LONDON, Feb 12 (Reuters) – U.S. asset manager Nuveen has agreed to buy British firm Schroders for 9.9 billion pounds ($13.5 billion), the companies said on Thursday, creating a group with combined assets under management of nearly $2.5 trillion.
Money manager Schroders’ shareholders will receive 590 pence per share in cash each, plus permitted dividends of up to 22 pence, under the deal.
Schroders CEO Richard Oldfield will continue to lead the firm after the deal closes, with London serving as the combined group’s non-U.S. headquarters, the companies said.
($1 = 0.7344 pounds)
(Reporting by Iain Withers and Raechel Thankam Job Editing by David Goodman and Harikrishnan Nair)
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