Nuveen Acquires Schroders in Landmark £9.9 Billion Deal Creating Global Asset Management Giant

February 13, 2026

Nuveen, the asset management arm of TIAA, has agreed to acquire Schroders plc in a cash-and-stock transaction valued at £9.9 billion ($12.6 billion), creating one of the world’s largest independent asset managers with combined assets under management exceeding $2.1 trillion. The blockbuster deal, announced early Friday, marks the biggest consolidation in the global asset management industry since the 2021 acquisition of Eaton Vance by Morgan Stanley.

Under the terms, Schroders shareholders will receive 1,050 pence per share in cash plus 0.32 Nuveen shares for each Schroders share held, representing a 38 percent premium to Schroders’ undisturbed closing price on February 12. The transaction has been unanimously recommended by both companies’ boards and is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions.

Strategic Rationale and Combined Entity

The acquisition brings together Nuveen’s strength in fixed income, private assets, and retirement solutions with Schroders’ renowned active equity and multi-asset capabilities, particularly in Europe and Asia. The combined firm will operate under the Nuveen brand globally, while Schroders will retain its identity in certain legacy markets and product lines for continuity with clients and distribution partners.

Nuveen CEO Jose Minaya described the deal as “a transformative step that accelerates our growth ambitions and enhances our ability to deliver differentiated outcomes for clients in an increasingly complex investment landscape.” Schroders CEO Peter Harrison added that joining Nuveen “provides our people and clients with greater scale, resources, and global reach while preserving the investment culture and client-first ethos that have defined Schroders for over 200 years.”

Key strategic benefits include:

• Expanded distribution footprint across North America, Europe, Asia-Pacific, and emerging markets
• Complementary product suites with minimal overlap, particularly in active equities, private credit, real assets, and liability-driven investing
• Enhanced scale in alternatives and private markets, a high-margin growth area
• Improved technology and data capabilities through combined investment in digital platforms
• Significant cost synergies estimated at £180–220 million annually within three years of closing

Market and Shareholder Reactions

Schroders shares surged 35 percent in early London trading Friday, approaching the offer price, while Nuveen parent TIAA will fund the cash portion through existing liquidity and debt issuance. Analysts largely welcomed the deal as a logical combination that addresses scale challenges facing active managers in a low-fee environment.

Moody’s and S&P indicated they would review TIAA’s credit profile following the announcement, though both expect the transaction to remain credit-neutral given Nuveen’s strong cash flow generation and TIAA’s diversified balance sheet.

The deal requires approval from shareholders of both companies, the UK Takeover Panel, U.S. regulators, European Commission competition authorities, and other relevant jurisdictions. No significant antitrust concerns have been flagged publicly at this stage given the complementary nature of the businesses.

Broader Industry Context

The acquisition reflects ongoing consolidation in asset management driven by fee compression, rising technology costs, and client demand for integrated solutions across public and private markets. Nuveen, already one of the largest U.S.-based managers, gains a stronger foothold in Europe and Asia, while Schroders shareholders receive a substantial premium and exposure to a larger, more diversified platform.

The transaction is widely viewed as a defining moment for the active management industry, demonstrating that scale, distribution strength, and private asset capabilities remain critical competitive advantages in an increasingly challenging landscape.

Closing is targeted for the second half of 2026, with integration planning already underway. Both firms will continue operating independently until regulatory clearances are received. Further details on leadership structure, branding transitions, and employee arrangements are expected in the coming weeks.