Schroders agrees £9.9bn takeover by US investor, ending 200 years of family ownership

British asset management group's deal with Nuveen will create one of world's biggest fund managers

Schroders has agreed a 9.9bn takeover by a US investor, ending two centuries of family ownership of the historic British asset management group.

Chicago-based Nuveen will buy the City firm, it said on Thursday, in a deal that will create one of the world's biggest fund managers, controlling about $2.5tn (1.8tn) of assets.