Janus Henderson merger completes

Andrew Formica and Richard Weil are co-CEOs of Janus Henderson

Henderson Global Investors has cancelled its listing on the London Stock Exchange as its merger with Janus completes today.

Janus Henderson, which will be the name of the merged firm, will now list its shares on the New York Stock Exchange. Henderson’s securities will continue to trade on the Australian Securities Exchange.

The firm, which has a total market capitalisation of $6bn (£4.6bn), will be headquartered in London and will keep the US office of Janus in Denver.

In October, Henderson and Janus announced they were to merge to create a company with $320bn assets under management.

As at 31 March, total assets are at $331bn.

Janus Henderson’s co-chief executive officer Andrew Formica says: “At our core, Janus Henderson is focused on delivering for our clients.  Our work together since announcement has reinforced our shared culture and aligned business goals.  The breadth and depth of investment professionals and the broad array of talented colleagues gives us an enviable position to meet our clients’ needs.”

The firm expects a pre-tax net cost synergies of “at least” $110m, the firm says.

Co-chief executive Dick Weil says: “The combined firm, Janus Henderson, creates a truly global active asset manager that is well positioned to succeed in the investment marketplace, with expanded product suites, greater financial strength and better talent, benefiting our clients, shareholders and employees.”

New board confirmed

The firm confirmed the board will be made of 12 directors with Henderson’s chairman Richard Gillingwater as chairman of the new firm. Glenn Schafer, chairman at Janus, will be Gillingwater’s deputy.

Meanwhile, Roger Thompson and Phil Wagstaff, who resigned from Henderson’s board in March, will continue as chief financial officer and global head of distribution, respectively, as well as members of the Janus Henderson executive committee.

The firm also announced Billie Williamson, Deborah Gatzek, J. Richard Fredericks and Arnold Pinkston will resign from the board of Janus. Henderson’s Timothy How, Robert Jeens also resigned from Henderson’s board two months ago.

Janus Henderson board of directors

Richard Gillingwater – Chairman
Glenn Schafer – Deputy Chairman
Andrew Formica – Co-Chief Executive Officer
Richard Weil – Co-Chief Executive Officer
Sarah Arkle – Non-Executive Director
Kalpana Desai – Non-Executive Director
Jeffrey Diermeier – Non-Executive Director
Kevin Dolan – Non-Executive Director
Eugene Flood Jr. – Non-Executive Director
Lawrence Kochard – Non-Executive Director
Angela Seymour-Jackson – Non-Executive Director
Tatsusaburo Yamamoto – Non-Executive Director