based Nuveen to buy UK's Schroders for $13.5 billion

LONDON, Feb 12 (Reuters) -

British money manager Schroders said on Thursday ⁠it had agreed to be bought by ⁠U.S. asset manager Nuveen ​for 9.9 billion pounds ($13.50 billion), while the founding family would sell-up, in the end of an era for the 222-year-old firm.

Schroders' shareholders will receive ​590 ‌pence per share in cash plus permitted dividends of up to 22 pence, valuing the company at 612 pence per share - a 34% premium to Wednesday's closing price, according to LSEG data.

Nuveen, backed ​by the Teachers Insurance and Annuity Association of America, said the ‌deal would create a leading public-to-private platform with enhanced geographic reach across the Americas, Europe and Asia-Pacific.

Nuveen ‌said it has received irrevocable undertakings in support of the deal from Schroders' principal shareholder group, which controls 41% of shares through various family ​trusts.

"The board of Schroders is confident that this is the right step for ‌our shareholders, clients and people," Schroders Chair Elizabeth Corley said in a statement.

BNP Paribas was sole financial adviser to Nuveen, with Wells Fargo ⁠and Barclays ⁠advising Schroders.

Separately on Thursday, Schroders also reported ‌adjusted operating profit of 756.6 million pounds for 2025, up 25% from a year earlier.

Schroders ​CEO Richard ​Oldfield will continue to lead the firm after ‌the deal closes, with London serving as the combined group's non-U.S. headquarters. ($1 = 0.7334 pounds) (Reporting by Iain Withers and Raechel Thankam Job Editing by David Goodman, Harikrishnan Nair and Louise Heavens)

Schroders

Nuveen Select Maturities Munic

BNP Paribas

Barclays