Schroders has agreed to a £9.9 billion takeover by a US company. This change ends 200 years of family ownership for the British asset management group in London.
The Chicago-based firm, Nuveen, will buy Schroders. This deal will create one of the world’s biggest fund managers. They will control about $2.5 trillion of assets.
Schroders will keep its main office in London. About 3,100 workers will still be there. The company will keep its name, Schroders.
This deal takes another company off the London Stock Exchange. There are worries about the UK market being less competitive. Other companies, like Just Eat and Flutter, have also left for markets in the US and Europe.
Schroders started in 1804 as a bank in London. It was listed on the London Stock Exchange in 1959. The company has faced pressures to cut costs in recent years. They want to improve their performance after a drop in their share price.
The takeover will need approval from shareholders. It is expected to finish in late 2026.
Vocabulary List:
- Takeover /ˈteɪ.koʊ.vər/ (noun): The act of acquiring control of a company especially by purchasing a majority of its shares.
- Ownership /ˈoʊ.nər.ʃɪp/ (noun): The state or fact of owning something.
- Assets /ˈæs.ɛts/ (noun): Resources owned by a company that have economic value.
- Competitiveness /kəmˈpɛtɪtɪvnɪs/ (noun): The ability of a company or market to compete effectively.
- Performance /pərˈfɔːr.məns/ (noun): The execution or accomplishment of a task or how well an entity does in terms of results.
- Approval /əˈpruː.vəl/ (noun): The belief that something or someone is good or acceptable.
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