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Last Trade - 07/05/21

Sector
Financials
Size
Mid Cap
Market Cap £492.5m
Enterprise Value £491.5m
Revenue £n/a
Position in Universe 3231st / 6858

UPDATE 1-Trian Fund Management takes 9.9% stakes in Invesco, Janus Henderson

Fri 2nd October, 2020 3:52am
(Adds details, company response)
    By Svea Herbst-Bayliss and Praveen Paramasivam
    Oct 1 (Reuters) - Activist investment firm Trian Fund
Management LP has taken a 9.9% stake each in asset management
firms Invesco Ltd  IVZ.N  and Janus Henderson Group Plc  JHG.N ,
totaling about $900 million, people familiar with the matter
said.
    Trian, founded by Nelson Peltz, Ed Garden and Peter May, has
experience in pushing for better returns at asset management
companies at a time when many of the smaller players are
struggling to stay relevant with giants like Vanguard and
BlackRock  BLK.N  controlling the bulk of the industry's assets.
    The Wall Street Journal first reported the stakes and said
they were funded with capital from a long-term portfolio that
Trian has built to help facilitate consolidation in the asset
management industry.
    Representatives for Invesco and Janus Henderson said each
company was committed to delivering value for shareholders.
    A Janus Henderson spokesman said the firm was informed about
the Trian stake on Thursday and that it continues to "make
significant progress to increase profitability, drive organic
growth, and identify and deliver cost savings."
     An Invesco spokeswoman said: "We continuously evaluate
opportunities to further strengthen our ability to meet client
needs and enhance long-term shareholder value."
    Trian could not be reached for comment.
    The asset management industry has been shaped by a recent
wave of  consolidation as investors prefer to put money into
cheaper index funds instead of more expensive actively managed
portfolios.
    Earlier this year, Franklin Resources  BEN.N , known for its
Franklin Income Fund, bought rival Legg Mason, where Trian had
invested for the second time in early 2019.
    Invesco bought OppenheimerFunds last year.
    Trian often wins board seats at its target companies and had
seats on the Legg Mason board. It has previously owned stakes in
Bank of New York Mellon  BK.N  and State Street  STT.N  and
recently announced a stake in cable giant Comcast Corp
 CMCSA.O , saying its stock was undervalued.

 (Reporting by Svea Herbst-Bayliss in Boston and Praveen
Paramasivam in Bengaluru; Editing by Rashmi Aich and Ana
Nicolaci da Costa)
 ((Praveen.Paramasivam@thomsonreuters.com;))
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