Schroders

Schroders has announced the agreed sale of its financial planning division Benchmark to Swedish firm Söderberg & Partners. The transaction is intended to sharpen Schroders' wealth management focus on wealthier clients; the sale price was not disclosed. The deal includes a long-term asset-management partnership, and Söderberg & Partners manages assets under advice of £108 billion. The move is part of broader portfolio clean-ups ahead of the planned sale to Nuveen. » More on de.investing.com

Schroders is being sold to US rival Nuveen for £9.9 billion; CEO Richard Oldfield says the driver is not size per se but access to key markets and new capabilities, especially in the US and private markets. He sees the industry in Europe under consolidation pressure: large global providers and specialised niche players have advantages, while mid-sized managers face problems. The deal is revenue- rather than cost-driven and aims for scale effects, a broader product offering and market access. » More on handelsblatt.com

Schroders is being sold for £9.9 billion to US rival Nuveen to gain access to key US markets and expanded capabilities in the private markets business. CEO Richard Oldfield stresses the deal is aimed at revenue synergies and better products for clients and staff, not cost cuts. He warns that mid-sized asset managers face margin pressure and must consolidate or specialise, while large global providers and niche players have advantages. » More on handelsblatt.com