For Janus Henderson Global Investors to realize its global ambitions, its co-CEOs were clear that London was where they needed to be.
Speaking exclusively to Pensions & Investments from Henderson's London-based headquarters — where the new merged business will be based — Andrew Formica and Richard Weil are convinced of the city's standing as a global financial center.
“London, despite discussions around Brexit, still remains the most appropriate base for a global business when you are looking firstly across the Americas, but also when you look to ... Asia,” said Mr. Formica, currently CEO of Henderson. “In that basis, London has the infrastructure and support for global businesses, and therefore it makes sense that we would do that.”
Henderson Group and Janus Capital Group announced their planned merger of equals on Oct. 3, aiming to create a money manager with more than $320 billion in assets under management.
Denver, where Janus and Mr. Weil are currently based, will continue to be a critical part of the business. “A lot of the executive positions that we announced ... remain in Denver, our largest pool of workforce will be in Denver,” said Mr. Formica. “The U.S. is going to be by far the largest part of the business,” with more than half of the assets under management and half of the profits originating there.
And for the future, “no matter how much growth we think can come out of different regions, the growth from the U.S. will still be the largest part,” Mr. Formica said.
The co-CEOs both will be based in London, making sure the benefits of a co-CEO structure can be realized, and in a way that ensures communication will not be hindered, added Mr. Formica.
But that means Mr. Weil relocating to the U.K.'s capital city. “London is the most interesting and diverse city in the world to my mind — I also love living in Denver, so that isn't a big factor one way or the other in my mind,” said Mr. Weil.