Janus Capital Group shareholders approved a merger Tuesday with London-based Henderson Group with approximately 86.2% of shares outstanding cast in favor of the proposal, Janus announced in a news release.
Henderson Group shareholders are scheduled to cast their votes on Wednesday. If it is approved, the merger is expected to formally take place on May 30.
Both Janus and Henderson officials have spun the merger as a positive for both companies that will allow for increased global distribution and annual cost savings of $110 million a year.
The combined companies would have a market capitalization of approximately $6 billion and would manage more than $300 billion in assets.
“We are pleased with the overwhelming support our shareholders have shown for the planned merger of Janus and Henderson,” said Glenn Schafer, chairman of the Janus Capital Group board, in a statement. “Shareholders agree with the board’s recommendation and recognize the tremendous value of a combined company. This significant growth opportunity for Janus will create one of the world’s leading global active asset managers.”
Janus in particular has struggled with net outflows over the last several years.