European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Liquid Universe of European Ordinary and Preferred Shares: March '22 Report

Liquid Universe of European Ordinary and Preferred Shares: February ‘22 Report

Event-Driven

<ul>
<li>Nuveen has agreed a board-recommended all-cash acquisition of Schroders at 590p plus 22p permitted dividends (612p total), valuing the group at £9.9bn and re-rating shares to ~18x forward earnings.</li>
<li>With 41% irrevocable family undertakings and unanimous board support, shareholder approval risk appears contained; the key uncertainty is regulatory duration into Q4 2026 rather than deal break probability.</li>
<li>At 587.5p, the 4.17% gross spread implies a 6.32% annualised IRR assuming late-November completion, positioning this as a high-probability, duration-driven UK merger arbitrage opportunity.</li>
</ul>


Nuveen has agreed a board-recommended all-cash acquisition of Schroders at 590p plus 22p permitted dividends (612p total), valuing the group at £9.9bn and re-rating shares to ~18x forward earnings.
With 41% irrevocable family undertakings and unanimous board support, shareholder approval risk appears contained; the key uncertainty is regulatory duration into Q4 2026 rather than deal break probability.
At 587.5p, the 4.17% gross spread implies a 6.32% annualised IRR assuming late-November completion, positioning this as a high-probability, duration-driven UK merger arbitrage opportunity.


Nuveen / Schroders: Assets Under Management… Now Under New Management