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Janus Capital merges with Henderson Global Investors to create a $320bn giant | Janus Capital merges with Henderson Global Investors to create a $320bn giant |
(about 9 hours later) | |
Henderson Group and Janus Capital Group will merge, creating a $320bn (£250bn) money manager as both companies seek to revive asset growth and profit. | |
The merger would create a money manager, Janus Henderson Global Investors, with a combined market value of about $6bn (£4.6bn) , the Denver and London-based firms said in a statement on Monday. | |
Japanese insurer Dai-ichi Life Holdings intends to boost its stake in the combined company to at least 15 per cent, according to the statement. | |
Active managers that specialise in stock and bond picking have been losing market share to lower-fee indexers in recent years. | |
Under chief executive Richard Weil, who came to Janus in 2010, the firm has diversified through acquisitions, new fund offerings and overseas expansion, especially in Asia. | |
In 2014, Weil hired Bill Gross from Pacific Investment Management Co to manage its Global Unconstrained Bond Fund, which now has $1.4bn. | |
“This is a transformational combination for both organisations,” Mr Weil said in the statement on Monday. | |
“Janus brings a strong platform in the US and Japanese markets, which is complemented by Henderson’s strength in the UK and European markets.” | “Janus brings a strong platform in the US and Japanese markets, which is complemented by Henderson’s strength in the UK and European markets.” |
Andrew Formica, chief executive officer of Henderson, and Mr Weil will lead the merged entity together. The deal will lead to annual net cost savings of at least $110m, the companies said. | |
The deal is expected to close in the second quarter of 2017. | The deal is expected to close in the second quarter of 2017. |
The combined company will be a UK tax resident and will apply to trade on the New York Stock Exchange as its primary listing. | The combined company will be a UK tax resident and will apply to trade on the New York Stock Exchange as its primary listing. |
Henderson, named after its first client and founded in 1934, managed about £95bn ($122.6bn) as of 30 June. | |
Janus managed almost $195bn. Henderson shareholders will own 57 per cent of the new company, with 43 per cent going to Janus shareholders, according to the statement. | |
Bloomberg | |
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