Trian Fund Management and General Catalyst Group have submitted a joint proposal to acquire Janus Henderson Group, taking the UK asset manager private.
Known for being an activist investor, hedge fund Trian holds approximately US$6.3 billion in assets under management. Venture capital firm General Catalyst has previously invested in companies including AIM, Anthropic and Mosaic.
Trian has been invested in Janus Henderson since October 2020, and holds 16.7% of the firm’s outstanding common stock. If accepted, the remaining ordinary shares not currently held or controlled by Trian will be acquired for US$46 per share in a cash deal.
This represents a more than 56% premium on the shares’ price as of April 2025. The overall offer of US$7.2 billion values Janus Henderson at more than 9.5 times its trailing 12-month earnings, as of June 2025.
In Q2 2025, Janus Henderson reported US$457 billion in assets under management.
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The firms’ letter to the SEC stated, “Trian Management and General Catalyst stated they believed the Issuer has an opportunity to enhance client’s experience and further its strategy by significantly increasing long-term investment in the Issuer’s product offerings, client service capabilities, technology and talent.
“Trian Management and General Catalyst further indicated that they believe these investments can more effectively be done free from the constraints of operating as a public company.”
