Covering Both Public and Private Markets... Nuveen Completes Acquisition of Schroders

2.6 Trillion Dollars in Assets Under Management
Launch of a Financial Institution Spanning Public and Private Markets

Nuveen announced on October 1 (local time) that it has completed the acquisition of Schroders. Through this acquisition, two financial institutions with complementary business structures have been integrated.

The merger of Nuveen and Schroders creates the only asset management company ranked among the global top 10 across all three segments: active equities, active fixed income, and private markets. The combined firm manages 2.6 trillion dollars (approximately 4,007.9 trillion won) in assets for institutional investors and wealth management (WM) clients worldwide.

William Huffman, CEO of Nuveen, stated, "The historic merger between Nuveen and Schroders is a once-in-a-lifetime opportunity to reshape the investment landscape and deliver unprecedented, differentiated value to clients." He added, "Both firms will jointly build a platform that not only delivers leading investment performance in all major capital markets but also designs customized solutions tailored to individual client goals. We will provide outstanding investment outcomes and global capabilities, grounded in the trust and local foundations we have built over decades around the world."

The combined asset manager plans to continue pursuing growth and innovation by investing in capabilities, talent, and client solutions. Continued support from the Teachers Insurance and Annuity Association of America (TIAA) is also anticipated. As a long-term shareholder, TIAA has backed Nuveen's core mid- to long-term initiatives by investing alongside clients, regardless of market cycles.

Thasunda Brown Duckett, CEO of TIAA, remarked, "Nuveen is a core financial institution delivering lifetime income and financial security to millions of people. With the completion of this acquisition, we have formed one of the world’s largest global active asset managers, equipped with a network, talented people, and capabilities to secure a competitive edge in every major market."

She continued, "This merger will accelerate our strategic initiatives and strengthen our investment capabilities in retirement plans and annuity products, while solidifying our foundation to realize TIAA’s mission of providing lifetime income for generations to come."

For the next 12 to 18 months, Schroders will operate independently under the Nuveen umbrella. Richard Oldfield, Group Chief Executive of Schroders, will continue to lead Schroders and report directly to CEO Huffman.

Richard Oldfield, Group Chief Executive of Schroders, stated, "In a rapidly changing world, the role of active management in helping clients navigate uncertainty and achieve the outcomes they seek is more important than ever. Based on our shared investment-centered culture, long-term perspective, and deep heritage, we will combine our complementary strengths in active investing to deliver greater value to clients and unlock new growth opportunities."

The combined organization plans to build an integrated investment platform that spans both public and private markets. Saira Malik, Nuveen’s Chief Investment Officer (CIO), will serve as CIO for the combined investment platform and report directly to CEO Huffman.

Johanna Kyrklund, Chief Investment Officer at Schroders, will become the CIO of Public Markets & Solutions for the integrated platform, overseeing equities, fixed income, multi-asset, and solutions businesses. She will ultimately report to CIO Malik.

In addition, to expand the product lineup available to clients, the integrated manager will restructure its $400 billion private markets platform by asset class.

The integrated investment platform, covering both public and private investments, will provide: innovative solutions for retirement income management; improved capital efficiency for insurance portfolios; and enhanced customized services in the wealth management segment.

During the integration planning period, Nuveen and Schroders will maintain their existing investment organizations in asset management and wealth management for at least 12 to 18 months. Both firms plan to leverage the strong foundation and market position established by Schroders’ wealth management business, including Cazenove Capital. Wealth management remains a core pillar of the combined company’s strategy.

Matt Oomen, Global Head of Client Group at Schroders and direct report to CEO Huffman, will oversee global client management, ensuring that clients can fully leverage all the strengths of the integrated firm.

Honoring the Schroders heritage, London will serve as the largest office and the principal non-U.S. headquarters of the merged company. In addition, key executive management will be based in the UK, further elevating London’s position in global asset and wealth management.

This content was produced with the assistance of AI translation services.