Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Activist investor Trian proposes board changes at Janus Henderson -filing

Published 11/16/2021, 06:44 PM
Updated 11/16/2021, 06:52 PM
© Reuters. FILE PHOTO: The Trian Group's Nelson Peltz (L), Edward Garden (C) and Peter May leave the H.J. Heinz Co. annual shareholder's meeting in Pittsburgh, Pennsylvania August 16, 2006. REUTERS/Jason Cohn

© Reuters. FILE PHOTO: The Trian Group's Nelson Peltz (L), Edward Garden (C) and Peter May leave the H.J. Heinz Co. annual shareholder's meeting in Pittsburgh, Pennsylvania August 16, 2006. REUTERS/Jason Cohn

By Svea Herbst-Bayliss

BOSTON (Reuters) - Trian Fund Management LP has proposed shaking up the board at asset management firm Janus Henderson Group (NYSE:JHG) where the activist investment firm now owns a 15.43% stake, according to a regulatory filing made on Tuesday.

Trian, run by Nelson Peltz, Edward Garden and Peter May, said in the filing that it is speaking with the board and management about strategic and operational changes that could help boost the share price.

"As part of those discussions, the Reporting Persons have proposed changes to the composition of the Board, including the addition of independent directors unaffiliated with the Reporting Persons," the filing said.

Representatives for Trian and Janus Henderson were not immediately available to comment.

Trian has long pushed for more consolidation in the asset management industry and unveiled a roughly 10% stake in Janus Henderson as well as a roughly 10% stake in asset manager Invesco a year ago. Since then, Trian has raised its stake in Janus Henderson and said it bought more shares between Oct. 5, 2021 and Nov. 16, 2021 to reach its current 15.43% stake.

Janus Henderson was itself part of a wave of asset management industry consolidation when it was created in 2017 through a merger of Janus Capital and Henderson Global Investors. The company has a 10-member board.

© Reuters. FILE PHOTO: The Trian Group's Nelson Peltz (L), Edward Garden (C) and Peter May leave the H.J. Heinz Co. annual shareholder's meeting in Pittsburgh, Pennsylvania August 16, 2006. REUTERS/Jason Cohn

Janus Henderson oversees $419 billion in assets compared with the roughly $10 trillion in assets overseen by BlackRock (NYSE:BLK), one of the industry's biggest asset managers. Its stock price has climbed 70% in the last 12 months and closed at $46.30 on Tuesday.

Trian previously owned a stake in asset manager Legg Mason (NYSE:LM) where Peltz served on the board before the company was acquired by rival Franklin Templeton. Trian is known to push for operational changes at its targets, including mergers or sales, but it often tries to engage with management out of the limelight.

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.