A '4 Quadrillion-Won Giant Asset Manager' Emerges... Nuveen Acquires Schroders, Expanding Private Markets to 600 Trillion Won [fn Market Watch]

[Financial News] Nuveen, an asset manager under the Teachers Insurance and Annuity Association of America (TIAA), has completed its acquisition of Schroders, creating a 'giant asset manager' with $2.6 trillion (approximately KRW 4,008 trillion) in assets under management (AUM). The combined firm plans to reorganize its $400 billion (approximately KRW 617 trillion) private-markets platform and target institutional investors and the wealth-management (WM) market.
According to sources in the financial investment industry on the 2nd, Nuveen completed its acquisition of Schroders on the 1st (local time). The combined firm now has an investment platform ranked among the global top 10 in all three areas: active equities, active fixed income, and private markets. It provides investment solutions spanning public and private markets in more than 40 markets worldwide.
In particular, it plans to reorganize its $400 billion private-markets platform by asset class. Drawing on TIAA's long-term capital, the firm aims to strengthen its competitiveness in long-term capital markets, including retirement income, insurance portfolios, and wealth management.
Organizational integration will proceed in stages. Schroders will operate independently under Nuveen for the next 12 to 18 months. Richard Oldfield, Schroders Group's chief executive officer (CEO), will continue to lead the company and report directly to Nuveen CEO William Huffman.
Saira Malik, Nuveen's CIO, will serve as chief investment officer (CIO) of the integrated investment platform. London, Schroders' home base, will remain the combined firm's headquarters outside the United States and its largest office.
Nuveen CEO William Huffman said, "The combination of Nuveen and Schroders is an opportunity to reshape the investment industry landscape and deliver differentiated value to clients," adding, "We will build an investment-solutions platform tailored to each client's objectives."
[email protected] Kim Hyun-jung Reporter