In a statement, Nuveen has received regulatory approval to acquire Schroders, with the takeover to complete on October 1 following court sanctioning the deal at a hearing on September 29. Subject to that and delivery of the court order to the Registrar of Companies, Schroders shares will be suspended from trading on the morning of October 1 and delisted from the Main Market by October 2.

The transaction, which was first announced on February 12, will result in the creation of one of the world’s largest active asset managers with around $2.5 trillion of assets combined. The deal is being executed through Bidco, a Nuveen subsidiary created for the purpose and named Pantheon, which will acquire the entire issued and to-be issued share capital of Schroders via a court-sanctioned scheme under UK company law.

In April at Schroders Annual General Meeting, shareholders backed the deal overwhelmingly with 99.9% of the votes cast in favour. The terms offered £5.90 per share plus permitted dividends of up to 22p per share, a total value of up to £6.12 per share and a 29% premium to the pre-announcement closing price. The family are set to make around £4.3bn from the sale, ending more than two centuries of Schroder family control.

As part of the agreement, Schroders will keep its name and operate as a standalone business within the US asset manager for at least 12 months. Its base in London will become the enlarged group’s non-US headquarters with around 3,100 staff based there. Richard Oldfield will remain chief executive reporting to Nuveen boss William Huffman.

Dame Elizabeth Corley, who has been chair since 2022, will leave the board following the takeover, alongside Claire Fitzalan Howard, Ian King, William Lin, and Annette Thomas. William Huffman, Saira Malik, and Kevin McCarthy will be appointed as non-executive directors of the Schroders board with effect from October 1.