Schroders is now part of a $2.6tn Nuveen. What changes for fund buyers, and when?

Nuveen's £9.9bn cash acquisition of Schroders completed on 1 October. Shareholders receive 590p a share, with settlement by 15 October, and Schroders' London listing was cancelled on 2 October, another big loss for the FTSE 100.

Nuveen says Schroders will operate separately for 12 to 18 months under CEO Richard Oldfield, and existing investment teams across asset and wealth management will be retained over that period while integration is planned. Saira Malik becomes group CIO and Johanna Kyrklund CIO of Public Markets & Solutions. The combined private markets platform of around $400bn will be "organized by asset class", and Cazenove Capital is named as part of the strategy. In February Oldfield said "It's going to take a year to go through and do all the analysis."

Georg Wunderlin, chief executive of Schroders Capital, is reported to be leaving at the end of October.

Nuveen CEO William Huffman: "Our landmark combination gives us a once-in-a-lifetime opportunity to reshape our industry." Oldfield: "At a time when the world is changing rapidly, we believe active management is more relevant than ever."