Schroders Wealth Division Considering Acquisitions Amid Strategic Shift
Schroders' wealth division is exploring potential acquisitions as part of its strategy to focus on high-net-worth clients and grow fee income. Oliver Gregson, head of the wealth management unit since late last year, stated that the board has approved significant investment in this area over the next five years. This comes after shareholder approval for Schroders' £9.9bn sale to Nuveen, which will create an asset manager with around $2.5tn under management and result in another company leaving the FTSE 100. Gregson emphasized that any acquisitions would support growth ambitions backed by Nuveen's board. The strategic shift includes scaling back from mass-affluent clients to focus on those with millions rather than hundreds of thousands, following previous steps like ending a joint venture and selling parts of its business.
Topics: acquisition strategy Nuveen acquisition wealth management