Perkins founders selling most of remaining stake to Janus
By Christine Williamson | March 5, 2013 3:24 pm
Perkins Investment Management's founders put most of their ownership stake to parent Janus Capital Group on Feb. 1.
Janus acquired a 30% stake in Perkins Investment in 2004 and another 50% of the active value equity manager in 2008.
Of the three founders — Thomas McDonnell, Robert Perkins and Greg Wolf — only Mr. Perkins now is active in the firm, serving as a portfolio manager, said Peter Q. Thompson, CEO.
The contract terms permit Perkins Investment's founders to require Janus to purchase all or part of their holdings at fair value in 2013 or 2015, according to the company's 2012 10-K filing.
The fair value of the Perkins stake will be determined on Aug. 1, using a formula driven by investment performance and revenue. Perkins' minority stake was valued at $35.3 million as of Dec. 31, according to the filing.
John Groneman, a Janus spokesman, declined to comment on the Perkins' stake purchase.
“The puts don't change the operating relationship between Perkins and Janus. This change is really a generational move,” Mr. Thompson said in an interview, stressing the Perkins team will remain part of Janus. Perkins' executives are working with Janus to design a new, more streamlined incentive system.