Schroders agrees £9.9bn takeover by US investor, ending 200 years of family ownership | Schroders
Schröders has agreed a £9.9 billion takeover by a US investor, ending two centuries of family ownership of the historic British asset management group.
Chicago-based Nuveen said on Thursday it would buy the City firm in a deal that would create one of the world’s largest fund managers, controlling around $2.5 trillion (£1.8 trillion) in assets.
The acquisition ends two centuries of independence for the group, which will keep London as its largest office with around 3,100 employees and retain the Schroders brand.
Founded in 1804 by Hamburg financier Johann Schröder, the company began life as a 19th-century commercial bank in London. It was listed on the London Stock Exchange in 1959 and sold its investment banking arm in 2000 to focus on asset management.
The net worth of the Anglo-German banking dynasty, currently led by Leonie Schroder’s heir, is estimated at £3.93bn, according to the Sunday Times rich list. He owns 485 hectares (1,200 acres) of Hampshire land in Hurstbourne Park.
However, the investment company has sought to cut costs following the decline in share prices in recent years, which has attracted interest from potential buyers. Last year Schroders announced a £150 million cost-cutting drive to improve performance after coming under pressure from US rivals such as BlackRock and Vanguard, which began offering cheaper investment products.
As recently as last July, the company’s CEO, Richard Oldfield, denied speculation that the billionaire Schroder family would be willing to sell the company, in which they still own a 44% stake. The takeover values the family’s stake at £4.4bn.
Oldfield has shed various parts of the business since taking over in November 2024, including cutting a joint venture with Lloyds Banking Group, which offers mass-market financial advice, and pulling out of operations in Brazil and Indonesia.
“In a competitive environment where scale can help deliver benefits, we see in Nuveen a partner who shares our values, respects the culture we have created and will create exciting opportunities for our customers and people,” Oldfield said.
He added that the transaction “will significantly accelerate our growth plans to create a leading public-to-private platform with enhanced geographic reach.”
The deal amounts to 612p per share, representing a premium of more than a third to Schröder’s closing price on Wednesday. This includes 590p in cash plus a 22p dividend.
Schroders shares rose 30% to 592p on Thursday. The deal, which will need shareholder approval, is expected to be completed in the fourth quarter of 2026.
