| Date | Ticker | Direction | Thesis | Source |
|---|---|---|---|---|
| Feb 12, 2026 | LONG | Nuveen is buying Schroders to create a $2.5T asset manager. Mid-sized active managers are "broken" due to the flight to passive. The only survival strategy is massive scale to lower costs and offer private market capabilities. This puts other mid-sized managers in play as acquisition targets. LONG Consolidation Targets in Asset Management. Regulatory blocking of mega-mergers. |