Schroders has agreed to a takeover by US investment manager Nuveen in a deal worth £9.9bn ($13.5bn).
The deal includes the shares of Schroders’ founding family, ending an over 200-year era for the firm.
Under the deal the Schroders brand will be retained, with London acting as the combined group’s head office outside of the US, with around 3,100 staff.
Schroders shareholders will receive 590p per share in cash plus permitted dividends of up to 22p, valuing the company at 612p per share.
Nuveen is owned by the Teachers Insurance and Annuity Association of America (TIAA), one of the world’s largest institutional investors.
US giant Nuveen will form a new subsidiary to acquire Schroders, with the combined companies holding close to $2.5trn (£1.8trn) in assets under management across the globe.
Richard Oldfield, CEO of Schroders, said: “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.
“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.”
Mr Oldfield will continue to lead Schroders after the deal closes.
The deal remains subject to regulatory approval, but is expected to complete in the final quarter of this year.
Schroders owns Financial Planning solutions provider Benchmark Capital, which has acquired a number of Financial Planning firms in recent years.
Last year Schroders sold its 9.4% stake in Schroders Personal Wealth Financial Planning arm to the Lloyds Banking Group in return for Lloyds' 19.1% stake in Cazenove Capital.
Wealth manager Schroders Personal Wealth (SPW) is now a wholly owned subsidiary of the Lloyds Banking Group and will be renamed Lloyds Wealth.
The SPW joint venture was created in 2019 to provide financial advice to Lloyds’ retail customer base. It delivered operating profit of around £45m in the first half of 2025.