Janus Henderson Buys Richard Bernstein Advisors

Core Insights - Janus Henderson has agreed to acquire 100% of Richard Bernstein Advisors, enhancing its market share in model portfolios and SMA providers [1][2] - The acquisition positions Janus Henderson among the top 10 model portfolio providers in North America upon completion in Q2 2026 [2] Company Overview - Richard Bernstein Advisors manages $18.5 billion in assets under management (AUM) and focuses on macroeconomic analysis and quantitative portfolio construction [3] - Richard Bernstein, the founder and CEO, will assume the role of global head of macro and customized investing at Janus Henderson [3] Market Trends - Demand for model portfolios and SMAs is increasing, with model portfolios holding an estimated $7.7 trillion in AUM as of Q1 2025, projected to grow to $13.2 trillion by 2029, reflecting a 15% annual growth rate [4] - SMAs have reached $3.86 trillion in AUM by Q1 2025, growing 54% over two years, driven by tax benefits and advancements in technology [5] Competitive Landscape - The rising popularity of model portfolios and SMAs has led to increased competition among asset managers, with major firms like Goldman Sachs, Fidelity, and T. Rowe launching new models [6]