Janus Henderson CEO to exit as Peltz's Trian seeks changes

Janus Henderson CEO to exit as Peltz's Trian seeks changes
Chief Executive Dick Weil, who was instrumental in the 2017 merger of Janus Capital and Henderson Group, will retire at the end of March.
NOV 18, 2021
By  Bloomberg

Janus Henderson Group said Chief Executive Dick Weil will retire at the end of March as the asset manager comes under increased pressure from Nelson Peltz’s Trian Fund Management to improve performance.

Weil, 58, who was instrumental in the 2017 merger of Janus Capital Group Inc. and Henderson Group to create the global money manager, also will step down as a member of the company’s board in March and remain an adviser through June, the London-based company said Thursday. The board started an internal and external search for a successor.

“We don’t know who an internal candidate might be at this time, and with a CEO search underway, it could be some time before the company will embark on substantive new initiatives,” Keefe Bruyette & Woods analysts Robert Lee and Margo Rybeck wrote in a note to clients after the announcement.

New York-based Trian, which is Janus’s largest shareholder, with a 15.4% stake, said in a regulatory filing this week that it’s engaged in discussions with the company’s board and management. Trian said it’s proposed several strategic and operational changes at Janus, including adding new independent directors, in an effort to improve the firm’s performance.

Janus shares rose 2.4% at 10:59 a.m. in New York. They’ve gained 43% this year.

Women in the advice industry

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.