Schroders names Westerman chair ahead of Nuveen deal close

By Iain Withers

LONDON, Sept 22 (Reuters) - British money manager Schroders has named veteran former banker Matthew Westerman as its new chair ahead of the close of its £9.9 billion ($13.3 billion) sale to US rival Nuveen, the company said on Tuesday.

Schroders said the deal had cleared regulatory approvals and was set to complete on October 1, subject to a court sanction hearing.

The company's shareholders — including the 222-year-old firm's founding family — have backed the transaction to create a combined group managing about $2.5 trillion, fuelling market speculation about the prospect of further deals in the fast-consolidating investment industry. 

Westerman will take over from chair Elizabeth Corley at the head of a slimmed-down board, which will be tasked with helping integrate the two companies. Nuveen CEO William Huffman is one of three senior executives from the acquiring US firm to join the board.

Westerman joined the Schroders board as a non-executive director in 2020 and previously held several senior roles at banks including HSBC and Goldman Sachs.

One of the Schroder family's two representatives on the board, Leonie Schroder, will remain in place, with the other, Claire Fitzalan Howard, departing as one of five non-executive members leaving the board. 

Schroders' three executive directors — CEO Richard Oldfield, CFO Meagen Burnett and CIO Johanna Kyrklund — will also remain in place.

The companies had targeted completing the deal in the fourth quarter, which will lead to Schroders becoming the latest firm to delist from the London Stock Exchange.

Nuveen has stated in deal documents it plans to run Schroders as a standalone business with its existing executive directors for at least a year, while Oldfield has said he plans to stay on to ensure the deal is a success.

Schroders reported deeper net outflows of £4.2 billion for the first half of the year in July, alongside a 46% jump in operating profit.

($1 = 0.7474 pounds)

(Reporting by Iain Withers; Editing by Louise Heavens and Emelia Sithole-Matarise)