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Nuveen completes Schroders acquisition in about £9.9 billion deal
The deal, first announced in February, sets out a 12 to 18 month standalone period for Nuveen and Schroders before pursuing integration synergies, including in private markets.
Nuveen, the US asset manager subsidiary of TIAA, has completed its acquisition of Schroders in a deal valued at about £9.9 billion, the company said. The plan calls for Nuveen and Schroders to operate separately for 12 to 18 months before pursuing integration synergies.
Artemis reports the combined group was originally announced in February as a significant global asset manager with around US $2.5 trillion in assets under management, and that the Schroders brand would be retained.
The acquisition also includes Schroders Capital’s insurance-linked securities activity, where the firm has had involvement since a stake in, then ownership of, an ILS specialist team. Artemis adds that the Schroders Capital ILS team manages more than US $6.5 billion, and that the ILS team has been organized within Schroders’ private markets division, including after Schroders increased its ownership in Secquaero Advisors to 100% in 2019.
Artemis said the post-acquisition organization of private markets is expected to be grouped by asset class, with the integration timeline tied to the planned separate operating period.