The £9.9bn deal has been approved by both boards, with Schroders shareholders set to receive 612p per share.
The merger is expected to form one of the world’s largest asset managers, with $2.5tn (£1.83tn) in assets under management.
The Schroders name will be retained, with London serving as the non-US headquarters and largest office.
Richard Oldfield, Schroders group CEO, commented: “In a competitive market where scale delivers advantages, we see Nuveen as a partner that shares our values, respects the culture we have built, and will create exciting opportunities for our clients and teams.”
Oldfield stated that the deal would “significantly accelerate” Schroders’ growth strategy.
In March 2025, Schroders unveiled a transformation programme targeting £150mn in annual net savings.
In its February 12 announcement, the firm said it is making strong progress on this three-year plan and had evaluated acquisitions as a complement to organic growth.