Published by Institutional Asset Manager – 3rd October 2016
Anglo-Australian investment firm Henderson Group is to merge with US-based Janus Capital Group to create a combined firm with more than GBP250 billion in assets under management.
The deal is being described as a “merger of equals” although Henderson’s investors will own 57 per cent of the new Janus Henderson Global Investors company and Janus’ the remaining 43 per cent.
The merger, which will be effected via a share exchange with each share of Janus common stock exchanged for 4.7190 newly issued shares in Henderson, is expected to close in the second quarter of 2017, subject to shareholder and regulatory approvals.
The two firms say that the tie up will allow them to combine Henderson’s strength in UK and European markets with Janus’ US expertise to create a “leading global active asset manager with significant scale, diverse products and investment strategies, and depth and breadth in global distribution.”
Andrew Formica (pictured), chief executive of Henderson, says: “Henderson and Janus are well-aligned in terms of strategy, business mix and most importantly a culture of serving our clients by focusing on independent, active asset management. I look forward to working side-by-side with Dick, as we create a company with the scale to serve more clients globally, as well as the strength to meet their future needs and the growing demands of our industry.”
Dick Weil, chief executive officer of Janus, says, “This is a transformational combination for both organisations. Janus brings a strong platform in the US and Japanese markets, which is complemented by Henderson’s strength in the UK and European markets. The complementary nature of the two firms will facilitate a smooth integration and create an organisation with an expanded client-facing team and product suite, greater financial strength, and enhanced talent, benefiting clients, shareholders and employees.”
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