Activist investor Trian proposes board changes at Janus Henderson -filing

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BOSTON, Nov 16 (Businesshala) – Trian Fund Management LP has proposed to move the board in asset management firm Janus Henderson Group, where the active investment firm now holds a 15.43% stake, according to a regulatory filing made on Tuesday.

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Trian, moderated by Nelson Peltz, Edward Garden and Peter May, said in the filing that he is talking with the board and management about strategic and operational changes that could help boost the share price.

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“As part of those discussions, the reporting persons have proposed changes to the composition of the board, including the addition of independent directors unrelated to the reporting persons,” the filing said.

Representatives for Tryon and Janus Henderson were not immediately available to comment.

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Tryon has long pushed for more consolidation in the asset management industry and a year ago unveiled a roughly 10% stake in Janus Henderson, as well as a roughly 10% stake in asset manager Invesco. Since then, Tryon has increased its stake in Janus Henderson and said it bought more shares between October 5, 2021 and November 16, 2021, to reach its current 15.43% stake.

Janus Henderson itself was part of a wave of asset management industry consolidation when it was created in 2017 through the merger of Janus Capital and Henderson Global Investors. The company has a 10-member board.

Janus Henderson, one of the largest asset managers in the industry, oversees assets worth $419 billion, compared to the roughly $10 trillion that BlackRock oversees. Its share price has climbed 70% over the past 12 months and closed Tuesday at $46.30.

Tryon previously held a stake in asset manager Leigh Mason, where Peltz served on the board before being acquired by the company’s rival, Franklin Templeton. Trian is known for making operational changes on its goals, including mergers or sales, but it often tries to stay out of the limelight with management.

Reporting by Svea Herbst-Bellis; Editing by Stephen Coates

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