Trian Fund Management takes 9.9% stakes in Invesco, Janus Henderson By Reuters

Travelers Stock Rises 5% By Investing.com


© Reuters.

By Svea Herbst-Bayliss and Praveen Paramasivam

(Reuters) – Activist investment firm Trian Fund Management LP has taken a 9.9% stake each in asset management firms Invesco Ltd and Janus Henderson Group (NYSE:) Plc, 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 (NYSE:) 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 (NYSE:) , known for its Franklin Income Fund, bought rival Legg Mason (NYSE:), 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 (NYSE:) and State Street (NYSE:) and recently announced a stake in cable giant Comcast Corp (NASDAQ:), saying its stock was undervalued.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME