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

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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.

The takeover ends two centuries of independence for the group, which will keep London as its largest office with about 3,100 workers and retain its Schroders branding.The deal would take yet another FTSE 100 company off the London Stock Exchange, adding to concerns about the UK market’s competitiveness.Companies including the food delivery firm Just Eat, the betting group Flutter and Europe’s biggest travel company, Tui, have delisted in recent years in favour of markets in the US and Europe.Founded in 1804 by the Hamburg financier Johann Schröder, the company started life as a merchant bank in London.It listed on the London Stock Exchange in 1959 and sold off its investment banking arm in 2000 to focus on asset management.

The Anglo-German banking dynasty, now headed by the heiress Leonie Schroder, is estimated to have a net worth of £3,93bn, according to the Sunday Times rich list,She owns a 485-hectare (1,200-acre) Hampshire estate, Hurstbourne Park,However, the investment company has been looking to cut costs in recent years after a plunge in its share price, prompting interest from potential buyers,Last year, Schroders announced a £150m cost-cutting drive in an effort to boost performance, after coming under pressure from US rivals such as BlackRock and Vanguard that have started offering cheaper investment products.

As recently as last July, Richard Oldfield, its chief executive, denied speculation that the billionaire Schroder family would be willing to sell the company in which they still had a 44% stake.The takeover values the family’s stake at £4.4bn.Oldfield has done away with several parts of the business since taking the helm in November 2024, including cutting a joint-venture with Lloyds Banking Group offering mass-market financial advice, as well as pulling out of operations in Brazil and Indonesia.“In a competitive landscape where scale can help deliver benefits, in Nuveen we see a partner that shares our values, respects the culture we have built and will create exciting opportunities for our clients and people,” Oldfield said.

The transaction would “significantly accelerate our growth plans to create a leading public-to-private platform with enhanced geographic reach”, he added.The deal amounts to 612p a share, more than a one-third premium on Schroder’s closing price on Wednesday.That includes 590p in cash plus a 22p dividend.Schroders shares nearly 30% to 587p on Thursday.The deal, which will need approval from shareholders, is expected to be completed in the fourth quarter of 2026.

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Cocktails and crepes in bed? Ravinder Bhogal’s recipes for Valentine’s Day breakfast

Give me breakfast in bed over a bunch of limp supermarket roses any day. Nothing says “I love you” more genuinely than a decadent tray of delicious things to savour between the sheets. Because V-Day falls on a weekend this year, you can do better than just buttered toast and an unbidden cup of tea. Whether it’s sweet or savoury (or even a cheeky cocktail), I’ve got you!These French crepes are given the Midas touch with a pinch of saffron. Use your favourite fish – mackerel and salmon also work well here

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‘Boy kibble’: why are young men turning to dog food for meal inspiration?

The dried food, traditionally for pets, has become an unlikely influence for meal preppers. Some commenters have even claimed the trend could be an antidote to toxic masculinity Name: Boy kibble.Age: It’s new.Appearance: Like a dog’s dinner.Isn’t that what kibble is? Traditionally, yes, kibble is dried food for pets in pellet form, made of grains, vegetables and meat

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Frothing over: the coffee foams and ‘indulgent’ drinks keeping Australian cafes afloat

Cold brews and matcha lattes with airy, dessert-like layers are everywhere. What’s driving the trend for blockbuster toppings?Get our weekend culture and lifestyle emailCoffee brimming with lemon myrtle cream. Matcha banked with strawberry-lychee foam. Cold brew with choc-orange froth thick enough to stuff a pillow. Every caffeinated drink I’ve ordered in Sydney recently has the appearance of a generously frosted cake

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What is fibremaxxing – and how much is too much? | Kitchen aide

Why is everyone talking about fibremaxxing?Chris, by emailTikTok-born trends rarely go hand in hand with sage health advice, but that’s not to say upping our fibre – an often-forgotten part of our diets – is a bad idea. “Fibre needed its moment, so this is a good thing,” says dietitian Priya Tew. The non-digestible carbohydrate has two main functions: “There’s insoluble fibre, which is found in things such as whole grains, brown rice or vegetable skins, and I think about it like a broom,” Tew says, “in that it brushes the system out.” Then there’s soluble fibre (oats, beans, lentils), which she likens to a sponge: “It turns into this gel in your gut, and aids digestion and keeps us regular.” But that’s only part of the story, because fibre can also help lower cholesterol and stabilise blood sugar

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Moroccan lamb filo pie and rhubarb panna cotta: Thomasina Miers’ Sunday best recipes

There is little as pleasing to cook in the depths of the winter as a pot of enticingly fragrant, slow-braised meat. A shoulder of lamb is one of my favourite cuts; you, or a friendly butcher, will need to trim away its excess fat, a job that will reward you with an exquisite flavour that marries beautifully with bold spicing. Here, we travel to Morocco, with sweetly aromatic ginger, turmeric and cinnamon, and follow that with cardamom, cream and rhubarb for pudding. A sumptuous, colourful feast to stave off any February blues.Many elements of this dish, with its falling apart, richly seasoned lamb and carrots encased in crisp, golden pastry, can be made the day before

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Georgina Hayden’s quick and easy recipe for creamy chicken and mustard fricassee | Quick and easy

This is a one-pan dinner at its finest: elegant and full of flavour, something that feels as if it has taken more effort and time than it actually has, and versatile in its finish – serve with creamy mash, fluffy rice, boiled potatoes; even hunks of fresh baguette would be wonderful for mopping up the creamy mustard sauce. I use whatever veg is in season: purple sprouting broccoli is at its best right now, but you could add stalks of rainbow chard, shredded cavolo nero, even halved baby carrots. Play around with whatever veg you have and love.If you can’t find mustard powder, feel free to use your mustard of choice – wholegrain would work well here.Prep 5 min Cook 30 min Serves 44 skin-on chicken breasts (about 160g each)Sea salt and black pepper 2 tsp English mustard powder 1 tbsp olive oil 200g purple sprouting broccoli 30g unsalted butter 4 garlic cloves, peeled and finely sliced1 tsp dried oregano 1 tsp aleppo pepper 2½ tbsp plain flour 125ml dry white wine 500ml chicken stock 200ml single creamPut the chicken breasts on a deep plate and season generously