Clifford Chance and Slaughter and May have taken leading roles on the £9.5 billion recommended cash offer for Schroders. The acquisition is expected to create one of the world's largest active asset managers with nearly $2.5 trillion in assets under management. Nuveen has agreed to acquire Schroders for up to 612 pence per share, comprising 590 pence in cash and up to 22 pence in permitted dividends, valuing the company at approximately £9.9 billion. Nuveen is a prominent global asset manager and the investment management arm of TIAA (Teachers Insurance and Annuity Association of America) Clifford Chance is advising the Bidco, Nuveen and TIAA. The team was led by Nuveen relationship partner Nicholas Rees and fellow London corporate partners David Pudge and James Bole. The firm has a history advising Nuveen Real Estate, including on its €540 million joint venture with Global Student Accommodation to acquire a French student accommodation portfolio in 2024, eight lettings at 70 St Mary Axe in 2020, and the 2021 acquisition of renewable energy specialist Glennmont Partners. Slaughter and May is advising longstanding client Schroders with a team comprised of corporate partners James Cook, Richard Hilton, Hemita Sumanasuriya and Roland Turnill. Incentives and employment partner Phil Linnard, financial regulation partners Nick Bonsall and David Shone, competition partners Lisa Wright and Jonathan Slade, pensions partner Charles Cameron and tax partner Dominic Robertson were also on the deal team. Slaughter and May has advised Schroders on many matters in the past. In October 2025, the firm advised Schroders on the acquisition of the remaining 19.1% stake in Cazenove Capital held by Lloyds Banking Group. In 2024, it advised on its debut bond issuance, and in 2022 on its acquisition of the U.K. advisory, fiduciary management and derivatives business of river and mercantile group, as well as the acquisition of an initial 75% shareholding in Greencoat for a value of £358 million. Norton Rose Fulbright is also playing a role on the deal led by corporate partner Paul Whitelock alongside banking partner James Dunnett. The firm is advising BNPP as financial adviser to TIAA. The boards of both Nuveen and Schroders have agreed to the terms, with the Schroders board unanimously recommending the transaction to its shareholders, and the deal is anticipated to complete in the fourth quarter of 2026.