• BlackRock, but specializing in actively managed investment funds.
• T. Rowe Price, but with a broader international client base.

Janus Henderson's major services include:

• Equity Strategies: Manages portfolios primarily invested in stocks across various geographies and market capitalizations, aiming for capital appreciation or income.
• Fixed Income Strategies: Manages portfolios primarily invested in bonds and other debt instruments, focusing on income generation, capital preservation, and risk management.
• Multi-Asset Strategies: Constructs diversified portfolios by combining different asset classes, such as equities, fixed income, and alternatives, to achieve specific risk-adjusted returns.
• Alternative Strategies: Manages investments in non-traditional asset classes like real estate, private equity, commodities, and hedge funds, seeking diversification and uncorrelated returns.

Janus Henderson (symbol: JHG) is a global asset manager that primarily sells its investment management services to other companies and institutional clients.

Due to the confidential nature of client relationships and the diverse, extensive number of clients (thousands of institutional investors and financial intermediaries globally), Janus Henderson does not publicly disclose the names of its specific major customers.

However, its major customer categories, representing "other companies" or entities, include:

• Institutional Clients: This category comprises large organizations and entities such as public and corporate pension funds, sovereign wealth funds, endowments, foundations, and insurance companies. These clients delegate the management of significant portions of their assets to Janus Henderson.
• Intermediary/Wholesale Clients: These are financial firms that act as conduits to individual investors. This category includes global financial institutions, wealth management firms, broker-dealers, and independent financial advisors who utilize Janus Henderson's investment funds and strategies for their own client base.

• SimCorp A/S (SIM)

Ali Dibadj, Chief Executive Officer

Ali Dibadj joined Janus Henderson in June 2022 as Chief Executive Officer and executive director. He leads the firm's Executive Committee and is responsible for its strategic direction, overall management, and performance. Before joining Janus Henderson, Mr. Dibadj held multiple roles at AllianceBernstein (AB), including CFO/head of finance and strategy from 2020 to 2022, equities portfolio manager from 2017 to 2022, and senior analyst from 2006 to 2020. Prior to AB, he spent nearly a decade in management consulting at McKinsey & Company and Mercer, and worked for the law firm Skadden, Arps, Slate, Meagher & Flom LLP. He currently serves as a director and member of the Audit and Sustainability Committees for Sysco Corporation. Mr. Dibadj has 28 years of financial industry experience. He is noted to engage in discussions about partnerships and acquisitions, such as with Victory Park Capital, which specializes in private credit asset-backed lending and became part of the Janus Henderson family.

Roger Thompson, Chief Financial Officer

Roger Thompson is the Chief Financial Officer at Janus Henderson, a position he has held since joining Henderson (now Janus Henderson) in 2013. He is also a member of the Executive Committee. Prior to Janus Henderson, Mr. Thompson was at J.P. Morgan Asset Management, where his roles included global chief operating officer, head of UK, and international CFO. He held a variety of roles at J.P. Morgan, working in Tokyo, Singapore, and Hong Kong. He trained as an accountant with PricewaterhouseCoopers. Mr. Thompson is a chartered accountant and has 33 years of financial industry experience. It has been announced that Sukh Grewal will succeed him as CFO, effective April 1, 2026.

Larry Cohen, Chief Transformation & Operating Officer

Larry Cohen joined Janus Henderson in 2025 as Chief Transformation & Operating Officer. In this role, he oversees operations, enterprise transformation, and business change management, and is a member of the Executive Committee. Before joining Janus Henderson, Mr. Cohen held global head of technology and operations roles at Lazard Asset Management from 2022 and AllianceBernstein from 2004. Earlier in his career, he served in managing director roles at UBS from 2002, Goldman Sachs from 1999, and Deutsche Bank from 1997.

Megan Podzorov, Chief People Officer

Megan Podzorov is the Chief People Officer at Janus Henderson, leading the firm’s People department, including global compensation, employee benefits, talent acquisition, people analytics, HR Business Partners, and talent development. She joined the firm in 2023 as global head of total rewards & human resources operations. Prior to Janus Henderson, Ms. Podzorov was senior vice president of compensation benefits & human capital operations at AllianceBernstein (AB) starting in 2020. Before AB, she held several roles at Ally Bank from 2010, most recently as senior director of financial compensation from 2016.

William (Bill) Cassidy, Chief Technology Officer

William (Bill) Cassidy serves as the Chief Technology Officer at Janus Henderson Investors, a position he has held since 2024. He is responsible for all aspects of the global technology program, including developing future technology strategy and fostering innovation across the firm. Mr. Cassidy has 32 years of financial industry experience.

The key risks to Janus Henderson's (JHG) business are primarily linked to market dynamics, intense competition, and the evolving regulatory landscape.

1. Dependence on Assets Under Management (AUM) and Investment Performance: Janus Henderson's financial results are highly dependent on the value, composition, and relative investment performance of its investment products. Any decrease in the value, relative investment performance, or amount of AUM will cause a decline in revenue and negatively impact operating results and financial condition. AUM can decline due to various factors, many of which are not under the company's control, such as downturns in equity and fixed income markets. Poor investment performance relative to benchmarks or peers can lead to the loss of existing assets and affect the ability to attract new ones.
2. Competitive Pressure in a Mature Market and Shift to Passive Investing: The investment management industry is highly competitive, with numerous firms offering similar services. Janus Henderson faces ongoing challenges from client migration to passive products and digital platforms, which can threaten revenue growth, competitiveness, and long-term client retention. Consolidation within the financial services industry can also adversely affect relationships with third-party distributors and increase distribution costs. The company has also struggled with growth as active asset management faces threats from the rise of passive funds.
3. Regulatory and Legal Risks: The financial industry is subject to continuous and evolving regulatory changes, including a growing focus on environmental, social, and governance (ESG) factors and climate-related disclosures. Failure to adequately address these concerns could result in client attrition and increased compliance costs.

The increasing sophistication and adoption of Artificial Intelligence (AI) in investment management, potentially leading to AI-driven strategies that challenge the alpha generation capabilities and cost structures of traditional human-led active management.

Janus Henderson (symbol: JHG) operates within the global asset management industry, offering products and services across several main asset classes. The addressable markets for their key offerings are as follows:

• Overall Asset Management: The global asset management market reached a record $128 trillion in assets under management (AuM) in 2024 and is projected to grow to approximately $164.5 trillion by the end of 2025.
• North America leads this market with over $63.8 trillion in AUM in 2025.
• Europe follows with approximately $47.2 trillion in AUM in 2025.
• Asia-Pacific is a fast-growing region, reaching $32.5 trillion in AUM in 2025.
• Equities: The global equity market capitalization was approximately $126.7 trillion in 2024.
• The U.S. equity market constitutes a significant portion, valued at roughly $60.1 trillion in 2025, representing about 42.5% of the global total.
• The European Union's equity market capitalization reached $12.1 trillion in Q2 2024, accounting for 11% of the global market.
• Fixed Income: The global fixed income markets outstanding amounted to $145.1 trillion in 2024. This market is estimated to reach $153.39 trillion in 2025.
• The U.S. fixed income market accounts for approximately 40% of the global debt securities outstanding, totaling over $51 trillion.
• The European Union represents the third-largest bond market globally, accounting for 20% of corporate and government bonds worldwide.
• Multi-Asset: Global multi-asset strategies' assets under management (AUM) reached about $16 trillion in 2023, representing approximately 13% of the global asset management industry.
• Alternatives: The global alternatives industry had $16.8 trillion in assets under management (AUM) at the end of 2023. This is forecasted to grow to $29.2 trillion by 2029 and is on track to exceed $30 trillion by 2030.
• Private equity is projected to remain the largest segment, with AUM potentially more than doubling from $5.8 trillion at the end of 2023 to $12.0 trillion by 2029.
• Exchange Traded Funds (ETFs): The global ETF market's assets under management (AUM) were around $13 trillion as of May 2024 and are projected to reach $20 trillion by 2028.
• The U.S.-listed ETF market holds approximately $9 trillion in assets as of May 2024, representing nearly 70% of the global ETF AUM.
• ETFs are projected to make up 37.8% of the total managed asset market globally in 2025.
• Mutual Funds: While often categorized by underlying asset class (equities, fixed income, multi-asset), the broader market for passive mutual funds and ETFs in the U.S. equity fund market was nearly 60% as of May 2024. Global passive equity fund net assets surpassed actively managed funds for the first time at the end of 2023, with $15.1 trillion in passive funds and $14.3 trillion in active funds.

Janus Henderson Group (JHG) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives and market dynamics:

1. Positive Net Flows and Organic Growth: Janus Henderson has demonstrated consistent positive net flows and a strong organic growth rate, indicating an expanding client base and increasing assets under management (AUM). This trend is expected to continue contributing to higher management fees and performance fees.

2. Expansion in Private Markets and Alternatives: The company is strategically expanding its presence in private markets and alternative investment sectors. This includes forming partnerships, such as with Privacore, CNO Financial Group, and Victory Park Capital, and launching new products. Diversification into these higher-fee asset classes is expected to enhance revenue streams.

3. New Product Launches, particularly ETFs and Tokenized Funds: Janus Henderson is actively launching new exchange-traded fund (ETF) products and is a prominent provider of tokenized funds globally. This innovation in product offerings, especially in rapidly growing digital finance segments, is projected to boost AUM and revenue.

4. Strategic Partnerships: Key strategic partnerships, such as the multifaceted agreement with The Guardian Life Insurance Company of America to manage a substantial fixed income portfolio, have resulted in significant net inflows and expanded institutional revenue streams. Further strategic alliances are expected to continue this growth.

5. Operational Efficiencies and Digital Transformation: The multi-year migration to BlackRock's Aladdin investment management system, while incurring temporary cost increases in 2026 and 2027, is anticipated to yield substantial operational improvements, efficiencies, and an attractive return on investment starting in 2028. These long-term efficiencies can support margin expansion and sustainable revenue growth.

Share Repurchases

• Janus Henderson repurchased approximately $1.49 billion in shares from December 2020 to June 2025.
• The company's Board approved a US$200 million on-market share repurchase program.
• In the third quarter of 2025, US$129 million was returned to shareholders through dividends and share buybacks.

Share Issuance

• Janus Henderson issued 0.1 million shares in the fourth quarter of 2024 and another 0.1 million shares in the first quarter of 2025.