The deal creates the only manager with top-ten global positions in active equities, active fixed income and private markets, with Schroders to keep operating separately for up to 18 months
Nuveen has completed its acquisition of Schroders, first announced in February, in a deal worth £9.5bn ($12.6bn). The combined business now manages $2.6 trillion in assets across institutional and wealth channels and is, the firms said, the only asset manager with a top-ten global position in each of active equities, active fixed income and private markets.
Schroders will continue to operate separately within Nuveen for the next 12 to 18 months, led by group chief executive Richard Oldfield, who will report to Nuveen’s chief executive, William Huffman. Both firms intend to keep their investment teams separate across asset and wealth management for the same period. London will serve as the combined group’s non-US headquarters and largest office, and the firms said they will build on the strong presence of Schroders’ wealth management businesses, including Cazenove Capital.
Huffman said:
“Our landmark combination gives us a once-in-a-lifetime opportunity to reshape our industry and to deliver a proposition to clients that hasn’t previously existed. Together, we’ll create a platform with leading investment performance across every major capital market with the flexibility to tailor solutions to meet clients’ specific goals.”
The firms plan to build a unified investment platform spanning public and private markets, led by Saira Malik as group chief investment officer. Johanna Kyrklund will become chief investment officer of public markets and solutions, with responsibility for equities, fixed income, multi-asset and solutions, eventually reporting to Malik. The combined $400bn private markets platform will be organised by asset class, while Matt Oomen will lead global client coverage, reporting to Huffman.
The deal lands amid a wider wave of transatlantic wealth management consolidation. It follows closely behind NatWest Group’s acquisition of Evelyn Partners, and sits alongside other recent cross-border tie-ups: Miami-based Corient, a subsidiary of Canada’s CI Financial, acquired Stonehage Fleming and Stanhope Capital in September 2025, while US registered investment adviser Creative Planning bought UK-based MASECO Private Wealth in March this year. Much of the activity reflects a push for scale and diversification at a time when organic growth across the UK wealth sector has been relatively slow, with industry benchmarking pointing to revenue growth that has leaned heavily on rising markets rather than net new business.
For UK advisers and wealth managers with exposure to Schroders funds or Cazenove Capital, the message for now is continuity: investment teams, strategies and the Schroders brand remain in place for at least the next year to 18 months, even as the two firms work toward a genuinely unified platform behind the scenes. The scale of the combined business, and its stated ambition to offer a cross-asset proposition spanning public and private markets, is likely to intensify competitive pressure on other large UK and European managers to pursue similar deals of their own.
