JANUS HENDERSON GROUP Business Summary

Janus Henderson Group PLC (JHG) is a global active asset manager that generates revenue primarily through tiered management fees based on Assets Under Management (AUM) and performance-linked incentives. The firm’s business is structured around four core investment pillars—Equities, Fixed Income, Multi-Asset, and Alternatives—serving a diverse client base across retail, institutional, and self-directed channels. As of year-end 2025, JHG reported approximately $493 billion in AUM, reflecting strategic expansion into model portfolios and private credit via the acquisitions of Richard Bernstein Advisors and Victory Park Capital. Positioned as a specialized active manager, JHG competes directly with industry leaders such as BlackRock, Franklin Templeton, and Invesco, maintaining a distinct market niche by focusing on high-conviction alpha generation and "active savings" solutions in a landscape increasingly bifurcated between low-cost passive providers and boutique alternatives. The company was established through the 2017 merger of Janus Capital Group and Henderson Group and is currently led by Chief Executive Officer Ali Dibadj, who joined in 2022 from AllianceBernstein. The leadership team includes Chief Financial Officer Roger Thompson (scheduled to retire in March 2026, with Sukh Grewal named as successor), Chief Technology Officer William Cassidy, and Chief Transformation & Operating Officer Larry Cohen. The firm is governed by a board chaired by John M. Cassaday and is currently undergoing a significant transition following a December 2025 definitive agreement to be acquired and taken private by Trian Fund Management and General Catalyst for approximately $7.4 billion. This deal, backed by major investors including the Qatar Investment Authority, underscores the influence of Trian founder Nelson Peltz, who has been a pivotal shareholder and board member driving the firm's recent consolidation and AI-led transformation strategy.