Finance
Nuveen's takeover of Schroders undervalues asset manager, top 25 shareholder says
Published by Global Banking & Finance Review®
Posted on February 19, 2026
2 min readLast updated: February 19, 2026
Quick Summary
Top‑25 shareholder J O Hambro says Nuveen’s £9.9bn, 612p‑per‑share offer undervalues Schroders by 10–15%. The bid, backed by the Schroder family, would form a $2.5tn AUM group and retain the brand with London as non‑US HQ.
Top Schroders Investor Says Nuveen Deal Undervalues Asset Manager
LONDON, Feb 19 (Reuters) - Nuveen's agreed 9.9 billion pounds ($13.3 billion) takeover of Schroders undervalues the British money manager, shareholder J O Hambro said on Thursday, as the companies seek to drum up investor support for the deal.
J O Hambro’s view on pricing
Shareholder Reaction and Valuation Debate
J O Hambro, which owns about a 0.5% stake in Schroders and is a top 25 shareholder according to LSEG data, said it believed Nuveen's valuation of the firm was between 10-15% below fair value.
James Lowen and Clive Beagles, portfolio managers at J O Hambro, said in a statement sent to Reuters the deal nonetheless highlighted the "degree of undervaluation" across the UK market. J O Hambro declined to comment when asked if it would support the deal on its current terms.
Company comments and availability
Schroders and Nuveen were not immediately available for comment.
Schroder family ownership stake
Deal size and combined assets
Schroders said last Thursday it would be taken over by its U.S. rival to create a combined group with $2.5 trillion of assets under management. The founding family of Schroders, which own 42% of the company, have backed the deal.
Exchange rate context
($1 = 0.7422 pounds)
(Reporting by Iain Withers; Editing by Tommy Reggiori Wilkes)
Key Takeaways
- •J O Hambro, a top-25 Schroders shareholder, says Nuveen’s offer undervalues the firm by 10–15%.
- •Deal values Schroders at £9.9bn, or 612p per share (590p cash plus up to 22p in dividends).
- •Combined group would manage nearly $2.5tn in assets, with London as the non‑US HQ.
- •Schroders’ founding family, holding about 42%, has backed the transaction.
- •Completion remains subject to shareholder and regulatory approvals.
Frequently Asked Questions about Nuveen's takeover of Schroders undervalues asset manager, top 25 shareholder says
1What is the main topic?
A top‑25 shareholder, J O Hambro, argues that Nuveen’s agreed takeover of Schroders undervalues the UK asset manager by 10–15%.
2What are the headline deal terms?
Nuveen’s offer values Schroders at £9.9bn, equal to 612p per share—590p in cash plus up to 22p in permitted dividends.
3Who supports the deal?
Schroders’ founding family, which owns about 42% of the company, has backed the transaction.
4What happens to the brand and headquarters?
The combined group would retain the Schroders brand and use London as its non‑US headquarters while integrating operations.
