Janus Henderson Announces Acquisition of Richard Bernstein Advisors

Key Terms

separately managed account (sma) financial

A separately managed account is an investment portfolio owned by a single investor and run by a professional manager who buys and sells individual securities specifically for that investor. It matters to investors because it allows tailored holdings, direct asset ownership for clearer tax treatment and transparency, and alignment with personal goals or restrictions—like hiring a personal chef instead of eating from a shared buffet—though it usually comes with higher minimums and explicit fees.

model portfolio financial

A model portfolio is a ready-made mix of investments—such as stocks, bonds and cash—put together to pursue a specific goal like growth, income or lower volatility. Investors and advisors use it as a practical blueprint to decide what to buy, how much, and when to rebalance; like a recipe that different cooks follow, it keeps strategy consistent, simplifies decisions across accounts and makes performance easier to judge.

active etfs financial

An active ETF is an exchange-traded fund that is run by a portfolio manager who makes ongoing buy and sell decisions rather than automatically tracking a fixed index. It matters to investors because it combines the intraday trading and transparency of an ETF with the potential to beat benchmarks through manager skill, but also carries higher fees and the risk that managers’ choices may underperform; think of it as a chef adjusting a recipe instead of following a packaged mix.

registered investment advisors (rias) financial

Registered investment advisors (RIAs) are firms or individuals who manage other people’s investment portfolios and must register with securities regulators and legally act in their clients’ best interest. For investors, that legal duty plus required disclosures about fees and conflicts offers greater transparency and alignment with personal goals—think of an RIA as a trusted mechanic who must explain recommended repairs and can’t put their own profit ahead of your needs.

definitive agreement regulatory

A definitive agreement is a formal, legally binding document that outlines the final terms and conditions of a deal or transaction, such as a sale or partnership. It acts like a detailed contract that confirms all parties have agreed on the key details, making the deal official. For investors, it signals that the agreement is settled and moving toward completion, providing clarity and security about the transaction.

multi-asset technical

Multi-asset refers to an investment approach that combines different types of assets, such as stocks, bonds, real estate, and commodities, within a single portfolio. This strategy helps spread out risk and can provide more stable returns, much like diversifying a garden with various plants to ensure overall health. For investors, it offers a way to balance potential gains and reduce the impact of any one asset's poor performance.

• Richard Bernstein Advisors (RBA) is a research-driven, macro multi-asset investment manager delivering differentiated investment solutions, overseeing approximately $20 billion in client assets¹
• Acquisition positions Janus Henderson as a leading model portfolio and separately managed account (SMA) provider

LONDON & NEW YORK--(BUSINESS WIRE)-- 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.

¹ As of January 16, 2026.

Notes to editors

About Janus Henderson

Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of September 30, 2025, Janus Henderson had approximately US$484 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. The firm helps millions of people globally invest in a brighter future together. Headquartered in London, Janus Henderson is listed on the New York Stock Exchange.

About Richard Bernstein Advisors

Richard Bernstein Advisors LLC is a global macro multi-asset investment manager with a broad range of products across global equity and fixed income markets. Founded in 2009, RBA oversees approximately $20 billion in client assets today, including several prominent pension plans, corporations and foundations, as well as financial advisors and high net worth individuals. RBA's investment insights as well as further information about the firm and products can be found at www.rbadvisors.com.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events, including with respect to the timing and anticipated benefits of pending transactions and expectations regarding acquisition opportunities. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would,” and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.

The information, statements, and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

Not all products or services are available in all jurisdictions.

This press release is solely for the use of members of the media and should not be relied upon by personal investors, financial advisers, or institutional investors. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes. All opinions and estimates in this information are subject to change without notice.

Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260123370012/en/

Press Inquiries

Candice Sun

Global Head of Corporate Communications

+1 303-336-5452

candice.sun@janushenderson.com

Investor Inquiries

Jim Kurtz

Head of Investor Relations

+1 303-336-4529

jim.kurtz@janushenderson.com

Source: Janus Henderson Group