Schroders has agreed to be bought by US asset manager Nuveen for £9.9bn. The sale follows a difficult decade and pressure to gain scale as fees fall and passive investing grows. Shares jumped about 29% on the news, though some investors question the low premium and implications for UK capital markets.

UK wealth managers tumbled after a US fintech launched an AI planning tool seen as a threat to fee-based advice. St James’s Place fell about 13%, while Quilter, abrdn, AJ Bell and Rathbones also slid. Bosses said regulation and client trust mean technology will augment, not replace, human advisers.

Allies say the PM will not dismiss Health Sec Wes Streeting after leadership plot speculation. Streeting pledges support as a fragile truce holds, and ministers are told to focus on delivery. A dismissal is viewed as likely to deepen internal instability within government.

The PM rejected calls to resign amid a Labour leadership crisis, moving to calm MPs as cabinet ministers rallied round. Allies accused Wes Streeting of exacerbating tensions, which he denied. A setback from the Scottish leader added pressure on No 10.