Schroders agrees £9.9bn takeover by US investment manager Nuveen

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Schroders has agreed to a £9.9bn takeover by US asset manager Nuveen in a deal that would end the independence of one of the City of London’s most historic names.

The group has agreed to a 612p per share offer by Nuveen, part of the Teachers Insurance and Annuity Association of America — a retirement savings group — that would create one of the world’s largest asset managers with $2.5tn of assets.

The deal marks a 29 per cent premium to Schroders’ closing share price of 456p on Wednesday.

This is a developing story