TIAA Announces Acquisition of Schroders, plc

The combined Nuveen organization will become a top 10 global asset manager with almost $2.5 trillion in assets under management.

Published on Feb. 22, 2026

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AM Best has commented that the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Rating of 'aaa' (Exceptional) of Teachers Insurance and Annuity Association of America (TIAA) remain unchanged following TIAA's announcement that Nuveen, a TIAA Company, has entered into a cash acquisition of Schroders plc (Schroders), a leading provider in active asset management, advisory and wealth management services with $1.1 trillion in assets under management.

Why it matters

The transaction is expected to increase leverage at TIAA due to purchase financing, but will also increase scale and diversification for the organization as it expands its less capital-intensive asset management business globally.

The details

Once the acquisition is completed, the combined Nuveen organization will become a top 10 global asset manager with almost $2.5 trillion in assets under management. It is anticipated that Schroders will continue to operate as a standalone business within the wider Nuveen group for at least 12 months following the completion of the transaction.

  • The transaction is expected to become effective and close during the fourth quarter of 2026.

The players

Teachers Insurance and Annuity Association of America (TIAA)

A financial services organization that provides retirement services in the academic, research, medical, and cultural fields.

Nuveen

A TIAA company and a leading global investment manager.

Schroders plc

A leading provider in active asset management, advisory and wealth management services with $1.1 trillion in assets under management.

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The takeaway

This acquisition will significantly expand TIAA's global asset management capabilities and solidify its position as a top-tier investment firm, though it may also increase the organization's leverage in the short term.