Nuveen has completed its acquisition of Schroders to create a combined firm with $2.6trn in assets under management.
Nuveen will become a top 10 firm globally by assets in active equities, active fixed income and private markets. It will operate in more than 40 markets across the world.
London will be the combined firm’s non-US headquarters and its largest office, with some key leadership roles based there.
Over the next 12-18 months, Schroders will continue to operate separately within Nuveen, and be led by Richard Oldfield, group chief executive, Schroders. He will report to Nuveen CEO William Huffman.
The firm intends to establish a unified investment platform across both public and private markets, led by Saira Malik, chief investment officer, reporting to Huffman.
Schroders’ Johanna Kyrklund will become the combined firm’s chief investment officer of public markets and solutions, with responsibility for equities, fixed income and multi-asset. She will report to Malik.
Schroders’ wealth management businesses, including Cazenove Capital, will remain ‘key strategic elements’ of the combined firm.
During the transition period, the existing investment teams across both asset and wealth management will continue in their roles.
Huffman said: “Our landmark combination gives us a once-in-a-lifetime opportunity to reshape our industry and to deliver a proposition to clients that hasn’t previously existed.
“Together, we’ll create a platform with leading investment performance across every major capital market with the flexibility to tailor solutions to meet clients’ specific goals.”
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Thasunda Brown Duckett, CEO, TIAA, said: “Nuveen is essential to our delivery of lifetime income and financial security to millions of people.
“Completing this acquisition creates one of the largest active global asset managers in the world with the reach, talent and capabilities to compete and win in every major market.
“This combination accelerates our strategy and strengthens the investment capabilities that power our retirement and annuity products, deepening our ability to deliver on our lifetime income mission for generations to come.”
Oldfield said: “Today’s milestone is an extraordinary moment for our clients and our business. At a time when the world is changing rapidly, we believe active management is more relevant than ever, helping clients navigate uncertainty and achieve the outcomes they need.
“By bringing together our complementary strengths in active investment, we will offer more to our clients and have more opportunities for growth, underpinned by a shared investment-led culture, long-term perspective and deep heritage.”
