Schroders agrees to Takeover by TIAA's asset manager Nuveen for £9.9bn

Nuveen LLC, an American asset manager (led by CEO William Huffman, a former CEO of Northern Trust Global Investments for 17 years), which manages assets on behalf of TIAA, the Teachers Insurance and Annuity Association of America (led by Thasunda Brown Duckett), which has a century long focus on retirement security, has agreed to buy Schroders (led by Group Chief Executive Richard Oldfield) for almost ten billion GBP (1GBP=1.37USD, around the same level it was five years ago).

Merger Speculation Engulfs Northern Trust

The Wall Street Journal reported in June that BNY (in full, the Bank of New York Mellon Corporation, NYSE: BK, which has seen solid share price growth over the past year, Q2 2025 revenue of $5bn) had approached Northern Trust about a potential merger. 

Northern Trust's Chairman and CEO (Mike O'Grady) retorted saying it remains committed to being fully independent. Mike has an MBA from Harvard Business School.

There have been hopes of looser regulation under Trump which would give a boost to banking M&A, however Senator Elizabeth Warren warned a merger could violate federal banking laws.

A major part of Northern Trust's business is asset servicing, which consists of administrative and operational tasks performed by custodians of financial assets on behalf of clients.