Henderson Group and Janus Capital have announced a merger creating a combined business worth around $6bn (£4.7bn).
The combined group will be branded Janus Henderson Global Investors and will have total assets under management of $320bn.
In a market announcement, the companies say Janus’ strength in US markets will work with Henderson’s strength in UK and European markets “to create a truly global asset manager with a diverse geographic footprint which closely matches the global fund management industry.”
The combined business is expecting to generate annual cost savings of at least $110m. It will have around 2,300 employees based in 29 locations.
It will be led by Henderson chief executive Andrew Formica and Janus chief executive Dick Weil, who will both act as joint chief executives of the combined group.
The executive team will include the following changes:
- Janus head of investments Enrique Chang will become global chief investment officer
- Henderson global head of distribution Phil Wagstaff will become global head of distribution
- Janus president Bruce Koepfgen will become head of North America
- Henderson executive chairman for pan Asia Rob Adams will become head of Asia Pacific
- Janus chief financial officer Jennifer McPeek will become chief operating and strategy officer
- Henderson chief financial officer Roger Thompson will become CFO
- Janus chief compliance officer David Kowalski will become chief risk officer
- Henderson’s general counsel and company secretary Jacqui Irvine will become group general counsel and company secretary
Henderson chief executive Andrew Formica 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.”
Janus chief executive Dick Weil says: “This is a transformational combination for both organizations.
“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.”