Schroders CEO Richard Oldfield has moved to reassure the UK Treasury about the £9.9 billion sale of the centuries-old British asset manager to US investment firm Franklin Templeton. The takeover, which values Schroders at a substantial premium, has raised questions about foreign ownership of key British financial institutions.

Oldfield described the deal as a 'good deal for the UK,' emphasizing the strategic benefits of the merger. The acquisition would create one of the world's largest asset managers with combined assets under management exceeding $1 trillion. Schroders, founded in 1804, has been a cornerstone of London's financial district for over two centuries.

The deal comes amid growing scrutiny of foreign acquisitions of British companies, particularly in sensitive sectors like finance. Treasury officials have been monitoring the transaction closely, given Schroders' historical significance and role in the UK's financial services industry. Oldfield's intervention aims to address any regulatory concerns before the deal completes.