British financial management firm Schroders is set to be acquired by global investment manager Nuveen Asset Management for $13.5 billion, marking the end of the Schroder family’s control over the 222-year-old business.

Following its acquisition of Schroders, Nuveen will have $2.5 trillion of assets under management, Reuters reported Thursday morning. Nuveen is the investment arm of the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, better known as TIAA (formerly TIAA-CREF).

The announcement was a net positive for Schroders shareholders, who saw a 29 percent bump in stock appreciation as a result of the announcement.

“By bringing our complementary platforms, capabilities, distribution networks and cultures together, we will create an extraordinary opportunity to enhance the way we serve our collective clients through access to new markets, bolstered product offerings, and deeper pools of investment talent,” William Huffman, CEO of Nuveen, said in a statement about the acquisition.

“This transaction is about unlocking new growth opportunities for wealth and institutional investors around the world by giving our leading, differentiated public-to-private platform a broader global presence,” Huffman added.

Over the next 12 months, the two firms will continue to operate independently, and Richard Oldfield, group CEO of Schroders, will remain at the helm and transition to Nuveen’s executive team reporting to Huffman, according to a press release.

“In a competitive landscape where scale can help deliver benefits, in Nuveen we see a partner that shares our values, respects the culture we have built, and will create exciting opportunities for our clients and people,” Oldfield said in a statement. “The transaction will significantly accelerate our growth plans to create a leading public-to-private platform with enhanced geographic reach and a strengthened balance sheet.”

Schroders and Nuveen will have a presence in 40 markets through the acquisition, giving it an edge competing with the likes of Blackstone and Vanguard, according to Reuters.

The announcement follows the departure of key figures at Nuveen, such as its global head of impact investing Nadir Settles in December 2025 and former chief investment officer Carly Tripp, who departed for Invesco Real Estate in late January.

Still, Nuveen has continued to land financing deals, such as a $72.3 million permanent financing package to Stockdale Capital Partners for a luxury multifamily asset near Scottsdale, Ariz., in January, and a  $47 million refinancing for a Storage Post facility in Manhattan’s East Village the month prior.

Mark Hallum can be reached at mhallum@commercialobserver.com.