Clifford Chance and Slaughter and May have landed roles advising on FTSE 100-listed Schroders’ £9.9bn takeover by US asset manager Nuveen.
Clifford Chance is acting for Nuveen on the deal, the largest-ever acquisition of a European fund manager that will create a combined group with $2.5trn of assets under management. Meanwhile Slaughter and May is acting for Schroders.
The deal comes as mid-sized active stock-picking asset managers in Europe such as Schroders grapple with the need to combine to compete with bigger US rivals like BlackRock that sell cheaper index-trackers and other passive products, Reuters reported.
Richard Oldfield, Schroders’ group chief executive, said the deal “will significantly accelerate our growth plans to create a leading public-to-private platform with enhanced geographic reach and a strengthened balance sheet”.
Reuters reported that Schroders, which was founded in 1804 and has £824bn in assets under management, has seen its shares sink more than 30% over the past five years, though they have clawed back some ground since Oldifeld took over in late 2024.
Nuveen said in a statement that Schroders will continue to be led by Oldfield, who will report to its CEO, William Huffman. It added that London will serve as the combined group’s non-US headquarters.
The Clifford Chance team is led by Nuveen relationship partner Nicholas Rees and corporate partners David Pudge and James Bole. The core M&A team is supported by financial regulatory partner Simon Crown and antitrust partner Jennifer Storey, with the firm also advising Nuveen on the financing aspects of the transaction with a London team led by partners Nick Kinnersley and Richard Day and a New York team led by partners Jason Ewart and Thomas Critchley.
Slaughter and May’s team is led by corporate partners James Cook, Richard Hilton, Hemita Sumanasuriya and senior partner Roland Turnill. Partners Nick Bonsall and David Shone are advising on the financial regulation aspects, with competition advice from partners Lisa Wright and Jonathan Slade.
Under the terms of the offer, Schroders shareholders will be entitled to receive a total value of up to 612 pence per Schroders share, comprising cash consideration of 590 pence and permitted dividends of up to 22 pence in aggregate.
Completion is expected during Q4 2026, following receipt of customary approvals.
BNP Paribas is the sole financial adviser to Nuveen, with Wells Fargo and Barclays advising Schroders.
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