FT News Briefing Private equity’s workaround to buy law firms
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Feb 13, 2026 
Stephen Foley, U.S. accounting editor who covers private equity and professional services, explains how investors use management-services structures to back law firms. Robin Wigglesworth, Alphaville editor and finance commentator, analyzes Schroders’ US takeover and what it means for London and asset management. They also touch on tariff rollbacks and high-profile legal departures.
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Tariff Rollback To Ease Consumer Prices
- The Trump administration plans to scale back some steel and aluminum tariffs to ease consumer price pressures.
- The New York Fed found U.S. businesses and consumers paid nearly 90% of last year's tariff costs.
Schroders' About-Face On A Sale
- Schroders' CEO insisted the firm was not for sale less than a year before agreeing to be acquired by Nuveen.
- The deal reflects Schroders' struggle as a midsize asset manager caught between boutiques and industry giants.
Scale Is Becoming Table Stakes
- Nuveen's acquisition positions Schroders as the head of Nuveen's international operations and could strengthen its UK presence.
- Mid-sized asset managers now view scale as essential to compete with global juggernauts like BlackRock.