Janus and Henderson merger (2017)
Denver-based Janus Capital and London-based Henderson Group merged as equals to form Janus Henderson. The goal was scale: a bigger firm to compete in active fund management and cut costs.
The combined firm listed on the NYSE with roughly $330 billion in assets and a transatlantic footprint.
Scale alone did not stop years of client outflows, leaving the firm open to activist pressure from Trian.
The 2017 merger created the company Trian is now buying, and shows scale did not solve the active-management squeeze.
