Schroders Names Matthew Westerman Chair Ahead of Nuveen £9.9bn Sale Completion
Schroders' Leadership Change and Nuveen Acquisition Overview
By Iain Withers
Appointment of Matthew Westerman as Chair
LONDON, Sept 22 (Reuters) - British money manager Schroders has named veteran former banker Matthew Westerman as its new chair ahead of the close of its £9.9 billion ($13.3 billion) sale to US rival Nuveen, the company said on Tuesday.
Regulatory Approvals and Deal Completion Timeline
Schroders said the deal had cleared regulatory approvals and was set to complete on October 1, subject to a court sanction hearing.
Shareholder Backing and Market Impact
The company's shareholders — including the 222-year-old firm's founding family — have backed the transaction to create a combined group managing about $2.5 trillion, fuelling market speculation about the prospect of further deals in the fast-consolidating investment industry.
Board Changes and Integration Plans
Westerman will take over from chair Elizabeth Corley at the head of a slimmed-down board, which will be tasked with helping integrate the two companies. Nuveen CEO William Huffman is one of three senior executives from the acquiring US firm to join the board.
Westerman's Background and Board Experience
Westerman joined the Schroders board as a non-executive director in 2020 and previously held several senior roles at banks including HSBC and Goldman Sachs.
Changes to Board Membership
One of the Schroder family's two representatives on the board, Leonie Schroder, will remain in place, with the other, Claire Fitzalan Howard, departing as one of five non-executive members leaving the board.
Schroders' three executive directors — CEO Richard Oldfield, CFO Meagen Burnett and CIO Johanna Kyrklund — will also remain in place.
Deal Completion and Future Plans
The companies had targeted completing the deal in the fourth quarter, which will lead to Schroders becoming the latest firm to delist from the London Stock Exchange.
Nuveen's Strategy for Schroders Post-Acquisition
Nuveen has stated in deal documents it plans to run Schroders as a standalone business with its existing executive directors for at least a year, while Oldfield has said he plans to stay on to ensure the deal is a success.
Schroders' Recent Financial Performance
Schroders reported deeper net outflows of £4.2 billion for the first half of the year in July, alongside a 46% jump in operating profit.
($1 = 0.7474 pounds)
(Reporting by Iain Withers; Editing by Louise Heavens and Emelia Sithole-Matarise)
