V Keshavdev

The global asset management industry is ending the year with one of the biggest consolidation deals. Trian Fund Management, owned by activist hedge fund manager Nelson Peltz, and venture firm General Catalyst are taking over investment firm, Janus Henderson, for $7.4 billion in an all-cash deal. The investor group includes strategic investors Qatar Investment Authority and Sun Hung Kai & Co. Limited, among others.

The London-based Janus Henderson, which is listed on the New York Stock Exchange, as of September 30, 2025, had $484 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. Incidentally, Janus Henderson itself was formed in May 2017 through the merger of Janus Capital and Henderson Group, a deal intended to create an asset management giant. Founded in 2005, Trian Fund Management is a multi-billion dollar investment management firm.

The Janus deal could also mark the beginning of an M&A phase as active asset managers face an existential challenge with passive investing continuing to capture market shares amid shrinking fees. For firms in the middle, which lack heft of BlackRock or Vanguard, going private could well be the answer to survival.

According to a study by the Thinking Ahead Institute, the global asset management industry had close to $140 trillion in assets under management with passive management accounting for 39% and active management drops making up for the remainder 61%.

A report by Citi and CREATE-Research also reflected upon the challenges and structural shifts reshaping the global asset management industry. Based on insights from 269 asset managers from 26 countries managing close to $38 trillion in assets, the report revealed that over 50% of respondents cited new inflows going to mega players, the rise of passive funds, accelerating fee compression, and rising costs as key industry challenges.

As a private company Janus Henderson is expected to focus on long-term investments in technology, client services and product offerings. Nelson Peltz, CEO and founding partner of Trian, commented: “We see a growing opportunity to accelerate investment in people, technology, and clients. The partnership with General Catalyst allows us to bring our shared entrepreneurial spirit and complementary strengths across operational excellence and technological transformation to Janus Henderson.”

The deal, struck at $49 a share, marks an 18% premium to the price on October 24 before the public announcement of an initial offer. The transaction, which is expected to close in mid-2026, is subject to customary closing conditions, including approval by Janus Henderson’s shareholders.

John Cassaday, chairman of the board and chairman of the special committee, stated, “After careful review of the proposed transaction and its alternatives, we have determined that this transaction is in the best interest of Janus Henderson, its shareholders, clients, employees, and other stakeholders and delivers compelling certainty and cash value to our public shareholders at a meaningful premium to the unaffected share price.”

The deal was expected given that since 2020 Trian had built its stake in Janus to nearly 21% and had expressed its intent of creating a larger asset manager. This will be one of several transactions that Trian, which already has two representatives on the Janus board, and General Catalyst have accomplished together.

Hemant Taneja, CEO of General Catalyst, added, “We see a tremendous opportunity to partner with Janus Henderson’s leadership team to enhance the Company’s operations and customer value proposition with AI to drive growth and transform the business. We are also delighted to partner with Trian, with whom we share a long-term vision of success in creating additional value for Janus Henderson."