Janus Henderson Announces Acquisition of Richard Bernstein Advisors

LONDON & NEW YORK – January 23, 2026 – Janus Henderson Group (NYSE: JHG) (“Janus Henderson” or the “Company”), a leading global asset manager, today announced it has entered into a definitive agreement to acquire 100% of Richard Bernstein Advisors (“RBA”), a research-driven, macro multi-asset investment manager. The acquisition positions Janus Henderson as a leading model portfolio and separately managed account (SMA) provider.

Founded in 2009 by Richard Bernstein and headquartered in New York City, RBA is an investment manager focused on longer-term investment strategies that combine top-down, macroeconomic analysis and quantitatively-driven portfolio construction, overseeing approximately $20 billion in client assets.1 As a widely recognized expert and thought leader in style investing and asset allocation, Richard Bernstein has over 40 years of experience on Wall Street, including as Chief Investment Strategist at Merrill Lynch & Co. RBA provides its clients with differentiated asset allocation solutions that are rooted in the firm’s intellectual capital. Richard Bernstein will join Janus Henderson as Global Head of Macro & Customized Investing and enter into a multi-year agreement with the Company to lead the next phase of RBA’s growth.

This acquisition will enable Janus Henderson to substantially enhance its position in model portfolios and SMAs. At the completion of the transaction, Janus Henderson will rank among the top 10 model portfolio providers in North America, placing it at the forefront of an industry that is well positioned for growth. In addition, RBA’s deep expertise in model and SMA distribution will allow Janus Henderson to strengthen its distribution capabilities, including with wirehouses and Registered Investment Advisors (RIAs).

Ali Dibadj, Chief Executive Officer of Janus Henderson, said, “As client demand for model portfolios and SMAs continues to accelerate across the industry, we are very excited to announce this strategic acquisition of RBA, which will allow us to expand our investment capabilities for our clients, amplifying our existing model portfolio and SMA offerings. Richard and his investment team are renowned for their research capabilities, time-tested investment strategies, and innovative top-down, macro approach to investing. We believe the investment and distribution capabilities at both RBA and Janus Henderson is a winning combination and positions Janus Henderson for long-term success and market leadership in model portfolios and SMAs.”

Richard Bernstein, Chief Executive Officer and Chief Investment Officer of Richard Bernstein Advisors, added, “We are delighted to join Janus Henderson in this next stage of RBA’s evolution. Our shared deep research-driven approach to investing, client-first mentality, strength in active ETFs and product innovation, and distribution capabilities will allow us to develop customized models and expand our reach with clients. We will remain steadfast in providing our clients with our industry-leading intellectual capital and market perspectives. Our macro investment approach will complement Janus Henderson’s bottom-up, fundamental investment strategies, expanding our combined capabilities for the benefit of our clients.”

The transaction is expected to close in Q2 2026.

Piper Sandler & Co. served as exclusive financial advisor to RBA. Vedder Price acted as legal counsel to RBA and Sheppard, Mullin, Richter & Hampton LLP acted as legal counsel to Janus Henderson.