The Schroder family survived Napoleon, two World Wars, the fall of merchant banking, and the rise of passive investing. On February 12, 2026, they said "cash me out" — agreeing to sell their 222-year-old firm to Nuveen (TIAA) for £9.9 billion.

The Financial Times called it "the defining deal of a glass half-empty UK." Philip Augar, who worked at Schroders in the 1990s and wrote The Death of Gentlemanly Capitalism, says history is repeating itself — just as the City's merchant banks fell to Wall Street in the 1990s, active fund management at scale is becoming a US-dominated industry. John Gapper calls it the end of the City's émigré alchemy — the era when German-born banking families drove London's financial growth.

In this Quick Dive, Aman Narain and Manu George — both former Schroders insiders — perform an autopsy on one of the last great family-controlled financial dynasties. They trace the firm through four CEOs (Bischoff, Dobson, Harrison, Oldfield), examine why the wealth management and alternatives pivots fell short, and ask the question the entire industry is avoiding:

Is this the end of the mid-sized active asset manager?

KEY TOPICS:

• The Schroders-Nuveen deal: £9.9bn, 34% premium, Q4 2026 close
• 222 years of family control: from Napoleonic-era merchant banking to algorithmic allocation
• Four CEO eras: The Transformer, The Architect, The Great Hope, The Accountant
• Bruno Schroder's Christmas party and the painting that said everything
• London's "Wimbledon effect": hosting the game but no longer owning the players
• The Death of Gentlemanly Capitalism, Part II: from merchant banks to asset managers
• The passive revolution: how BlackRock, Vanguard, and State Street reshaped the landscape
• Why no auction? Oldfield didn't shop the company and Evelyn Partners got 50% more on EV/EBITDA
• Why Schroders' wealth and alternatives pivots were too late
• The last family-controlled financial dynasties: Rothschild, Lazard, Lombard Odier, Pictet
• Nuveen and TIAA: the quiet $2.5 trillion empire
• The triple threat: index-tracking, private markets, and AI
• The "Telco Trap" for active managers
• What happens to talent, culture, and clients in the next 18 months

DEAL FACTS:

• Deal value: £9.9bn (~$12.8bn) — valued at 16x forecast earnings vs 12.3x for European peers
• Cash offer: 590p/share + up to 22p permitted dividends
• Premium: 34% to last close; 61% to 12-month VWAP
• Analyst consensus target pre-deal: just £4.50/share
• Schroder family payout: ~£4.06bn (41% stake)
• Combined AUM: ~$2.5 trillion
• Expected close: Q4 2026

THE FT'S VERDICT:

• Lex: "Ending its listed life with a whimper rather than a bang."
• Philip Augar: "Wrenching but inevitable... just another brick in the wall."
• John Gapper: "The end of the City's émigré alchemy."

GUEST: Manu George — 25-year asset management veteran, former Senior Investment Director at Schroders (2007–2020), currently Credit Strategist at Polen Capital.

HOST: Aman Narain — Founder, A2Z Advisors | Co-Host, A2Z Fintech Podcast | 25+ years across Google, HSBC, Standard Chartered, Schroders, BankBazaar.

CONNECT:
🔗 A2Z Fintech on YouTube: https://www.a2zfintech.com/
🔗 A Man Who Blogs (Substack): https://amanwhoblogs.substack.com/
🔗 Aman on LinkedIn: https://www.linkedin.com/in/amannarain/
🔗 Manu on LinkedIn: https://www.linkedin.com/in/manu-george-invmgmt/

#Schroders #Nuveen #TIAA #AssetManagement #ActiveManagement #PassiveInvesting #FintechPodcast #WealthManagement #MergersAndAcquisitions #PrivateMarkets #CityOfLondon #FinancialDynasty #WimbledonEffect #DeathOfGentlemanlyCapitalism #A2ZFintech #LondonFinance #AIinFinance

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Ever wondered if banks are just giant dodos stuck in legacy land, or could they actually get hip and healthy? Well, Alastair Campbell is here to dish out the secrets of making money healthy again, minus the boring behind-the-scenes. Buckle up, it’s a juicy ride through data, archetypes, and the ultimate goal: banks that actually get you.

In this episode:

• Why 63% of industry value growth is flowing outside incumbents
• Rethinking archetypes: digital natives, modern families, and the kid pocket money revolution
• The three core levers of banking transformation: Customers, Architecture, and Leadership
• How to build a bank for the modern, complex, multi-hyphenated lives of today’s consumers
• The importance of 'stealing with pride' — reusable tech and collaborative ethos
• Why 'boring' banks are losing and what's needed to become trusted custodians of your financial life
• Leadership lessons: owning your architecture, generating customer relevance, and setting the ‘more for less’ standard

Timestamps:

00:00 - Welcome to the revolution: making money healthy again
02:37 - The data behind outside growth: non-incumbents stealing the show
04:05 - Why the balance sheet isn’t the hero anymore
06:18 - Digital wallets and multi-banking: the new normal
10:20 - The three wheels of banking transformation
12:17 - Leadership’s role in fixing the broken banking model
16:01 - Archetypes derailed: from nuclear families to digital natives
20:10 - How banks can innovate for weak signals, not just the average customer
24:00 - Money = emotions: making banking less boring, more human
28:39 - The future of customer data: credentials, relationships, and habits
32:39 - Building a modular tech stack for true customer-centricity
34:40 - The moat of convenience vs the moat of inconvenience
36:47 - Regulator’s role: pushing, pulling, and shaping the future of finance
44:23 - From wire protocols to open banking: standards that unleash innovation
46:23 - Why leadership tenure matters in successful transformation
54:22 - Empathy at the core: how young professionals can think differently
55:02 - Leading with purpose: ownership, career paths, and authentic leadership

Resources & Links:

• Healthy Money: How Modern Banks Can Create Value and Trust
• Thought Machine - Modern core banking software
• Revolut - Digital banking pioneer for the next generation
• Standard Chartered - Former employer for both host and guest
• Singtel - Singapore's leading Telco where Alastair led Strategy
• NatWest - Leading UK Bank where Alastair was Head of Strategy
• Alastair Campbell
• Richard Kibble

Connect with Alastair:

• LinkedIn

Want to overhaul your bank into a modern money machine? This convo is packed with the nuts and bolts of making that happen fast, smart, and with a lot less snooze factor. Buckle up, bankers — it’s time to get healthy!

### Links & Resources
📺 Watch this episode on YouTube

📄 Read the full transcript

### Credits & Guests
Creators & Guests

• Aman Narain - Host
• Alastair Campbell - Guest

### Chapters

The US banking fortress just got a new neighbor. NuBank—the Latin American titan with 127M+ customers—has officially announced its US National Bank License.

In this minisode, Aman and Zubin break down why this isn't just another fintech launch. We explore the "Wayne-dependent" reality of US regional banks stuck on 1980s COBOL code and why NuBank’s $1 cost-to-serve makes them a lethal competitor to the "Hollow Middle" of American finance.

Highlights include:

• The COBOL Crisis: Why US regional banks are being held hostage by 40-year-old software.
• Hard Mode Mastery: How NuBank conquered Brazil and why that makes the US market look like "Easy Mode."
• Focus vs. Breadth: Why NuBank is succeeding where Revolut is still fighting for regulatory ground.
• The Death of the Legacy Tax: What a cloud-native "siege engine" means for your wallet.

Chapters:
00:00 The Hook: COBOL vs. The Purple Glow
01:30 The Backstory: Fighting "Hard Mode" in Brazil
04:30 The US Map: Mega-Banks vs. Hollow Regionals
07:00 Secret Sauce: Why NuBank is different from Revolut
09:30 Aman’s Mic Drop: The End of the Legacy Tax
,
NuBank US License, NuBank Expansion 2026, A2Z Fintech, David Velez, Cristina Junqueira, National Bank Charter, JPMorgan vs NuBank, Revolut US License, Chime vs NuBank, Jamie Dimon, Fintech Disruption 2026, Legacy Banking, COBOL programming bank, Cloud Native Banking, Cost to Serve Fintech, Core Banking Transformation, Digital Transformation Banking, Fintech Singapore, Fintech Brazil, US Banking Crisis, Neobanks USA

In this A2Z Fintech minisode / hot take, we break down the shockwave acquisition of Brex by Capital One for $5.15 billion. Is this just a bank buying a startup, or is it the "Original Disruptor" reminding the world that while software is the wedge, the balance sheet is the wall?

Key Discussion Points:

• The Deal Breakdown: Analyzing the $5.15B, 50-50 cash and stock exit for the darling of Silicon Valley.
• The "Cap One Mafia" Full Circle: How the founders of Ramp once sold Paribus to Capital One, and what this means for the remaining "Titans" like Ramp and Airwallex.
• Software vs. Balance Sheet: Why the integration of Brex's software stack into a regulated bank's balance sheet is the ultimate power move.
• The Next Move: Will we see a "Stripe-Rambo" (Stripe + Ramp) merger to break the Nasdaq?

Click here to watch a video of this episode.

Resources Mentioned:

• A2Z Fintech Series 1 Episode 4: The Discover Acquisition
• NRF Episode: The Agentic Future of Finance

The "Buy Button" is moving from the screen to the conversation. > In this episode of A to Z Fintech, Aman Narain and Zubin Vandrevala report from NRF 2026. We move beyond the hype to the "Next Now"—the moment retail got an autonomous brain.

Key Moments:(00:00) Cold Open: The Future of Shopping(00:45) Why Sundar Pichai Headlined NRF(04:00) Trend 1: Agentic Commerce & Google's UCP(06:12) Trend 2: Physical Intelligence & Robotics(08:15) Trend 3: "Searchless" Discovery (Keywords are Dead)(10:10) Trend 4: The End of the Frankenstein Stack(12:00) Trend 5: Human-Centered AI (Dick's Sporting Goods)(18:00) Major Announcements: Drones & E-Paper

Resources Mentioned:

• NRF 2026 Highlights: https://nrf.com/events/retails-big-show
• Google UCP Announcement: https://blog.google/retail-nrf-2026
• Simbe Robotics Tally 4.0: https://www.simberobotics.com/tally4

NRF 2026, Agentic Commerce, Fintech, AI Agents, Retail Tech, Google UCP.

Welcome back to Season 2 of A to Z Fintech! Aman and Zubin are back from the holidays, but their brains are still in Vegas. This isn't just a gadget review; it’s a look at the "Re-Materialization" of technology.

We are moving from a decade of "software eating the world" to "AI moving the world." From Nvidia’s shift into the laws of physics with Project Cosmos to the "Bot-naissance" of humanoid robotics, we break down the three mega-trends redefining hardware.

Plus, we review the Top 10 pieces of tech from CES 2026, including shape-shifting phones, stair-climbing vacuums, and the lollipop that vibrates music into your jawbone.

In this episode, we cover:

• The Macro View: Why Nvidia is no longer just a chip company.
• The Shift: How Chinese manufacturers (Roborock, XREAL) flipped the script from "Factory" to "Innovator."
• The Top 10: Foldables, rollables, wearables, and the ultimate smart fridge.

Featured Gadgets:

1. Samsung Galaxy Z TriFold & Lenovo Rollable: When hardware adapts to your workflow.
2. XREAL "Project Aura": The death of the physical monitor?
3. Withings Body Scan 2: The $600 "Health-is-Wealth" station.
4. Lego Smart Bricks: Screen-free magic for the next generation.
5. 2026 Bespoke AI Family Hub: The fridge acting as your kitchen’s CFO.
6. Roborock Saros Rover: The vacuum that finally learned to climb stairs.
7. Uber/Lucid Robotaxi: The "Passenger-as-Guest" economy.
8. German Bionic Exia: "Physical AI" you can wear.
9. Samsung Micro RGB TV: 130 inches of digital art.
10. HP EliteBoard G1a: The PC inside a keyboard.

Timestamps:(00:00) Cold Open: The CES Fever Dream(00:45) Season 2 Kickoff & Banter(03:00) The "Don't Sell Your 401(k)" Disclaimer(04:00) Trend 1: Nvidia & The Era of Physical AI(06:15) Trend 2: The Bot-naissance (Robots get legs)(08:00) Trend 3: China’s "Front-of-House" Flip(10:00) Gadget Review: The Shape-Shifters(12:00) AR Breakthroughs: XREAL(14:00) Health Tech: Withings Body Scan(16:00) Future of Play: Lego Smart Bricks(18:00) The AI Supply Chain Fridge(20:00) Robotics: Roborock Saros(22:00) Autonomous Living: The Lucid Robotaxi(24:00) Wearable AI: Exoskeletons(26:00) The 130-inch Window: Samsung Micro RGB(28:00) The Wacky: Hologram Waifus & Musical Lollipops(29:00) The Mic Drop: The Re-Materialization of Tech

Lights out and away we go! For the Season One finale of A2Z Fintech, Aman and Zubin take you to the "Post-Race Press Conference" of 2025. This year, the tech and fintech worlds didn't just move fast—they behaved exactly like a Formula One championship season. From Nvidia lapping the field to Apple’s "curated pacing" and the internal engine fires at OpenAI, we break down the Constructors' Standings across Tech, Fintech, and Banking.

Is your career an album or a playlist? 🎶

We are moving from the Industrial Age (factories, pensions, 9-to-5s) to the Intelligence Age (feeds, algorithms, gigs), but our money is still stuck in the past.

On this episode of A to Z Fintech, Aman and Zubin break down the "One-Person Enterprise" and the new Money OS needed to support it.

We discuss:

• 📼 The 80s Paradox: Why the era of stability was actually the start of the unraveling.
• 💥 The WHAM Framework: Walls, Human Agency, Automation, and Modularity.
• 🏦 The Unbankable Millionaire: Why banks can't underwrite creators (and how that changes).
• 🤖 The New C-Suite: How Uber, Shopify, and YouTube are acting as your Sales, Ops, and Finance departments.
• 🔮 The Future: 5 Financial Primitives for the independent worker.

Quotes from the Ep:"The industrial revolution created the employee. The intelligence age is creating the entrepreneur—whether they want to be one or not."

"You didn't even lose to a person. You lost to a vibe-checking spreadsheet with commitment issues."

Listen now to find out why the future of work looks less like a ladder and more like a mixtape.