London, February 12, 2026, 11:18 GMT — Regular session
Shares in Schroders surged Thursday following a £9.9 billion ($13.5 billion) takeover deal with U.S. asset manager Nuveen. This marks one of the largest asset-management acquisitions across Europe, the Middle East, and Africa. Nuveen’s CEO described the move as a “massive transformational step.” 1
The deal arrives as active managers—those who select securities instead of following an index—grapple with fee pressure and a steady flow of assets into low-cost passive funds. Nuveen has been expanding its private markets presence and is aiming for greater scale and reach, according to the Wall Street Journal. 2
Schroders has been cutting costs and reorganizing segments of its business, with the offer coming as it releases its annual results. According to the Financial Times, Schroders pitched the deal as a quicker way to build a “public-to-private” platform, covering both listed markets and private assets like private credit and private equity. 3
Schroders (SDR.L) climbed to about 587.5 pence, gaining 28.6%, after hitting a high of 599.5 pence, per Hargreaves Lansdown data. The FTSE 100 inched up 0.26%. 4
Shareholders are set to receive 590 pence per share in cash under the proposed deal, plus “permitted dividends” up to 22 pence—these dividends, paid before the deal closes, won’t reduce the cash payout. Nuveen has locked in irrevocable commitments covering around 42% of Schroders shares and aims to wrap up the acquisition in Q4 2026, pending regulatory clearance and other conditions. Schroders chair Dame Elizabeth Corley expressed confidence that the move is the “right step for our shareholders, clients and people.” 5
Schroders saw its adjusted operating profit — which excludes certain one-offs — climb 25% in 2025 to £756.6 million. Meanwhile, statutory profit before tax rose 21%, reaching £673.8 million. Assets under management (AUM) hit a record £823.7 billion, and net new business swung to £11.2 billion in inflows, a turnaround from outflows the previous year. CEO Richard Oldfield said the company had “returned to growth” but stayed “disciplined and clear-eyed” about the challenges ahead. 6
Despite the jump, the stock price remained under the 612 pence headline figure that factors in dividends, showing a slight deal-risk discount. Traders usually interpret that gap as a blend of timing, deal terms, and uncertainty over how much of the dividend will be paid out before the deal closes.
Analysts remain divided on whether the price fully reflects the company’s turnaround. RBC described the offer as compelling, noting potential implications for the broader listed asset-management sector. On the other hand, Panmure Liberum’s Rae Maile cautioned that the bid “came too soon” amid Schroders’ ongoing change programme. 7
Obvious risks remain: regulatory hold-ups, clients leaving amid a drawn-out closing process, or a market downturn that dampens risk appetite and complicates major integrations. Any shift in the approval timeline could push the discount on the offer value even wider.
Investors will be keeping an eye on the dividend schedule as takeover documents come into play. Schroders’ board has proposed a final dividend of 15.0 pence, with a record date set for March 13, 2026, and the payment expected on April 23, 2026. 8
