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What is Nuveen, and why is it buying Schroders?

The FT tries to explain. Nuveen is a US asset manager owned by TIAA with $1.4tn in assets, spanning fixed income, equities and private markets. It is buying Schroders to gain global distribution, deepen scale beyond $2.5tn, expand outside the US, and compete more effectively in consolidating active management.

Before Thursday, Nuveen was hardly a household name in the City of London despite a local workforce of nearly 500. But then it swooped for Schroders, one of the Square...

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asset management