Nuveen completes Schroders acquisition as family office services expand

US asset manager Nuveen completed its acquisition of Schroders, while Northwestern Mutual launched Family Office Services and Wealth Enhancement agreed to acquire RWA Wealth Partners in the United States (US).

The Securities and Exchange Commission (SEC) proposed changes to widen retail access to private markets, Kuwait’s InvestGB consolidated its wealth operations on Avaloq, and Charles Schwab announced an AI assistant for investing clients.

Read more on the week's key developments:

Nuveen completes Schroders acquisition to create $2.6 trillion manager

Nuveen completed its acquisition of Schroders on 1 October, creating an asset manager with $2.6 trillion in assets under management (AUM), operations in more than 40 markets and a combined private markets platform of $400 billion. The release describes the group as the only manager ranked in the global top ten for active equities, active fixed income and private markets. Schroders will operate separately within Nuveen for 12 to 18 months, and London will serve as the combined firm's headquarters outside the US.

Schroders’ wealth businesses, including Cazenove Capital, remain strategic to the combined firm. Both firms intend to retain their existing asset and wealth management investment teams for at least 12 to 18 months after completion.

Northwestern Mutual launches family office service for ultra-wealthy clients

Northwestern Mutual launched Family Office Services on 29 September, a unit of more than 40 in-house specialists covering investments, tax, legal coordination, banking and lending, philanthropy, legacy planning and business planning. The service targets clients with at least $50 million in net worth, and the firm says it holds or manages more than $450 billion in retail client investment assets. Its release cites more than 100,000 households in the US with financial wealth above $50 million.

The service brings family office specialists into Northwestern Mutual’s existing adviser model, allowing advisers to coordinate investment, tax and legacy decisions while retaining the main client relationship. John Roberts, chief field officer, said the unit aims to address fragmented advice.

Bank of America finds wealthy donors diversifying giving

Bank of America Private Bank released philanthropy findings on 30 September based on a survey of 1,431 wealthy individuals in the US with at least $3 million in investable assets, fielded by Escalent. Gen Z and millennial donors support an average of 12 causes against eight for all wealthy donors, and 47% of them use charitable trusts compared with 5% of baby boomer and silent generation donors.

Only 47% of wealthy Americans believe the next generation is prepared to lead family philanthropy, down from 55% in 2024, while 89% gave to charity in 2025. Nearly one in 10 respondents currently uses a donor-advised fund, with adoption about twice as high among Gen Z and millennial donors. Younger donors support more causes and use more giving tools, yet confidence in the next generation’s readiness to lead family philanthropy has fallen.

Wealth Enhancement agrees RWA acquisition to expand family office capabilities

Wealth Enhancement Group announced on 30 September that it will acquire RWA Wealth Partners, which held about $22.46 billion in client assets at 30 June, to strengthen Reserve by Wealth Enhancement, its offering for ultra-high-net-worth (UHNW) clients generally holding at least $25 million in investable assets. Reserve covers investments, tax, estate planning, trusts and business ownership. The combined firm would have more than $187.1 billion in client advisory, trust and brokerage assets, and closing is expected in the fourth quarter of 2026.

RWA Family Office will continue under Michelle Knight, bringing trust administration, estate planning coordination and tax-aware planning to Reserve. RWA’s Private Wealth business will operate as adviser teams at Wealth Enhancement, while Summit Partners exits its investment through the sale.

HLB Private Bank launches CIO fund with Lombard Odier

HLB Private Bank announced the launch of its HLB Chief Investment Office (CIO) Fund on 28 September, a wholesale fund developed through its strategic alliance with Lombard Odier. It draws on a universe of more than 50,000 global funds, alongside passive instruments and direct equity holdings, with yield overlays using equity dividends, fixed-income coupons and systematic options strategies.

HLB intends the fund to underpin future portfolio construction across the bank, drawing on Lombard Odier’s CIO research and portfolio engineering. Jeffrey Yap, managing director and regional head of wealth management at HLB, said it was designed for Singapore and the wider region. It forms part of HLB’s three-to-five-year strategic transformation.

Sun Life sets up Bermuda insurer for wealth clients

Sun Life announced the establishment of Sun Life Bermuda Limited on 29 September to extend its private wealth offering through participating life insurance, building on operations in Bermuda that date to 1996. The first product is a participating whole life solution developed with Sun Life Asset Management, whose participating fund will provide exposure to private credit, infrastructure, real estate, fixed income and public equities.

The new subsidiary adds participating life insurance alongside the existing Bermuda branch’s non-participating products. Sujoy Ghosh, chief executive of Sun Life Private Wealth, linked the expansion to demand across Asia and the Middle East for protection, accumulation and legacy planning within a single structure.

RBC-Campden survey finds family offices favour AI

The 2026 North America Family Office Report from RBC Wealth Management and Campden Wealth, published on 29 September, surveyed 155 family offices representing families with average net worth of about $2.25 billion. Artificial intelligence (AI) leads the 12-month investment themes, selected by 59% of offices, while 50% say AI is embedded in their workflow. Some 84% expect direct private equity to match or beat 2025 performance over the next two to five years, and 86% invest in private markets.

Nearly a quarter of offices have no succession plan, while 23% experienced a generational transfer in the past five years. Some 59% cite cybersecurity and data breaches as their top operational concern, up from 16% last year. Seven of the 15 offices that tried to exit a private fund position could not complete the exit as expected. The small exit sample limits wider conclusions, but shows that some offices encountered difficulties selling private fund holdings.

SEC proposes wider retail access to private markets

The SEC proposed amendments on 30 September to expand retail access to private markets, and sought comment on additional routes to accredited investor status, including passage of an examination to be developed by the Financial Industry Regulatory Authority (FINRA) and credentials held in good standing, including a US certified public accountant (CPA) licence, the Chartered Financial Analyst (CFA) charter, a US Certified Financial Planner (CFP) certification and FINRA Series 79, 86 and 87 licences. The proposals would also widen performance-based compensation for registered investment advisers and alter interval fund repurchase scheduling.

Additional accredited-investor routes could widen access to private funds, while the fund amendments could encourage private-market strategies within regulated retail products. The eligibility pathways remain under consideration and the fund amendments remain proposals. Public comment periods run for 60 days after the respective releases and notices are published in the Federal Register.

InvestGB consolidates wealth operations on Avaloq platform

Gulf Capital Investment Company (InvestGB), Gulf Bank’s investment arm, has gone live with Avaloq, according to the technology provider’s announcement on 29 September. The implementation brings wealth and portfolio management, fund administration, credit and lending onto a single platform. InvestGB serves private individuals, institutions and family offices across Kuwait and the wider Gulf Cooperation Council.

Avaloq’s Relationship Manager Workplace gives advisers a consolidated view of client data and automates portfolio rebalancing and investment proposals. The platform also integrates know-your-client checks and collateral management, connecting client advice with lending and compliance processes. The announcement establishes that these capabilities are operational, but provides no quantified efficiency or cost savings.

Schwab introduces AI assistant for investing clients

Charles Schwab announced Charley, a generative AI assistant, on 30 September, with a phased rollout to eligible US retail clients beginning in October through Schwab.com and its mobile app. Clients will be able to use voice or text to find account and market information, receive suggested next steps, complete selected tasks and connect with a Schwab representative.

The rollout combines automated support with access to staff. In Schwab’s September survey of more than 500 clients and prospective clients with at least $10,000 in retail assets, 65% said AI could help execute routine tasks or play a meaningful investing role when paired with human expertise. Respondents were more comfortable using AI for information and routine updates, while preferring a person for more consequential account actions.

What to watch next

Bank of America will report third-quarter 2026 results on 14 October.

Wealth Enhancement Group expects the RWA Wealth Partners acquisition to close in the fourth quarter of 2026.

The SEC’s 60-day public comment periods start on publication of the respective releases and notices in the Federal Register.

Schroders will operate separately under Nuveen for 12 to 18 months, with London as the combined firm's headquarters outside the US.