Report
Greggory Warren, CFA
EUR 101.80 For Business Accounts Only

The Janus-Henderson merger is unlikely to be much greater than the sum of the two parts.

There was little in narrow-moat rated Janus Henderson's third-quarter results that would alter our long-term view of the firm. We are leaving our $33 per share fair value estimate in place.
The firm closed the September quarter with $360.5 billion in assets under management, up 4.5% sequentially and 10.5% year over year when looked at on a pro-forma basis. Net inflows of $700 million during the period were a positive improvement over the past three calendar quarters, where Janus Henderson record...
Underlying
Janus Henderson Group PLC

Janus Henderson Group is a global investment manager. Co. manages a range of investment products for institutional and retail investors, across five capabilities, being European Equities, Global Equities, Global Fixed Income, Multi-Asset and Alternatives, including Private Equity and Property. Management operates across product lines, distribution channels and geographic regions. All investment product types are sold in most, if not all, of these regions and are managed in various locations. As of Dec 31 2016, Co. had total assets under management of £101.00 billion.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Greggory Warren, CFA

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