Nuveen completes Schroders acquisition to create $2.6 trillion asset and wealth manager

Nuveen has completed its acquisition of Schroders, creating a combined asset and wealth manager with $2.6 trillion in assets under management across institutional and wealth channels.

Operating in more than 40 markets, the firm has a significant presence in the US, UK, Europe and Asia Pacific.

"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,” said William Huffman, CEO, Nuveen. “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. We’ll deliver investment excellence and worldwide breadth, backed by the credibility of decades of on-the-ground presence around the world."

The combined firm will continue to grow and innovate through further investment in capabilities, people and client propositions and with the continued support of TIAA, a patient shareholder that invests alongside clients and has supported the long-term priorities of Nuveen across market cycles.

"Nuveen is essential to our delivery of lifetime income and financial security to millions of people," said Thasunda Brown Duckett, CEO, TIAA. "Completing this acquisition creates one of the largest active global asset managers in the world with the reach, talent and capabilities to compete and win in every major market. This combination accelerates our strategy and strengthens the investment capabilities that power our retirement and annuity products, deepening our ability to deliver on our lifetime income mission for generations to come."

Over the next 12–18 months, Schroders will continue to operate separately within Nuveen, led by Richard Oldfield, Group Chief Executive, Schroders, who will report to Huffman.

“Today’s milestone is an extraordinary moment for our clients and our business,” said Richard Oldfield. “At a time when the world is changing rapidly, we believe active management is more relevant than ever, helping clients navigate uncertainty and achieve the outcomes they need. By bringing together our complementary strengths in active investment, we will offer more to our clients and have more growth opportunities, underpinned by a shared investment-led culture, long-term perspective and deep heritage.”

The future of our investment platform

Reflecting the combined firm’s investment-led culture, over time we intend to establish a unified investment platform with the full breadth of public and private market capabilities, led by Saira Malik who will serve as Chief Investment Officer, reporting to Huffman.

Johanna Kyrklund will become the combined firm’s Chief Investment Officer of Public Markets & Solutions with responsibility for equities, fixed income, multi-asset and solutions, eventually reporting to Malik.

The firm intends to organise its combined $400 billion private markets platform by asset class, reflecting a commitment to broadening the firm’s offering to clients.

The combined public to private investment platform will deliver new approaches to managing retirement income, greater capital efficiencies in insurance portfolios and increased personalisation in wealth management.

Continuity for clients

Nuveen and Schroders intend to maintain their existing investment teams across both asset and wealth management for at least 12 to 18 months post-completion as integration planning takes place. Nuveen and Schroders will also build on the strong presence and market positioning of Schroders’ wealth management businesses, including Cazenove Capital, which are key strategic elements of the combined firm’s strategy.

Reporting to Huffman, Matt Oomen will lead global client coverage with responsibility for helping clients access the full suite of our capabilities. Client service remains a foremost priority, and any change the combined firm makes will be guided by what serves clients best.

Building on Schroders’ heritage, London will serve as the combined firm’s non-US headquarters and its largest office, with key leadership roles based in the UK, reinforcing London’s role in global asset and wealth management.

 Re-disseminated by Wealth and Society