Nuveen announced on October 1st that it has completed the acquisition of Schroders, integrating two well-known institutions and their highly complementary businesses.

The merged company is the only management institution in the world that ranks among the top ten globally in both active equity, active fixed income, and private equity markets, managing assets totaling 2.6 trillion US dollars. Its business covers institutions and wealth management channels. The company operates in over 40 markets and has significant presence in the United States, the United Kingdom, Europe, and the Asia-Pacific region.

Nuveen CEO William Huffman stated: "This milestone merger presents us with a once-in-a-lifetime opportunity to reshape our industry and offer customers solutions that did not exist before. Together, we will build a platform that boasts leading investment performance across major capital markets, with the flexibility to tailor solutions according to each customer's specific goals. We will leverage the credibility accumulated over decades of localized operations around the world to provide exceptional investment capabilities and global reach."

The company stated that with the continuous support of TIAA, the merged entity will continue to grow and innovate by increasing investment in capabilities, talent, and customer solutions. TIAA is a patient investor who invests alongside its customers and supports the long-term priorities of Nuveen throughout market cycles.

TIAA CEO Thasunda Brown Duckett stated: “Nuveen is of paramount importance to us in providing lifelong income and financial security for millions of people. With the completion of this acquisition, one of the largest active asset management institutions in the world will be born, possessing the reach, talent, and capabilities to compete and succeed in the major global markets. This merger accelerates our strategy and enhances our investment capacity to support retirement and annuity products, further improving our ability to fulfill our mission of providing lifelong income for generations to come.”

Within the next 12 to 18 months, Schroders will continue to operate independently within Nuveen, led by Richard Oldfield, the Chief Executive Officer of the Schroders group, and will report to Huffman.

Oldfield represents: "Today's milestone is a remarkable moment for both our customers and our business. In an era of rapid global change, we believe that proactive management is more important than ever. It helps our customers to cope with uncertainties and achieve the desired results. By combining our complementary strengths in proactive investment, we will be able to provide our customers with even more services and seize additional growth opportunities. All of this is built on a shared culture of investment-driven approach, a long-term perspective, and a strong heritage."

Speaking of the future of the investment platform, the company stated that over time, they will establish a unified investment platform that will cover all capabilities of both public and private markets. Saira Malik will serve as the Chief Investment Officer and report to Huffman.

Johanna Kyrklund will assume the role of Chief Investment Officer for Public Markets and Solutions at the merged company, responsible for equity, fixed income, multi-asset, and solutions businesses, and will ultimately report to Malik.

The company plans to organize its $400 billion private market platform after the merger by asset category, in order to fulfill its commitment to expand customer service coverage.

This integrated investment platform that spans from public to private offerings will bring new approaches to retirement income management, the enhancement of capital efficiency in insurance investment portfolios, and personalized wealth management services.

In terms of customer continuity, Nuveen and Schroders plan to maintain the existing investment teams for asset management and wealth management services on both sides for at least 12 to 18 months after the completion of the transaction, while also advancing integration plans. Both parties will continue to strengthen the existing advantages and market position of Schroders's wealth management business, including Cazenove Capital, which are all important components of the strategy of the merged company.

Matt Oomen will report to Huffman, who is responsible for global customer coverage and helping customers utilize the company's full range of capabilities. Customer service remains the top priority, and any adjustments made by the company after the merger will be based on what best serves the interests of the customers.

Building on the tradition of Schroders, London will become the non-U.S. headquarters and largest office of the merged company, with key leadership positions located in the UK, in order to strengthen London's position in global asset and wealth management.

Nuveen and Schroders indicate that the two parties have joined forces to create one of the world's leading active public-to-private asset and wealth management institutions. Following the merger, the company will have a localized presence in over 40 markets, with decades of accumulated experience, covering the globe and managing approximately $2.6 trillion in assets. It possesses a comprehensive scale across both public and private markets, enabling it to provide customers with the desired results smoothly.

The company states that it has the capability to tailor solutions for various types of customers. With the rapidly changing current market environment, new requirements are being placed on investment strategies. Whether it's retirement planning, insurance, or wealth management, the company's expansion capabilities and tools will help customers tackle the most complex challenges.

The company also stated that it possesses hundreds of years of experience and is jointly committed to achieving long-term excellence. The patient capital and stability provided by its parent company TIAA support the company's investment in the future, as well as its focus on the needs of current and future generations of customers.

TIAA signifies that its mission is to ensure that everyone has a more stable financial future. As a leading retirement, wealth, and asset management institution, the company provides investment options and guidance to help people pursue lasting prosperity that transcends market cycles and generations. TIAA states that it paid out over $6.17 billion in lifetime income to retired clients in 2025. For more information, please visit www.tiaa.org / about.

Note 1: The total figure is based on disclosed data as of the end of 2025 and does not include the $300 billion from Schroders joint ventures or Schroders Wealth, nor does it account for the $200 billion in passive stocks and passive fixed income. Nuveen's multi-asset and solutions business encompasses underlying fixed income and stock strategies; according to the respective policies confirmed by AUM, these are not included in Schroders's underlying fixed income and equivalent strategies. Since the data as of the end of 2025 is the most recent comparable data available in the industry, this time point is used. Sources: Preqin, P&I, eVestment, company reports.

Note 2: As of June 30, 2026.

Note 3: As of December 31, 2025, the total annuity income paid by TIAA amounted to 6.17 billion US dollars. This figure includes all annuity incomes from all annuity products of TIAA, including both the guaranteed portion and the additional portion.