Nuveen has completed the acquisition of Schroders, creating a combined firm with approximately $2.6trn in assets under management across institutional and wealth channels and operating in more than 40 markets.

The firm said it will continue to invest in its business, employees and services, supported by shareholder Teachers Insurance and Annuity Association of America (TIAA).

Schroders will continue to operate as a separate business within Nuveen for the next 12 to 18 months while integration planning takes place, led by Schroders group chief executive, Richard Oldfield, who will report to Nuveen CEO, William Huffman.

Nuveen also announced that Matt Oomen will lead global client coverage.

The firm confirmed it plans to create a unified investment platform covering public and private markets to support its retirement, insurance and wealth management businesses.

Saira Malik will become chief investment officer, while Johanna Kyrklund will become chief investment officer for public markets and solutions, with responsibility for equities, fixed income, multi-asset and solutions.

Nuveen added that it intends to organise its combined $400bn private markets business by asset class.

Commenting on the acquisition, Huffman said: "Our landmark combination gives us a once-in-a-lifetime opportunity to reshape our industry and to deliver a proposition to clients that hasn’t previously existed.”

“Together, we’ll create a platform with leading investment performance across every major capital market with the flexibility to tailor solutions to meet clients’ specific goals.

"We’ll deliver investment excellence and worldwide breadth, backed by the credibility of decades of on-the-ground presence around the world."

Meanwhile, Schroders group chief executive, Richard Oldfield, described the acquisition as “an extraordinary moment” for clients and the business.

“At a time when the world is changing rapidly, we believe active management is more relevant than ever, helping clients navigate uncertainty and achieve the outcomes they need," Oldfield said.

“By bringing together our complementary strengths in active investment, we will offer more to our clients and have more opportunities for growth, underpinned by a shared investment-led culture, long-term perspective and deep heritage.”

London will serve as the combined firm's headquarters outside the US and its largest office, with several senior leadership roles based in the UK.

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