Schroders - Nuveen: "A Whimper, Not a Bang" — Is Active Management Now a US-Only Game?

Описание: Schroders, one of the last family-controlled financial dynasties (est. 1804), has been acquired by Nuveen/TIAA for £9.9 billion. The Financial Times called it "the defining deal of a glass-half-empty UK." Two former Schroders insiders — Aman Narain and Manu George — dissect what this means for London as a financial hub, for every mid-sized active manager in Europe, and for an industry being reshaped by passive investing, private markets, and AI.

Philip Augar, who wrote The Death of Gentlemanly Capitalism, says history is repeating itself just as the City's merchant banks fell to Wall Street in the 1990s, active fund management is becoming US-dominated. The Schroder family survived Napoleon, two World Wars, and the rise of passive investing, but not the economics of 2026.

⏱️ TIMESTAMPS:
0:00 — Cold Open: A Quiet Funeral in the City
2:00 — 222 Years in Two Minutes: The Schroders Origin Story
3:30 — Four CEOs: Bischoff, Dobson, Harrison, Oldfield
5:30 — The Painting: Christmas at Bruno Schroder's Home
8:00 — The Decade of Drift: Wealth, Alternatives & the Pivot That Wasn't
10:30 — The Last Family Portrait: Rothschild, Lazard, Lombard Odier, Pictet
12:30 — The Nuveen Gambit: TIAA's Quiet $2.5 Trillion Empire
14:30 — The Bigger Indictment: End of the Mid-Sized Active Manager?
16:30 — The Architecture of Memory: Aman's Mic Drop

📊 KEY DEAL FACTS:
Deal value: £9.9bn (~$12.8bn) — 16x forecast earnings vs 12.3x for European peers
Premium: 34% to last close; 61% on 12-month basis
No auction conducted — CEO Oldfield told FT there was "no surreptitious auction"
Analyst consensus pre-deal: just £4.50/share (vs 590p offer)
Evelyn Partners/NatWest deal same week: 50% higher on EV/EBITDA basis
Schroder family payout: ~£4.06bn
Combined AUM: ~$2.5 trillion
Expected close: Q4 2026

🗞️ WHAT THE FT SAID:
Lex: "Ending its listed life with a whimper rather than a bang"
Philip Augar: "Wrenching but inevitable... just another brick in the wall"
John Gapper: "Closes a cultural chapter in the City's history"

👤 ABOUT THE GUEST:
Manu George — 25-year asset management veteran, formerly Senior Investment Director at Schroders (2007–2020), currently Credit Strategist at Polen Capital.

👤 ABOUT THE HOST:
Aman Narain — Founder, A2Z Advisors | 25+ years across Google, HSBC, Standard Chartered, Schroders, BankBazaar.

🔗 LINKS:
Subscribe to A2Z Fintech: https://www.a2zfintech.com/
A Man Who Blogs (Substack): https://amanwhoblogs.substack.com/
Aman on LinkedIn:   / amannarain  
Manu on LinkedIn:   / manu-george-invmgmt  

📧 For advisory and speaking enquiries: [email protected]

#Schroders #Nuveen #TIAA #AssetManagement #ActiveVsPassive #WealthManagement #Fintech #MergersAndAcquisitions #CityOfLondon #FinancialDynasty #InvestmentManagement #BlackRock #Vanguard #PrivateMarkets #A2ZFintech #FintechPodcast #WimbledonEffect #LondonFinance #DeathOfGentlemanlyCapitalism #AIFinance

A2Z Fintech is a podcast about the non-obvious intersections of fintech, banking, and asset management. Hosted by Aman Narain and Zubin Irani, with occasional appearances from industry insiders. New episodes weekly.