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Portfolio > Asset Managers

Janus Henderson CEO to Retire

By Bernice Napach

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What You Need to Know

  • Weil has been the sole CEO of Janus Henderson since July 2018 and co-CEO before that, starting in May 2017.
  • His departure from Janus Henderson could pave the way for the firm to be acquired.
  • Trian Fund Management has been targeting the firm for a possible merger or acquisition and has a 15%-plus stake.

Janus Henderson Group has announced that Chief Executive Officer Dick Weil will be retiring as of March 31. He will assist in the search for a replacement and will serve as an adviser to the asset manager through June 30 to “ensure a seamless transition,” according to a press release.

In a statement, Weil said “now is the right time to begin the search for a new CEO who will continue the journey of growth that the firm is on.” He added that has “full confidence” in his colleagues and their ceaseless dedication to delivering excellence.”

Weil became the sole CEO of Janus Henderson in July 2018 after serving as co-CEO with Andrew Formica following the merger of Denver-based Janus Capital Group in 2017 with London-based Henderson Group. (At the time Weil was CEO of Janus and Formica the CEO of Henderson Group.) In addition to his CEO role, Weil heads Janus Henderson’s executive committee and is a member of its board.

The firm, which has $419 billion in assets under management, has been a target for activist investor Trian Fund Management, headed by Nelson Peltz, Edward Garden and Peter May. Train acquired a 9.9% stake in Janus Henderson and Invesco in October 2020, fueling rumors that Train was planning on an Invesco takeover of Janus Henderson.

Since then, Trian’s stake in Janus Henderson has grown to 15.43%,  according to a recent SEC filing,  and it has proposed board changes at Janus Henderson, like adding non-affiliated independent directors. According to a Wall Street Journal report in September, Invesco was in talks to acquire State Street’s asset management business.

Weil’s departure could make it easier for Trian or another firm to acquire Janus Henderson, which has suffered $84 billion in outflows since the beginning of 2017, according to the Financial Times.

In his statement, Weil said he was “incredibly proud of all that our team has achieved over my 12 years with the company,” having “built a strong operational and financial foundation, extended our product offering, created significant value for our clients and our shareholders alike, and successfully positioned the company for future growth.”

Board Chairman Richard Gillingwater said the board is focusing on identifying a leader “who can build on our success to date, and who has the relevant skills and expertise to enable us to realize our growth opportunities, expand into new markets and products and continue to drive value for our clients and shareholders.”

Bernice Napach

@Think_Napach

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