Shroders shareholders on Thursday approved a £9.9bn ($13.4bn) sale of the British investment manager to US rival Nuveen.

An overwhelming majority of shareholders at the Schroders general meeting in London backed the takeover, with 99.9% votes cast in favour of the deal, far exceeding the 75% approval threshold.

The combined entity is expected to result in one of the biggest active asset managers globally, with over $2trn in assets under management.

When the deal was announced in mid-February of this year, Schroders shares jumped 30% following the cash offer of 590p per share and 22p per share in dividends.

Schroders is to retain its brand and its London office, which will serve as the combined group’s non-US headquarters with roughly 3,100 staff based there.

The approval was ​widely expected to pass after securing the backing of Schroders’ ​founding family, which owns 42% of the firm.

The firm also announced on Thursday an increase in client withdrawals last month due to market volatility sparked by the Iran war.