UPDATE 1 — Schroders names Westerman chair ahead of Nuveen deal close

Deal set to complete on October 1, with Schroders delisting in London Veteran banker Matthew Westerman to become chair of slimmed board Combined group will manage about $2.5 trillion in assets (Adds context, details in paragraphs 3 and 4-9) By Iain Withers LONDON, Sept 22 (Reuters) — British money manager Schroders has named veteran former banker Matthew Westerman as its new chair ahead of the close of its £9.9 billion ($13.3 billion) sale to US rival Nuveen, the company said on Tuesday. Schroders said the deal had cleared regulatory approvals and was set to complete on October 1, subject to a court sanction hearing. The company's shareholders — including the 222-year-old firm's founding family — have backed the transaction to create a combined group managing about $2.5 trillion, fuelling market speculation about the prospect of further deals in the fast-consolidating investment industry. Westerman will take over from chair Elizabeth Corley at the head of a slimmed-down board, which will be tasked with helping integrate the two companies. Nuveen CEO William Huffman is one of three senior executives from the acquiring US firm to join the board. Westerman joined the Schroders board.