Historic Schroders Acquired by Nuveen in $13.4 Billion Deal

Schroders, a renowned British asset manager, has been sold to the U.S.-based Nuveen for $13.4 billion. The shareholders overwhelmingly approved the deal, marking the end of Schroders' independence. This move signals further consolidation in the industry, as firms seek to rival dominant U.S. players like BlackRock.

In a landmark decision, shareholders of Schroders, one of the UK's most venerable asset managers, have approved a $13.4 billion sale to the U.S. firm Nuveen. The overwhelming support marks the close of a historic chapter for Schroders.

The merger comes at a time of increased speculation in the asset management sector about potential acquisitions. By joining forces, Nuveen and Schroders aim to manage $2.5 trillion in assets, aligning with the industry's trend towards consolidation to compete with giants like BlackRock and Vanguard.

Despite some shareholder concerns over the sale's valuation, the deal was expected to pass due to backing from the Schroders founding family. The transaction underscores a shift in the market landscape as firms exit the London Stock Exchange.

(With inputs from agencies.)