|Bid||35.90 x 0|
|Ask||35.91 x 0|
|Day's Range||35.78 - 36.04|
|52 Week Range||26.11 - 38.32|
|Beta (3Y Monthly)||1.35|
|PE Ratio (TTM)||16.64|
|Forward Dividend & Yield||2.08 (5.76%)|
|1y Target Est||27.66|
Janus Henderson Investors today announced that the firm has received the 2019 Best Analytics Initiative award given at the 15th annual American Financial Technology Awards event for its Portfolio Construction & Strategy Portal, launched earlier this year.
(Bloomberg Opinion) -- The list of challenges facing asset managers today is deja vu all over again from years past: downward pressure on fees, customers switching to low-cost passive products, and increased regulation. But now, one of the balms previously proposed to soothe the industry’s pains — achieving economies of scale by bulking up — seems to be falling out of favor.McKinsey & Co. this week published a report on the European asset management industry with the title “Adapting to a new normal.” As befits a document produced by one of the world’s leading management consultancies, the study is littered with gobbledygook phrases about the benefits of “alignment of clear value propositions;” the need for “proactive and bold actions;” the prospects for “unlocking vectors of new growth;” and the demands to “seek a new narrative.”But nowhere in the report, which runs to about 2,500 words, does McKinsey recommend mergers and acquisitions as providing a potential path to salvation.That’s new. In 2018, Bain & Co., which competes with McKinsey in selling strategic advice to companies, opined that medium-sized firms faced a “valley of death” in the coming half decade that would force them to seek refuge in size via M&A. In 2017, the Boston Consulting Group came to much the same conclusion, albeit with the caveat that “growth through acquisition is a winning formula only if it achieves or consolidates a winning business model.”The perceived shortcomings of the two big mergers seen in the global asset management industry have clearly prompted a rethink about consolidation among the industry’s leaders, as well as its hangers-on.Both of the new creations — Standard Life Aberdeen Plc and Janus Henderson Group Plc — have suffered big customer outflows in the quarters following their transformations. The difficulties of merging different cultures in businesses where the key assets walk out of the door at the end of the business day proved tougher than anticipated.“We should all be more nervous, more anxious and have a greater sense of urgency,” Michelle Seitz, who oversees about $300 billion as the chief executive officer of Russel Investments Group, said about the asset management industry last month. “I don’t believe M&A is a panacea. If you have two troubled companies, putting them together means that you have bigger problems than you did before.”The McKinsey report does make one reference to previous industry consolidation, but only in the context of pointing out the “sustained” fragmentation seen among asset managers in the past decade or so. It found that while funds at both the lower and upper ends of the spectrum have grown in average size, those in the middle have seen a decline in average assets to 294 billion euros ($323 billion) from 315 billion euros in 2007.McKinsey expects European asset managers to garner net new money of just 1.5% this year, better than last year’s 0.2% growth but just half of the expansion the industry enjoyed in 2017. And while assets under management will grow to 22 trillion euros from 20 trillion in 2018, the profit pool will remain static at 17.5 billion euros.Moreover, that dismal outlook is reflected globally, with worldwide industry growth in assets under management, inflows and profits all expected to slow in the next five years.Parsing the verbiage, the McKinsey prescriptions for remedying what ails asset managers are unsurprisingly commonplace. Improving customer service, adding more sustainable investing products and becoming more efficient in order to cut costs are universal panaceas, applicable to just about any industry.Meantime, the final recommendation the consultancy firm lists — “taking the lead in using distributed ledger technology” — smacks of desperation. The blockchain is widely derided as a solution in search of a problem. If that’s the most original idea the consultants have on offer, the future of the asset management industry is truly bleak.To contact the author of this story: Mark Gilbert at email@example.comTo contact the editor responsible for this story: Melissa Pozsgay at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The Financial Conduct Authority (FCA) said on Wednesday that nearly all institutional investors at HIFL, now part of Janus Henderson, were told that the Japan and North American funds would be managed without charge because the level of active management was reduced in 2011. The FCA fine marks a step up in regulatory action across Europe on so-called 'closet tracking', where asset managers charge investors a premium for actively managing a fund's assets although portfolios are very similar to those of lower cost index-tracker funds.
LONDON-- -- Strong investment performance, with 74% and 78% of assets under management outperforming relevant benchmarks on a 3 and 5 year basis, respectively, as at 30 September 2019 Third quarter 2019 net income of US$112.1 million and adjusted net income of US$124.7 million AUM of US$356.1 billion, down 1% compared to the prior quarter, as a result of net outflows of US$3.5 billion Completed US$81 ...
Legendary investors such as Jeffrey Talpins and Seth Klarman earn enormous amounts of money for themselves and their investors by doing in-depth research on small-cap stocks that big brokerage houses don't publish. Small cap stocks -especially when they are screened well- can generate substantial outperformance versus a boring index fund. That's why we analyze the […]
Janus Henderson Group plc will announce its third quarter 2019 results on Wednesday 30 October 2019 at 4am EDT, 8am GMT, 7pm AEDT. A conference call and webcast to discuss the results will be held at 8am EDT, 12pm GMT, 11pm AEDT.
(Bloomberg Opinion) -- The merger that created Standard Life Aberdeen Plc two years ago was designed to produce an asset manager big enough to survive the existential threats facing the fund management industry. Martin Gilbert, founder of the Aberdeen side of the equation, hoped to join what he called “that $1 trillion club” by growing assets under management. The reality has been somewhat different.Standard Life Aberdeen’s current market value of 6.7 billion pounds ($8.2 billion) is about half of what it was in August 2017 when the merger was completed. Back then, the company oversaw 670 billion pounds. Outflows in every quarter since have reduced that to 577.5 billion pounds – leaving it about 30% short of the magical figure cited by Gilbert.So Wednesday’s announcement that he’s leaving the firm after more than three decades marks something of a failure for the dealmaker. Starting with what he says was “three people in one office in Aberdeen,” Gilbert brokered more than 40 deals during his career, with his fund management company qualifying for inclusion in the benchmark FTSE 100 index in 2012.His departure was perhaps inevitable after Standard Life Aberdeen made Keith Skeoch sole chief executive officer in March, abandoning the dual-CEO roles around since the merger and demoting Gilbert to vice chairman. But it must still sting.The merger was supposed to herald a wave of tie-ups in the industry as fellow mid-sized asset managers recognized the benefits of scale and sought to strengthen themselves through alliances. Apart from the creation of Janus Henderson Group Plc, though, big M&A deals have proven illusory. And even the architect of that transaction seems to have had second thoughts. “Big isn’t necessarily better,” Andrew Formica, who engineered the 2017 merger of Henderson with Janus Capital, said in August from his new position as CEO of the much smaller Jupiter Fund Management Plc.It’s impossible to verify or falsify Skeoch’s oft-repeated claim that his company is still better off than the two standalone companies would have been. But it’s fair to say that the perceived failure of the industry’s two big mergers to deliver value for shareholders has deterred others from seeking similar transactions.For his part, Gilbert says he’s “looking forward to fresh challenges in the next stage of my career.” The 64-year-old looks set to join U.K. fintech startup Revolut Ltd. Two years on, though, the biggest deal of his career looks more like a warning of the dangers of overconfidence than a roadmap for the asset management industry.To contact the author of this story: Mark Gilbert at email@example.comTo contact the editor responsible for this story: Melissa Pozsgay at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.