US asset manager Nuveen has completed its acquisition of British investment firm Schroders, creating a combined group with more than $2.6 trillion in assets under management and operations across more than 40 markets.
The deal, completed on October 1, brings together two major asset-management businesses with significant operations across the United States, Britain, Europe and Asia-Pacific.
Schroders will continue operating separately within Nuveen for the next 12 to 18 months while integration plans are developed. Schroders Group Chief Executive Richard Oldfield will continue to lead the business during the transition and report to Nuveen Chief Executive William Huffman.
The combined group will have substantial capabilities across equities, fixed income, private markets and wealth management. Its private-markets platform alone is expected to manage about $400 billion, while London will serve as its non-US headquarters and largest office.
The acquisition reflects continued consolidation in the global asset-management industry, as large investment firms seek greater scale across public and private markets and expand their ability to serve institutional and wealth-management clients.
Schroders’ shares are also being removed from the London Stock Exchange following completion of the transaction, with shareholders entitled to receive 590 pence in cash per share under the agreed deal.
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