Here are 1-3 brief analogies for Janus Henderson (JHG):

• It's like Fidelity or Vanguard, managing a wide array of investment funds and portfolios for clients.
• Think of it as an asset manager akin to BlackRock, investing client money across public markets, real estate, and private equity.

• Separate Account Management: Janus Henderson manages customized equity and fixed income portfolios tailored for institutional and high net worth clients.
• Mutual Funds: The firm offers a range of pooled investment vehicles, including equity, fixed income, and balanced funds, for various client segments.
• Alternative Investment Management: Janus Henderson provides investment management services for less traditional asset classes such as real estate and private equity.

Janus Henderson (JHG) primarily serves three categories of clients for its asset management services:

• Institutional Clients: These are organizations such as pension funds, endowments, foundations, corporations, and sovereign wealth funds that entrust Janus Henderson with managing significant pools of assets.
• Retail Clients: Individual investors who access Janus Henderson's investment products, typically through mutual funds or other pooled investment vehicles.
• High Net Worth Clients: Affluent individual investors who receive personalized investment solutions and wealth management services from Janus Henderson.

Ali Dibadj, Chief Executive Officer

Ali Dibadj has served as Chief Executive Officer of Janus Henderson Group since June 2022. Prior to joining Janus Henderson, he held several leadership roles at AllianceBernstein (AB), including Chief Financial Officer and Head of Strategy from 2020 to 2022, Equities Portfolio Manager from 2017 to 2022, and Senior Analyst from 2006 to 2020. During his tenure as a senior research analyst at Bernstein Research Services, he was recognized as the number one analyst twelve times by Institutional Investor. Before his time at AllianceBernstein, Mr. Dibadj spent nearly a decade in management consulting with firms such as McKinsey & Company and Mercer, and also worked at the law firm Skadden, Arps. He currently serves on the Boards of Sysco Corporation and the Young People's Chorus.

Roger Thompson, Chief Financial Officer

Roger Thompson has been the Chief Financial Officer at Janus Henderson since 2013. He is slated to retire as CFO on March 31, 2026. Before his role at Janus Henderson, Mr. Thompson worked at J.P. Morgan Asset Management, where his positions included global chief operating officer, head of the UK, and international CFO. He is a chartered accountant who trained with PricewaterhouseCoopers and possesses 34 years of financial industry experience.

Sukh Grewal, Incoming Chief Financial Officer and Head of Strategy & Corporate Development

Sukh Grewal is appointed to succeed Roger Thompson as Chief Financial Officer, effective April 1, 2026. He currently serves as the Head of Strategy & Corporate Development at Janus Henderson, a role he has held since 2022. In this capacity, Mr. Grewal has been key in advancing the firm's strategic roadmap and executing successful corporate partnerships and acquisitions, including those of Tabula, NBK Capital Partners, and Victory Park Capital. Prior to joining Janus Henderson, Mr. Grewal was Director of Strategy and Corporate Development at AllianceBernstein, and also held roles at Apollo Global Management and Guggenheim Partners. His experience at Apollo Global Management, a private equity firm, is noteworthy.

Larry Cohen, Chief Transformation & Operating Officer

Larry Cohen joined Janus Henderson Investors in 2025 as the Chief Transformation & Operating Officer. He is responsible for overseeing operations, enterprise transformation, and business change management. Before his current role, Mr. Cohen held global head of technology and operations positions at Lazard Asset Management starting in 2022 and at AllianceBernstein from 2004. Earlier in his career, he held 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, having joined the firm in 2023. She leads the firm's global People department, which includes compensation, benefits, talent acquisition, people analytics, HR Business Partners, and talent development. Before her time at Janus Henderson, Ms. Podzorov was the Senior Vice President of Compensation, Benefits & Human Capital Operations at AllianceBernstein (AB) from 2020. Prior to that, she held several roles at Ally Bank, starting in 2010.

The key risks to Janus Henderson (JHG) are primarily centered around the highly competitive and evolving asset management industry, external market dynamics, and increasing regulatory burdens.

1. Intense Industry Competition and Shift Towards Passive Investing: Janus Henderson operates in a saturated market with numerous competitors, facing significant threats from the rise of passive investment strategies and the demand for customized investment vehicles. This trend challenges its traditional active management business model, leading to eroding revenue yields for high-fee equity mutual funds and a continuous need to deliver strong investment performance and innovate product offerings to remain competitive.
2. Geopolitical Risks, Market Volatility, and Economic Uncertainty: As a global asset manager, Janus Henderson's operations are exposed to various geopolitical risks, including international conflicts and economic instabilities. These factors can significantly affect financial markets, investor sentiment, and ultimately the company's assets under management (AUM) and financial performance. Inflation, market volatility, fluctuating interest rates, and global instability are consistently cited as major concerns for the asset management industry.
3. Regulatory Compliance and Evolving Tax Policies: The investment management industry is highly regulated, necessitating significant and often increasing costs for Janus Henderson to comply with various federal, state, and international laws. Furthermore, shifts in tax policy can introduce new challenges, affect the company's tax liability, and expose it to potential new tax risks, creating an uncertain regulatory landscape that requires continuous adaptation and vigilance.

The accelerating global shift of investor capital towards low-cost passive investment vehicles, particularly exchange-traded funds (ETFs) and index funds. This trend fundamentally challenges the revenue model of active asset managers like Janus Henderson by offering comparable market returns at significantly lower fees, leading to ongoing outflows from actively managed strategies.

The rapid advancement and adoption of AI-powered robo-advisors and digital wealth management platforms. These emerging technologies provide automated, highly personalized, and substantially lower-cost investment advice and portfolio management, directly competing with and potentially disintermediating Janus Henderson's traditional offerings for retail and high-net-worth clients.

Janus Henderson Group plc (JHG) operates within the global asset management market, offering a diverse range of products and services to institutional, retail, and high-net-worth clients. The addressable markets for its main products and services are substantial and are projected to continue growing across various regions.

Overall Asset Management Market

• The global assets under management (AuM) for the asset management industry reached an estimated USD 128 trillion in 2024.
• This global AuM is projected to climb from US$139 trillion in 2024 to US$200 trillion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 6.2%.
• North America remains a dominant market for global AuM, while Asia-Pacific is projected to be the fastest-growing region.
• The global asset management market size (revenue-based) was estimated at USD 458.02 billion in 2023 and is expected to reach USD 3,677.39 billion by 2030, growing at a CAGR of 36.4%.

Market by Client Type (Global)

• The retail segment is anticipated to constitute approximately 71.57% of the asset management market share in 2026.
• Total investable wealth worldwide is expected to exceed US$481 trillion by 2030.
• A significant portion of this growth (two-thirds) is expected from Mass Affluents and High-Net-Worth Individuals (HNWIs), with HNWIs growing at a CAGR of 6.5% by 2030.

Market by Product/Asset Class

Equity

• The global equity market capitalization increased by 8.7% year-over-year to reach US$126.7 trillion in 2024.
• The equity segment held the largest share in the global asset and wealth management market in 2023 and is expected to see continued significant growth.
• The stock funds segment within the mutual funds market was valued at USD 80 trillion in 2024.

Fixed Income

• Global fixed income markets outstanding increased by 2.4% year-over-year to US$145.1 trillion in 2024.
• The fixed income asset management market size is projected to grow from US$77.99 trillion in 2025 to US$122.76 trillion in 2030, at a CAGR of 9.3%.

Mutual Funds (encompassing Equity, Fixed Income, and Balanced funds)

• The global mutual fund assets under management (AUM) was valued at USD 56.2 trillion in 2022.
• The global mutual fund assets market size was worth approximately USD 67.48 trillion in 2022 and is predicted to grow to around USD 145.23 trillion by 2030, at a CAGR of roughly 10.06%.
• The mutual funds market size is expected to increase by USD 102.5 trillion, at a CAGR of 10.7% from 2025 to 2030.

Alternative Investments (including Real Estate and Private Equity)

• The global alternatives industry's Assets Under Management (AUM) is forecasted to reach US$29.2 trillion by 2029 from US$16.8 trillion at the end of 2023, with an annualized growth rate of 9.7%. It is on track to exceed US$30 trillion by 2030.
• Private markets currently exceed USD 20 trillion in AUM globally.
• The private equity market AUM is projected to more than double from US$5.8 trillion in 2023 to US$12.0 trillion by 2029, exhibiting an annualized growth rate of 12.8%.
• Global private real estate AUM is expected to grow steadily to US$2.7 trillion by 2029.

1. Expansion in Fixed Income and Active ETFs: Janus Henderson is strategically expanding its fixed-income and ETF product lines, supported by recent acquisitions and partnerships that bolster its technological capabilities. The firm has demonstrated momentum in active ETFs in the U.S. and aims to build upon this momentum internationally. Active ETFs and income strategies are identified as primary contributors to incremental revenue.
2. Growth in Higher-Fee Alternatives and Thematics/Private Markets: The company is experiencing success in higher-fee strategies, including hedge funds and thematic investments. Janus Henderson is also making progress in private markets and aims to expand its adjusted operating margin through higher-fee alternatives.
3. Sustained Positive Net Inflows and Assets Under Management (AUM) Growth: Janus Henderson has achieved positive net inflows in recent periods, signaling a reversal from previous outflows and contributing to a 1% organic growth rate in 2024. The company's AUM has shown consistent increases year-over-year and quarter-over-quarter, with a priority placed on sustaining net inflows and leveraging market conditions.
4. Strategic Partnerships and Distribution Channel Expansion: The firm is pursuing strategic partnerships, such as one with Guardian Life Insurance Company for multi-asset investment solutions and another with CNO Financial Group to accelerate the growth of Victory Park Capital. Janus Henderson aims for positive organic growth through product-mix shifts and distribution gains across U.S. wealth and EMEA platforms.

Share Repurchases

• In 2024, Janus Henderson returned US$458 million to shareholders through a combination of dividends and share buybacks.
• As part of a Board-approved US$200 million on-market share repurchase program, JHG purchased approximately 1.3 million shares for around US$53 million in the fourth quarter of 2024.
• In the second quarter of 2024, the company purchased approximately one million shares for about US$34 million, under a US$150 million share repurchase program approved in May 2024 and a previously completed US$150 million program.

Outbound Investments

• Janus Henderson completed the acquisition of Tabula Investment Management on July 1, 2024.
• Other acquisitions include NBK Capital Partners and Victory Park Capital.