Schroders has appointed Matthew Westerman as its new chairman ahead of a £9.9 billion takeover by the US asset manager Nuveen. The move is part of a broader restructuring of the historic London-based financial firm’s board to facilitate the upcoming merger.

Westerman, a seasoned banker with previous roles at HSBC and Goldman Sachs, will lead a streamlined board that will include Nuveen’s chief executive William Huffman and three of Huffman’s executives. This board reconfiguration is designed to oversee the integration of Schroders with Nuveen, creating a combined asset management group with approximately £1.9 trillion in assets under management.

The acquisition has secured regulatory approval and is expected to be completed on October 1. Schroders’ shareholders, including members of the founding family that established the firm over two centuries ago, have endorsed the plan. Once the transaction is finalized, Schroders will be delisted from the London Stock Exchange, marking the end of its independent public listing.

Despite the leadership change at the board level, Schroders will retain its existing three executive directors to continue managing day-to-day operations through the transition. Westerman will succeed Elizabeth Corley as chairman, signaling a new phase in Schroders’ evolution as it joins forces with its American counterpart.