The Schroder family has sold their stake in the UK's largest independent asset manager for £10bn to Nuveen, marking the end of family control over the 222-year-old firm. The deal, approved by the group's board, will keep the Schroders brand and London office as the combined company's international headquarters. The sale follows the death of Bruno Schroder, patriarch of the founding family, and intensifying competition from US asset managers.

The decision came after just two meetings, with the family opting to sell entirely rather than retain a stake. Claire Fitzalan Howard and Leonie Schroder, the two family members on the 12-person board, said the offer was 'worthy of serious consideration' despite the firm 'wasn't for sale'. The transaction deprives the FTSE 100 of a constituent that has been part of the index for most of the past four decades.

'If someone the size and scale of Schroders concludes it is not big enough, then what does this mean for the many smaller players?' asked former fund manager Richard Buxton. The sale signals the end of independence for one of the last great City names, following the demise of Barings Bank and Morgan Grenfell. The family will receive more than £4bn for their shares in the firm founded in 1804 by Johann Heinrich Schröder.

The deal reflects broader pressures on mid-tier asset managers facing scale challenges from larger US competitors. While the Milken Institute conference showcased bullish sentiment on Wall Street, European markets remain cautious amid geopolitical uncertainty. The transaction underscores how family-controlled institutions are grappling with succession planning and market consolidation.