction wind and solar assets across China, aiming to deliver attractive risk-adjusted financial returns and Green Energy Certificates (GECs) for clients. 

With this anchor investment from Apple, the strategy aims to add approximately an annual 550,000 megawatt-hours of new wind and solar energy generation to China’s electrical grid. This generation is expected to grow as additional clients invest in the strategy.

In addition to contributing to a cleaner power grid in China, the strategy will help advance Apple’s ambition to achieve carbon neutrality across its entire carbon footprint by 2030, including its supply chain and product lifecycle.

This China renewable energy strategy is modelled after the successful first China clean energy strategy, which was launched in partnership with Apple and its suppliers in 2018. 

Schroders Greencoat, an advisor to the strategy, is one of the largest pureplay renewable energy and energy transition infrastructure managers globally with active management strategies across the clean energy and asset-lifecycle spectrum – including wind, solar, bioenergy and transition investments. Additionally, the infrastructure team in Asia has extensive experience and networks in renewable energy investment in China, with a deep understanding of China’s renewable energy policy environment. The team has successfully invested 1.2GW in renewable energy assets, including a diverse portfolio of 47 wind and solar projects.

Yuyu Peng, Head of China Renewable Infrastructure, Schroders Capital Infrastructure Asia, said: “This second strategy continues to demonstrate the critical role our clients can play in supporting the energy transition and the growing importance of actively managed investment solutions in this space. 

“Schroders Capital’s renewables team is one of the largest pureplay energy transition infrastructure managers globally, and our team in China has extensive experience of the market and policy environment. This second strategy continues to underline our commitment to Asia Pacific and working as a trusted partner on behalf of our clients. 

“China is now the largest country in the world for installed renewable energy generating capacity. This will continue to create investment opportunities which help to accelerate our clients’ decarbonisation targets while delivering resilient cash flows.” 

Richard Oldfield, Group Chief Executive, Schroders, said: “China has long been an important strategic focus for Schroders; we were among the first international asset managers to enter mainland China and have been actively engaged with the domestic market for over 30 years.

“The combination of decades of global active investment experience alongside the international and local knowledge of our renewables team is a powerful proposition. It supports the creation of innovative investment solutions and delivery of stable returns to our clients.

“This new strategy reinforces our commitment to Greater China and underscores our role as a trusted active management partner.”

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