Is it last orders for BrewDog?
‘Nostalgia is not a strategy,’ declared Schroders chief executive Richard Oldfield after announcing that the investment firm, descended from a City banking house founded in 1804, is to be sold for £9.9 billion to Nuveen – which sounds like a brand of cooking oil but turns out to be a Chicago-based manager of retirement savings. The two together will hold £1.8 trillion of assets, placing them tenth in a global league headed by the giant American ‘passive’ investors BlackRock and Vanguard. Oldfield is right that there’s no point looking backwards in a tech-driven sector that’s rapidly consolidating to keep pace with those leaders. He’s also keen to point out that
