Nuveen's $13.3B deal for 222-year-old Schroders bolsters its public-to-private offering

SelfRugger

2026-03-06 04:42:02

Nuveen’s $13.3B deal for 222-year-old Schroders bolsters its public-to-private offering

Andrea Gaini

Thu, February 12, 2026 at 9:01 PM GMT+9 2 min read

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US asset manager Nuveen has agreed to take London-listed Schroders private at a £9.9 billion (about $13.3 billion) valuation, a deal that would create a $2.5 trillion investment giant and expand its public-to-private platform.

The all-cash deal would combine Nuveen, which is part of TIAA, and Schroders under a single owner, with London expected to serve as the combined group’s headquarters outside the US.

Nuveen says the tie-up broadens its distribution outside America and supports expansion of its public-to-private offering, while Schroders says the combination accelerates its platform plans.

In September, Schroders Capital teamed with Hargreaves Lansdown to offer UK retail investors access to private markets through two long-term asset funds. Earlier this week, it also joined Apollo Global Management to expand private-market access for 401(k) investors.

The merged company will retain the Schroders brand, with its CEO Richard Oldfield remaining in his role and joining Nuveen’s executive management team.

Existing shareholders in Schroders will receive 590 pence a share, plus permitted dividends of up to 22 pence per share, representing a 29% premium to the Feb. 11 closing price.

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Schroders was founded in 1804 and went public in 1959, with the family retaining a stake. Heiress Leonie Schroder holds a 42% holding, valued at around £4.4 billion.

The company’s board unanimously intends to recommend the Nuveen offer, citing a multiple of 17x adjusted operating profit for 2025.

Nuveen has a track record for buying European managers to expand its international footprint. In 2023, it completed its acquisition of a controlling interest in Arcmont Asset Management, a London-based private debt manager, to expand its direct lending capabilities outside the US.

This latest transaction is expected to close in Q4 2026, subject to regulatory approvals.

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