Nuveen Completes Schroders Purchase

Tom Burroughes

2 October 2026

US-based acquisition, as announced in February, in a deal worth £9.5 billion ($12.6 billion). The takeover is part of a recent trend of Anglo-American wealth management M&A deals.

The combined firm is, the organisations said, the only manager with a top ten position globally in active equities, active fixed income and private markets, and responsible for $2.6 trillion in assets under management across institutional and wealth channels.

Over the next 12 to 18 months, Schroders will continue to operate separately within Nuveen, led by Richard Oldfield, group CEO, Schroders, who will report to William Huffman, Nuveen’s chief executive. Nuveen and Schroders intend to maintain their investment teams across both asset and wealth management for at least 12 to 18 months after the deal is wrapped up.

"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,” Huffman said. “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 acquisition is part of a wealth management consolidation trend. The Nuveen/Schroders deal came shortly after NatWest Group’s purchase of Evelyn Partners. It also speaks to a perceived need by firms for scale and diversification. The UK wealth management market has been experiencing a relatively slow rise in organic growth and there are concerns that revenue growth depends heavily on rising markets. Such points were discussed by recently in its annual report on the sector.

There is a transatlantic aspect to some of these deals: In September 2025, Miami-headquartered Corient, a subsidiary of Canada’s CI Financial, acquired two large Europe-based multi-family offices/wealth managers: Stonehage Fleming and Stanhope Capital. In March this year, Creative Planning, a US registered investment advisor with about $700 billion in AuM, acquired UK-based MASECO Private Wealth, or MASECO, a wealth advisor which helps clients with links to the US.

Unified
The expanded firm of Nuveen/Schroders intends to create a “unified investment platform with the full breadth of public and private market capabilities.” This is to be led by Saira Malik who will serve as chief investment officer, reporting to Huffman.

In other appointments, Johanna Kyrklund will become the combined firm's chief investment officer of public markets and solutions with responsibility for equities, fixed income, multi-asset and solutions, eventually reporting to Malik.

The organisation intends to organise its combined $400 billion private markets platform by asset class.

Nuveen and Schroders will also build on the strong presence and market positioning of Schroders’ wealth management businesses, including Cazenove Capital.

Reporting to Huffman, Matt Oomen will lead global client coverage. London will serve as the combined firm’s non-US headquarters and its largest office.