Janus Henderson Group announced Friday that it has agreed to acquire the $20 billion investment management firm Richard Bernstein Advisors.
The acquisition aims to position Janus Henderson as a leading model portfolio and separately managed account provider, according to the announcement, leveraging RBA’s capabilities as a research-driven, multi-asset investment manager.
RBA was founded in 2009 by Richard Bernstein and is headquartered in New York. It focuses on longer-term investment strategies that combine top-down, macroeconomic analysis and quantitatively driven portfolio construction.
Through the deal, Bernstein will join Janus Henderson as global head of macro and customized investing and enter into a multi-year agreement with the company to lead “the next phase” of RBA’s growth.
At the completion of the transaction, expected during the second quarter of this year, Janus Henderson will rank among the top 10 largest model portfolio providers in North America. In addition, the firms say, RBA’s expertise in model and SMA distribution will allow Janus Henderson to strengthen its distribution capabilities, including with wirehouses and registered investment advisors.
Janus Henderson CEO Ali Dibadj said in a statement that client demand for model portfolios and SMAs continues to accelerate across the industry.
“We are very excited to announce this strategic acquisition of RBA, which will allow us to expand our investment capabilities for our clients, amplifying our existing model portfolio and SMA offerings,” Dibadj said. “We believe the investment and distribution capabilities at both RBA and Janus Henderson is a winning combination.”
Bernstein said his team is “delighted” to join Janus Henderson and optimistic about accelerating growth for the combined organization.
“We will remain steadfast in providing our clients with our industry-leading intellectual capital and market perspectives,” Berstein said. “Our macro investment approach will complement Janus Henderson’s bottom-up, fundamental investment strategies, expanding our combined capabilities for the benefit of our clients.”
Separately, Janus Henderson Group announced in December that it had entered into an agreement to be acquired by Trian Fund Management and General Catalyst Group Management through an all-cash transaction valued at approximately $7.4 billion. The deal is expected to close in mid-2026.
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