London, February 12, 2026, 11:18 GMT — Regular session
Schroders shares jumped on Thursday after the British fund manager agreed to a £9.9 billion ($13.5 billion) takeover by U.S. asset manager Nuveen, in one of the biggest asset-management deals seen in Europe, the Middle East and Africa. Nuveen’s chief executive called the acquisition a “massive transformational step.” (Reuters)
The deal lands as active managers — firms that pick securities rather than track an index — fight fee pressure and a long drift of money into cheaper passive funds. Nuveen has been building out its private-markets push and wants more scale and reach, the Wall Street Journal reported. (The Wall Street Journal)
Schroders had been tightening costs and reshaping parts of the business, and the offer arrives alongside its annual results. The Financial Times reported Schroders framed the tie-up as a faster route to a “public-to-private” platform, spanning listed markets and private assets such as private credit and private equity. (Financial Times)
Schroders (SDR.L) was trading around 587.5 pence, up 28.6%, after touching 599.5 pence, according to Hargreaves Lansdown data. The FTSE 100 was up 0.26%. (Hargreaves Lansdown)
Under the recommended deal, shareholders will receive 590 pence per share in cash and can keep “permitted dividends” of up to 22 pence — dividends paid before completion that do not reduce the cash consideration. Nuveen has secured irrevocable undertakings covering about 42% of Schroders shares and is targeting completion in the fourth quarter of 2026, subject to conditions and regulatory approvals. Schroders chair Dame Elizabeth Corley said the board was confident it was the “right step for our shareholders, clients and people.” (Investegate)
Schroders reported adjusted operating profit — an underlying measure that strips out some one-offs — rose 25% in 2025 to £756.6 million, while statutory profit before tax increased 21% to £673.8 million. Assets under management (AUM), a measure of client money managed, hit a record £823.7 billion, and net new business — net client inflows — was £11.2 billion after outflows a year earlier. Chief executive Richard Oldfield said the firm had “returned to growth” but remained “disciplined and clear-eyed” about the work ahead. (MarketScreener)
Even after the jump, the stock price sat below the 612 pence headline value that includes dividends, leaving a small deal-risk discount on the screen. Traders tend to read that gap as a mix of timing, conditions and how much of the dividend investors expect to actually receive before completion.
Analysts split on whether the price fully captures the firm’s turnaround. RBC called the offer compelling and pointed to a read-across for the wider listed asset-management sector, while Panmure Liberum analyst Rae Maile warned the bid “came too soon” in Schroders’ change programme. (Investing)
There are still obvious ways this can go wrong: regulatory delays, client losses during a long closing period, or a market selloff that cools risk appetite and makes big integrations harder. Any change to the timetable for approvals could widen the discount to the offer value.
Near-term, investors will watch the dividend timetable alongside takeover paperwork. Schroders’ board recommended a final dividend of 15.0 pence, with a record date of March 13, 2026 and payment due on April 23, 2026. (MarketScreener)
