The asset managers Janus Capital Group and Henderson Group have stated that they had agreed to merge through an exchange of shares. The deal would create a company worth about $6 billion and with about $320 billion of assets under management, to be called Janus Henderson Global Investors.
Each share in Janus, which has a market capitalization of about $2.61 billion, would be exchanged for 4.7190 new Henderson shares, giving Henderson shareholders about 57 percent of the new company.
“This is a transformational combination for both organizations,” Dick Weil, the chief executive of Janus, said in a news release. “Janus brings a strong platform in the U.S. and Japanese markets, which is complemented by Henderson’s strength in the U.K. and European markets.”
The companies also said that as a combined asset manager they would be more stable through market cycles and would have greater geographic reach. They said the merger would also create savings on operations.
Janus, which became home to William H. Gross after he left Pimco, had about $195 billion of assets under management and exchange-traded products as of June 30. Henderson had about 95 billion pounds, or about $123 billion, of assets under management at the end of June.
Together they will apply to trade on the New York Stock Exchange, but will also keep Henderson’s listing on the Australian Securities Exchange.
Dai-ichi Life, the Japanese insurer that is Janus’s largest shareholder, will vote in favor of the merger and will hold about 9 percent of the combined company, according to the news release.