Nuveen’s $13.5 billion acquisition of Schroders Plc. will create a $2.5 trillion asset manager — including a $414 billion private markets business. Both firms have carved out active impact strategies.
Nuveen, the investment manager of Teachers Insurance and Annuity Association of America, or TIAA, has raised over $200 million for its second private equity impact fund, halfway towards its $400 million target. More than two centuries old, London-based Schroders owns emerging markets-focused impact investor BlueOrchard, among other impact strategies (see, BlueOrchard’s recipe for moving capital to emerging markets”).
Financial services M&A deal volumes and values, 2016-2025
The record sums raised by the largest asset managers is putting pressure on mid-sized firms to consolidate. Global financial services deals jumped by 25% last year, in dollar terms, according to PwC (see chart, above).
Driving the trend: the push for scale to boost earnings and fend off competitors, writes PwC’s Christopher Sur. Expect more in 2026.
