Nuveen to Buy UK Asset Manager Schroders in £10 Billion Deal

Nuveen is buying Schroders Plc in a £9.9 billion ($13.5 billion) deal, creating one of the world’s largest active asset managers with nearly $2.5 trillion of assets.

The move ends more than two centuries of independence for the UK’s largest standalone asset manager, one of the few remaining vestiges of an age when the City of London’s merchant bankers ruled finance. The Schroders brand will be retained. London will serve as the combined group’s non-US headquarters and largest office, with around 3,100 staff.