London, March 12, 2026, 19:45 GMT
Schroders (SDR.L) dropped 2.7% to finish at about 571p on Thursday, with the FTSE 100 asset manager trading ex-dividend and releasing scheme documents tied to its pending acquisition by Nuveen. The paperwork set April 16 as the date for shareholder meetings to vote on the deal. 1
This is important—the apparent drop exaggerated the hit. Strip out the 15p dividend, which came off Thursday, and the actual decline was roughly 15p, so not much beyond that. Investors are still watching the April vote and aiming for a fourth-quarter close, not reacting to any sudden new selling. 1
Once a stock goes ex-dividend, fresh investors aren’t eligible for the most recent dividend. Schroders has put forward a 15p final dividend alongside its 2025 results. Shareholders listed as of March 13 will see payment on April 23. 2
The scheme document finally offered investors concrete timing. Schroders’ board is backing the offer unanimously, while both court and general meetings are set for April 16 at its London Wall Place HQ. As for Bidco, most of its financing syndicate locked in commitments with lenders by March 11. 3
Broader market moves didn’t offer much support. UK shares slipped for a second day, as oil pushed higher—closing in again on that $100 mark—after fresh Gulf shipping attacks stirred up new inflation concerns. “The longer the disruption goes on, the greater the impact on energy prices and in turn global inflation,” said Danni Hewson at AJ Bell. 4
Back in February, Nuveen struck a deal to acquire Schroders at 590p per share in cash, tacking on up to 22p in permitted dividends, bringing the total value to 612p a share. That figure factors in Thursday’s 15p final dividend as well as a projected 7p interim payment. The combined firm would oversee $2.5 trillion in assets, with Richard Oldfield holding onto the top job and London still set as its largest hub. 5
Some investors say the offer undervalues the company. Schroders had just posted a 25% jump in 2025 adjusted operating profit, hitting 756.6 million pounds, when the bid came through. Only 41% of shareholders had locked in their support, prompting Morningstar’s Johann Scholtz to call it “unlikely to end at the current terms.” J O Hambro weighed in afterward, estimating the deal price was 10%-15% below fair value. 5
Others aren’t sticking around. Tikehau Capital dumped its stake right after the deal was announced—Antoine Flamarion, the co-founder, put it bluntly: “We exited everything” because the firm viewed the agreement as solid. Nick Train, for his part, is sitting tight, calling his approach “wait and see.” He admits the cash offer is tempting, especially after a rough patch for active managers. 6
The sale still speaks volumes about the sector. M&G on Thursday pointed to better flows in its investment division, but Reuters noted that stock-picking shops like Schroders are still feeling the squeeze from heavyweights BlackRock and Vanguard. Aberdeen, another UK player, keeps popping up in the same consolidation conversation. 7
It’s timing and execution that carry the main risks at this stage. There are still shareholder votes, court sign-off, and regulatory signoffs needed before the fourth-quarter closing target. Any delays—or persistent demands from holdout investors—could keep Schroders trading under the offer price, despite Thursday’s decline being mostly a dividend quirk. 3
