More than 99% of Schroders shareholders have voted this week in favour of a £9.9bn takeover of the company by US investment house Nuveen.
Schroders’ board has also backed the takeover by Nuveen in a deal worth about £9.9bn ($13.5bn).
As part of the deal the founding Schroders family will sell its 40% stake in the firm, ending a 200-year era for the firm.
Under the takeover, the Schroders brand will be retained, with London acting as the combined group’s head office outside of the US, with around 3,100 staff.
Schroders shareholders will receive 590p per share in cash plus dividends of up to 22p, valuing the company at 612p per share.
Nuveen is owned by the Teachers Insurance and Annuity Association of America (TIAA), one of the world’s largest institutional investors.
Nuveen will establish a new subsidiary to acquire Schroders, with the combined companies holding close to $2.5trn (£1.8trn) in assets under management.
Richard Oldfield, CEO of Schroders, has described the deal as helping to “significantly accelerate” Schroders growth plans and said it will also help strengthen Schroders’ balance sheet.
Mr Oldfield is expected to continue to lead Schroders after the deal closes.
The deal remains subject to regulatory approval, but is expected to complete in the final quarter of this year.
Schroders owns Financial Planning solutions provider Benchmark Capital, which has acquired a number of Financial Planning firms in recent years.
Last year Schroders sold its 9.4% stake in Schroders Personal Wealth Financial Planning arm to the Lloyds Banking Group in return for Lloyds' 19.1% stake in Cazenove Capital.
Wealth manager Schroders Personal Wealth (SPW) is now a wholly owned subsidiary of the Lloyds Banking Group and is being renamed Lloyds Wealth. The SPW joint venture was created in 2019 to provide financial advice to Lloyds’ retail customer base. It delivered operating profit of around £45m in the first half of 2025.