Janus Henderson buys Richard Bernstein Advisors to bulk up in models, SMAs

Janus Henderson is moving deeper into the model portfolio and separately managed account business with the planned acquisition of Richard Bernstein Advisors, in a deal that comes as the active manager itself prepares to go private.

The firm said Friday it has agreed to acquire 100% of Richard Bernstein Advisors, a New York-based macro, multi-asset manager overseeing about $20 billion in client assets as of January 16. The transaction is expected to close in the second quarter of 2026, subject to customary approvals. Terms were not disclosed.

Founded in 2009 by Richard Bernstein, the firm is known for its top-down, macro-driven asset allocation work and a lineup that spans ETFs, model portfolios and SMAs. Bernstein, a longtime Wall Street strategist and former chief investment strategist at Merrill Lynch, will join Janus Henderson as global head of macro and customized investing under a multi-year agreement, according to the announcement.

Janus Henderson said the purchase will put it among the top 10 model portfolio providers in North America, expanding its footprint with wirehouses and RIAs. For advisors, the move signals a push to compete more directly in a fast-growing part of the market where asset managers, TAMPs, and home offices are all jockeying for share.

“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,” chief executive Ali Dibadj said in the statement, adding that the deal will expand the firm’s model and SMA capabilities for clients.

Bernstein framed the tie-up as a way to bring more customized solutions to advisors, citing both firms’ emphasis on research and active risk management. He said RBA and Janus Henderson share “a deep research-driven approach to investing” and a “client-first mentality,” and that the combined business will focus on developing customized models and broadening distribution.

The acquisition lands just weeks after Janus Henderson agreed to a $7.4 billion buyout led by Trian Fund Management and General Catalyst, a deal that would take the asset manager private by mid-2026 if it clears shareholder and regulatory hurdles. That transaction followed years of activist pressure and a turnaround effort that has recently produced consecutive quarters of net inflows, as the firm leaned into active ETFs and private credit.

It also comes as the model portfolio market tilts further toward customization and tax-aware construction. Research from Cerulli Associates shows that nearly two-thirds of model providers now rank custom models among their top product priorities, and roughly one-third of industry model assets sit in custom arrangements, with adoption rising among RIAs. Providers are also layering in alternatives and using technology to deliver tailored portfolios at scale, often with sizable asset minimums.