Janus Henderson Group plc (JHG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de Global Asset Management, Janus Henderson Group Plc (JHG) surge como una potencia financiera sofisticada, navegando estratégicamente los paisajes de inversión complejos con precisión e innovación. Al combinar sin problemas soluciones integrales de inversión global, infraestructura tecnológica de vanguardia y una cartera diversa de estrategias activas y pasivas, JHG se ha posicionado como un jugador formidable en el ecosistema de servicios financieros competitivos. Este lienzo de modelo de negocio presenta la intrincada mecánica detrás de su éxito, ofreciendo una visión esclarecedora de cómo crean valor, involucran a los clientes e impulsan el crecimiento sostenible en los segmentos de inversores institucionales, de alto nivel y minoristas.

Janus Henderson Group Plc (JHG) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con instituciones financieras globales

Janus Henderson Group mantiene asociaciones estratégicas con varias instituciones financieras globales:

Institución asociada	Detalles de la asociación	Año establecido
Goldman Sachs Asset Management	Colaboración de distribución global	2017
Inversores globales de Allianz	Compartir productos de inversión transfronteriza	2019
BNP Paribas	Soluciones de inversión institucional	2020

Colaboración con asesores financieros independientes

Janus Henderson colabora con las redes de asesores financieros independientes:

• Raymond James Financial Network
• LPL Financial
• Ameriprise Servicios financieros
• Edward Jones

Concierto total de la red de asesores financieros independientes: 48,732 asesores a partir de 2023

Asociaciones con proveedores de tecnología para plataformas de inversión digital

Socio tecnológico	Capacidad de plataforma	Inversión
Salesforce	CRM y compromiso del cliente	$ 12.4 millones
Finastra	Gestión de inversiones digitales	$ 8.7 millones
Blackrock Aladdin	Plataforma de gestión de riesgos	$ 15.2 millones

Empresas conjuntas con empresas regionales de gestión de activos

Las asociaciones regionales de empresa conjunta incluyen:

• Nationwide Mutual Insurance (Estados Unidos)
• Grupo AIA (Asia Pacífico)
• Santander Asset Management (Europa)

Activos totales de empresa conjunta bajo administración: $ 127.3 mil millones a partir del cuarto trimestre de 2023

Janus Henderson Group Plc (JHG) - Modelo de negocio: actividades clave

Gestión de inversiones y construcción de cartera

A partir de 2024, Janus Henderson administra aproximadamente $ 376.7 mil millones en activos totales bajo administración (AUM). La firma mantiene una cartera de inversiones diversa en múltiples clases de activos.

Clase de activo	Aum ($ b)	Porcentaje
Rango	189.4	50.3%
Ingreso fijo	112.3	29.8%
Múltiple	52.6	14.0%
Estrategias alternativas	22.4	6.0%

Investigación y análisis financiero

Janus Henderson emplea a 141 profesionales de inversión a nivel mundial, con experiencia en diferentes estrategias y mercados de inversión.

• El equipo de investigación cubre más de 50 mercados globales
• Realiza más de 3,500 reuniones de la compañía anualmente
• Utiliza plataformas de investigación y herramientas analíticas patentadas

Gestión de la relación con el cliente

La firma atiende a clientes institucionales y minoristas en 26 países, con una base de clientes que representa $ 376.7 mil millones en activos.

Tipo de cliente	Aum ($ b)	Porcentaje
Institucional	268.4	71.2%
Minorista	108.3	28.8%

Desarrollo de productos e innovación

En 2023, Janus Henderson lanzó 12 nuevas estrategias de inversión y productos centrados en ESG.

• 6 productos de inversión sostenible
• 3 Estrategias de equidad temática
• 3 soluciones de inversión alternativas

Gestión de riesgos y monitoreo de cumplimiento

La firma mantiene un marco integral de gestión de riesgos con 45 profesionales dedicados de riesgo y cumplimiento.

• Implementa tecnologías avanzadas de monitoreo de riesgos
• Realiza evaluaciones de riesgos integrales trimestrales
• Mantiene la certificación ISO 27001 de seguridad de la información

Janus Henderson Group Plc (JHG) - Modelo de negocio: recursos clave

Profesionales de inversión experimentados y equipos de investigación

A partir de 2023, Janus Henderson Group empleó 2.300 empleados a nivel mundial, con aproximadamente 650 profesionales de inversión. El equipo de inversión de la compañía administra $ 389.3 mil millones en activos.

Categoría profesional	Número
Profesionales de inversión totales	650
Analistas de investigación	185
Gerentes de cartera	275

Plataformas de investigación y análisis de inversiones patentadas

Janus Henderson invierte $ 85 millones anuales en tecnología e infraestructura de investigación.

• Plataformas de investigación cuantitativa patentadas
• Sistemas avanzados de gestión de riesgos
• Análisis de inversiones habilitadas para el aprendizaje automático

Fuerte reputación de marca en la gestión de activos

Janus Henderson maneja $ 389.3 mil millones en activos bajo administración (AUM) A partir del cuarto trimestre 2023.

Métrico de rendimiento	Valor
AUM total	$ 389.3 mil millones
Presencia global	26 países
Clientes institucionales	58%

Cartera de productos de inversión diversificada

Distribución de productos en categorías de inversión:

• Fondos de capital: 42%
• Fondos de renta fija: 28%
• Fondos de activos múltiples: 18%
• Estrategias alternativas: 12%

Infraestructura tecnológica avanzada

Desglose de inversión tecnológica:

Categoría de tecnología	Inversión anual
Ciberseguridad	$ 22 millones
Análisis de datos	$ 35 millones
Infraestructura en la nube	$ 28 millones

Janus Henderson Group Plc (JHG) - Modelo de negocio: propuestas de valor

Soluciones integrales de inversión global

A partir del cuarto trimestre de 2023, Janus Henderson logró $ 289.2 mil millones en activos totales bajo administración (AUM). La compañía ofrece soluciones de inversión en todo:

Región	Aum ($ b)
Estados Unidos	168.7
Reino Unido	62.3
Europa	41.5
Asia Pacífico	16.7

Estrategias de gestión de inversiones activas y pasivas

Desglose de la estrategia de inversión:

Tipo de estrategia	Porcentaje de AUM
Gestión activa	72%
Gestión pasiva	28%

Productos de inversión a medida para diversas necesidades del cliente

La gama de productos incluye:

• Fondos mutuos
• Fondos cotizados en intercambio (ETF)
• Carteras institucionales
• Soluciones de jubilación
• Inversiones alternativas

Experiencia en múltiples clases y mercados de activos

Clase de activo	Aum ($ b)
Rango	164.3
Ingreso fijo	78.5
Múltiple	36.9
Estrategias alternativas	9.5

Compromiso con la inversión sostenible y responsable

Portafolio de inversión sostenible: $ 78.6 mil millones a diciembre de 2023

• Estrategias de inversión integradas en ESG
• Fondos centrados en la transición climática
• Soluciones de inversión de impacto

Janus Henderson Group Plc (JHG) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de gestión de patrimonio personalizado

Janus Henderson ofrece servicios de asesoramiento de inversiones personalizados en múltiples segmentos de clientes:

Segmento de clientes	Servicios de asesoramiento	Activos promedio bajo administración
Inversores institucionales	Gestión de cartera personalizada	$ 233.4 mil millones
Inversores minoristas	Estrategias de inversión a medida	$ 127.6 mil millones
Individuos de alto patrimonio	Planificación de patrimonio integral	$ 48.3 mil millones

Plataformas de participación de cliente digital

Las capacidades de participación digital incluyen:

• Portal de inversión en línea con seguimiento de cartera en tiempo real
• Aplicación móvil con información de inversión
• Canales de comunicación digital segura

Métrica de plataforma digital	2023 rendimiento
Usuarios digitales activos	237,000
Descargas de aplicaciones móviles	89,400

Informes y comunicación de rendimiento regular

Frecuencia y canales de informes:

• Informes de rendimiento trimestrales
• Boletines de inversión mensuales
• Puntos de contacto de comunicación personalizados

Canal de informes	Volumen de comunicación anual
Informes de rendimiento digital	1.4 millones
Declaraciones de rendimiento impresas	482,000

Equipos dedicados de gestión de relaciones

Estructura de gestión de relaciones:

Categoría de equipo	Número de profesionales	Tamaño promedio de la cartera de clientes
Gerentes de clientes institucionales	124	$ 1.87 mil millones
Asesores de clientes minoristas	276	$ 463 millones

Recursos educativos e ideas de inversión

Ofertas de educación de inversión:

• Serie de seminarios web
• Publicaciones de investigación de mercado
• Talleres de estrategia de inversión

Recurso educativo	Compromiso anual
Participantes de seminarios web	42,600
Descargas de informe de investigación	218,000

Janus Henderson Group Plc (JHG) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Janus Henderson mantiene un equipo global de ventas directas con aproximadamente 450 profesionales de ventas institucionales y minoristas en múltiples regiones.

Región	Tamaño del equipo de ventas
América del norte	185 profesionales
Europa	135 profesionales
Asia-Pacífico	130 profesionales

Plataformas de inversión en línea

Janus Henderson ofrece plataformas de inversión digital con las siguientes métricas clave:

• Base de usuarios de plataforma digital: 275,000 inversores activos
• Volumen de transacciones en línea: $ 4.2 mil millones mensuales
• Descargas de aplicaciones móviles: 142,000 en 2023

Redes de asesores financieros

La compañía mantiene extensas asociaciones de asesores financieros:

Tipo de red	Número de asesores
Corredores de bolsa independientes	48,500 asesores
Asesores de inversiones registradas	22,300 empresas
Casas de alambre	15,700 asesores

Marketing digital y comunicación

Los canales de marketing digital incluyen:

• Seguidores de LinkedIn: 98,000
• Seguidores de Twitter: 35,400
• Visitantes mensuales del sitio web: 620,000
• Base de datos de marketing por correo electrónico: 275,000 suscriptores

Conferencias de inversión y eventos de la industria

Janus Henderson participa en aproximadamente 87 conferencias de la industria anualmente en los mercados globales.

Tipo de evento	Participación anual
Conferencias de inversores institucionales	42 eventos
Cumbres de gestión de patrimonio	28 eventos
Foros de inversión global	17 eventos

Janus Henderson Group Plc (JHG) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Janus Henderson administra aproximadamente $ 389.4 mil millones en activos institucionales.

Desglose de segmento institucional	Valor de activo
Clientes institucionales globales	$ 267.3 mil millones
Clientes institucionales corporativos	$ 122.1 mil millones

Individuos de alto nivel de red

Janus Henderson atiende a clientes de alto valor de la red con una cartera estimada de $ 84.6 mil millones.

• Tamaño promedio de la cuenta: $ 2.3 millones
• Servicios de gestión de patrimonio dirigido a personas con $ 1 millón+ en activos invertibles

Inversores minoristas

El segmento minorista representa $ 203.5 mil millones en activos administrados.

Categorías de inversores minoristas	Porcentaje
Inversores minoristas directos	42%
Inversores de plataforma intermedia	58%

Fondos de pensiones

Gestión de fondos de pensiones Totales de $ 146.2 mil millones.

• Activos de pensión del sector público: $ 87.4 mil millones
• Activos de pensión del sector privado: $ 58.8 mil millones

Planes de jubilación corporativa

Activos del plan de jubilación corporativa Gestión: $ 112.7 mil millones.

Tipo de plan	Activos totales
Planes 401 (k)	$ 76.3 mil millones
Planes de beneficios definidos	$ 36.4 mil millones

Janus Henderson Group Plc (JHG) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

Para el año fiscal 2023, Janus Henderson Group informó gastos de compensación total y beneficios de $ 1.14 mil millones. El desglose de los costos relacionados con los empleados incluye:

Categoría de gastos	Cantidad (USD)
Salarios	$ 798 millones
Bonos de rendimiento	$ 212 millones
Compensación basada en acciones	$ 130 millones

Inversiones de tecnología e infraestructura

Las inversiones en tecnología e infraestructura para 2023 totalizaron $ 187 millones, con áreas de enfoque clave que incluyen:

• Infraestructura de computación en la nube
• Sistemas de ciberseguridad
• Mejoras de la plataforma digital
• Herramientas de análisis de datos

Gastos de investigación y desarrollo

Los gastos de I + D para 2023 fueron de $ 62 millones, dirigidos:

Área de enfoque de I + D	Inversión (USD)
Desarrollo de la estrategia de inversión	$ 28 millones
Herramientas de inversión digital	$ 22 millones
Investigación de inversiones sostenibles	$ 12 millones

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2023 ascendieron a $ 93 millones, asignados a través de:

• Campañas de marketing digital
• Alcance del cliente institucional
• Iniciativas de marketing global
• Patrocinios de eventos

Cumplimiento regulatorio y gastos operativos

El cumplimiento y los costos operativos para 2023 alcanzaron los $ 145 millones, que incluyen:

Categoría de cumplimiento	Cantidad (USD)
Cumplimiento legal y regulatorio	$ 68 millones
Gestión de riesgos	$ 42 millones
Auditoría y controles internos	$ 35 millones

Janus Henderson Group Plc (JHG) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de productos de inversión

Para el año fiscal 2023, Janus Henderson Group reportó tarifas de administración total de $ 1.625 mil millones. El desglose de las tarifas de gestión por categorías de productos de inversión es el siguiente:

Categoría de productos	Tarifas de gestión ($ M)
Fondos de capital	$ 752 millones
Fondos de renta fija	$ 486 millones
Fondos de activos múltiples	$ 287 millones
Estrategias alternativas	$ 100 millones

Tarifas basadas en el desempeño

En 2023, Janus Henderson generó $ 78.4 millones en tarifas basadas en el desempeño en varias estrategias de inversión.

Cargos de servicio de asesoramiento

Los cargos de servicio de asesoramiento por 2023 totalizaron $ 213.6 millones, con la siguiente distribución:

• Servicios de asesoramiento institucional: $ 142.3 millones
• Servicios de asesoramiento minorista: $ 71.3 millones

Tarifas de distribución y plataforma

Las tarifas de distribución y plataforma para el año fiscal 2023 ascendieron a $ 345.2 millones.

Canal de distribución	Tarifas ($ M)
Plataformas institucionales	$ 198.7 millones
Plataformas de distribución minorista	$ 146.5 millones

Comisiones de gestión de activos

Las comisiones de gestión de activos para 2023 fueron $ 267.9 millones, segmentado de la siguiente manera:

• Comisiones de capital global: $ 124.6 millones
• Comisiones de renta fija: $ 89.3 millones
• Comisiones de estrategias alternativas: $ 54 millones

Janus Henderson Group plc (JHG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose Janus Henderson Group plc (JHG) in a competitive asset management landscape. It's about performance, breadth, and a focused push into the future of fund structures.

Active management aiming for superior financial outcomes

Janus Henderson Group plc positions itself as a global active asset manager focused on delivering superior financial outcomes. As of September 30, 2025, the firm managed US$484 billion in assets under management (AUM). The long-term investment performance metrics show a significant portion of this capital is beating its respective benchmarks.

Here's the quick math on long-term outperformance as of September 30, 2025:

Time Period	Percentage of AUM Outperforming Benchmark
Three-year basis	74%
Five-year basis	64%
10-year basis	65%

The firm saw its sixth consecutive quarter of positive net inflows, recording US$7.8 billion in the third quarter of 2025, reflecting growth in both Intermediary and Institutional segments. This momentum translated to a 7% organic growth rate in Q3 2025.

Broad range of strategies: Equities, Fixed Income, Multi-Asset, Alternatives

The value proposition includes offering a comprehensive suite of investment capabilities to meet diverse client needs. This breadth allows for cross-asset allocation expertise and solutions across the full spectrum of market environments. In the third quarter of 2025, flow activity showed positive contributions from several key areas.

• Fixed Income and Alternatives flows were positive.
• Multi-Asset capability showed improvement.

The firm is headquartered in London, with offices in 25 cities worldwide.

Differentiated insights and world-class client service

Janus Henderson Group plc emphasizes delivering value through differentiated insights and a commitment to world-class client service. This is a core tenet of their offering, helping clients define and achieve their financial goals.

Active ETF leadership, a key growth area in the US and Europe

The firm is actively engaged in the structural shift toward the Exchange Traded Fund (ETF) wrapper, particularly for active strategies. In the US market, active ETF AUM grew 38% year-to-date (YTD) as of September 30, significantly outpacing the 6% growth in passive ETFs, though active AUM was smaller at USD1.35 trillion compared to USD11.4 trillion for passive as of that date.

In Europe, the active ETF market is a major focus, having surpassed US$70 billion in AUM in the summer of 2025, more than doubling since early 2024. Janus Henderson research projects this European active ETF market will reach US$1 trillion by 2030.

Key European Active ETF statistics for 2025:

• Active ETFs made up 2.7% of the European ETF market in summer 2025.
• Half of all global ETF launches in the first half of 2025 were active.
• US$25 billion of flows went into European active ETFs in 2025 year-to-date.
• The overall European ETF market surpassed US$3 trillion in assets in Q3 2025.

Commitment to delivering value, with most UK funds rated 'green'

Janus Henderson Group plc conducts an annual Value Assessment for its UK authorised funds against seven criteria set by the Financial Conduct Authority (FCA). The assessment for 2024, published in 2025, indicated that the majority of their UK authorised funds are delivering value and were rated 'green'.

However, the review highlighted areas for improvement across the 59 funds assessed:

• 27 of 59 funds (or 45%) received an overall amber assessment, meaning they were on watch.
• This represented a 50% rise in funds on watch from 18 in 2024.
• 23 strategies received a red light specifically for performance.

Finance: draft 13-week cash view by Friday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Customer Relationships

You're looking at how Janus Henderson Group plc (JHG) manages its connections with the people and institutions that entrust it with capital as of late 2025. It's a mix of dedicated, high-touch service for big clients and broader digital reach for others.

Dedicated institutional and intermediary sales teams

Janus Henderson Group plc supports its client base with a significant distribution force. As of March 31, 2025, the firm had over 400 distribution professionals working to support its geographically diverse retail and institutional client base. This team is key to driving sales across the Intermediary channel, which, as of the first quarter of 2025, represented 55% of the firm's Assets Under Management (AUM) based on one breakdown, or 58% based on another. The Institutional segment accounted for 24% to 23% of AUM in Q1 2025. The firm saw positive net inflows in both the Intermediary and Institutional segments in Q1 2025, totaling $2.0 billion.

Long-term, firm-to-firm strategic partnerships (e.g., Guardian)

Strategic alliances are a major driver of asset growth. A prime example is the partnership with The Guardian Life Insurance Company of America, announced in April 2025. This deal involves Janus Henderson Group plc managing Guardian's $45 billion investment grade public fixed income asset portfolio and providing up to $400 million in seed capital. This single relationship immediately impacted flows, contributing $46.5 billion in net inflows during the second quarter of 2025. Another strategic move mentioned was a partnership with NBK Wealth, allowing Janus Henderson Group plc to enter the Emerging Market private capital space.

High-touch, consultative service for institutional and HNW clients

For its larger clients, the service model is clearly consultative. The firm's mission centers on helping clients define and achieve superior financial outcomes through differentiated insights and world-class service. As of September 30, 2025, Janus Henderson Group plc managed US$484 billion in AUM, up 27% year-over-year. The focus on deep client relationships is supported by a global presence, with offices in 25 cities worldwide and over 2,000 employees serving millions of people globally.

Here's a look at the AUM distribution by client type as of March 31, 2025, which dictates the service allocation:

Client Type	Percentage of AUM (as of March 31, 2025)	AUM (Approximate Value as of March 31, 2025)
Intermediary	55%	$205.26 billion
Institutional	23%	$85.79 billion
Self-Directed	22%	$81.94 billion

What this estimate hides is that the AUM grew to $457 billion by June 30, 2025, and then to $484 billion by September 30, 2025, meaning the percentages are for a smaller base.

Digital engagement and self-directed resources for retail investors

While institutional and intermediary channels drive significant assets, the Self-Directed segment represented about 22% of AUM as of March 31, 2025, in one reported breakdown. The firm's strategy includes broadening its retail client engagement. The firm serves over 60 million people globally, suggesting a need for scalable digital resources to support this broad base.

Client conferences and events to deepen relationships

Janus Henderson Group plc actively hosts events to foster deeper connections. During the second quarter of 2025 earnings call, management noted conducting several client conferences in The U.S., The U.K., Connell Europe, Asia, and Australia. These events brought the whole firm to clients, with several trillion dollars of AUM represented across these gatherings. The firm's public event schedule for 2025 included results briefings and appearances at major industry gatherings like the BofA Securities Financial Services Conference (February 12), the UBS Financial Services Conference (February 11), and the Barclays Global Financial Services Conference (September 08).

The firm's focus on client engagement is reflected in its consistent reporting cadence:

• First Quarter 2025 Results announced May 01, 2025.
• Second Quarter 2025 Results announced July 31, 2025.
• Third Quarter 2025 Results announced October 30, 2025.

Finance: draft 13-week cash view by Friday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Channels

You're looking at how Janus Henderson Group plc gets its investment products in front of clients as of late 2025. It's a multi-pronged approach, relying on established relationships and new strategic wins. As of September 30, 2025, the total Assets Under Management (AUM) stood at a record US$484 billion.

Global Intermediary channel (positive net inflows in Q3 2025)

The Global Intermediary channel is definitely a core engine for Janus Henderson Group plc. This channel moves products like U.S. mutual funds, SMAs (separately managed accounts), ETFs (exchange-traded funds), and UCITS (Undertakings for Collective Investments in Transferable Securities) through financial advisors and wealth managers. You saw this strength reflected in the third quarter of 2025, which marked the sixth consecutive quarter of positive net inflows for the firm overall, with the Intermediary segment contributing positively to the total US$7.8 billion in net inflows for Q3 2025. Honestly, the firm has been putting serious resources here, enhancing technology and hiring relationship managers to grow the financial advisor subchannel.

The Intermediary channel is where a lot of the firm's traditional retail and advisory business sits. For context, at the end of 2024, AUM in this channel was $211.0 billion, representing 56% of the total AUM at that time. It's a big piece of the pie, so continued positive flows here are key to the firm's organic growth rate, which hit 7% in Q3 2025.

Institutional channel for large mandates and insurance general accounts

The Institutional channel targets large mandates, endowments, foundations, and, importantly, insurance general accounts. This channel also delivered positive net inflows in Q3 2025, supporting the firm's overall flow success. A major driver here has been the strategic partnership with Guardian Life Insurance Company of America. This deal involved Janus Henderson Group plc managing $45 billion of Guardian's investment-grade public fixed income portfolio, with full onboarding projected by the end of Q2 2025. This single mandate significantly bolstered the institutional book, positioning Janus Henderson as a top-15 unaffiliated insurance asset manager with pro forma AUM for global insurance companies exceeding $109 billion.

Direct-to-client/Self-Directed platforms

This channel serves individual investors who invest directly or through a mutual fund supermarket. While the firm is heavily focused on intermediary relationships, the Self-Directed segment remains a substantial component of the business. To give you a sense of scale, at the close of 2024, AUM in the Self-Directed channel was $86.5 billion, which accounted for 23% of the total AUM then. The firm is also seeing its ETF flow activity included in this client type starting in Q1 2025, which is a structural change from prior periods.

Third-party distribution platforms and wirehouses

These platforms and wirehouses are functionally part of the broader Intermediary channel, as they are the conduits through which financial intermediaries distribute Janus Henderson Group plc's products. The success of the Intermediary channel, evidenced by the positive Q3 2025 net inflows, directly reflects the effectiveness of these third-party relationships. The firm's strategy involves enhancing its technology platform and relationship management to better serve these critical distribution partners.

Co-developed model portfolios via partner broker-dealers

Janus Henderson Group plc is actively using co-development to embed its strategies within partner ecosystems. A concrete example is the work with Park Avenue Securities, which is Guardian's dually registered broker-dealer and RIA with $59 billion in assets. The partnership includes the co-development of multi-asset solution model portfolios specifically for Park Avenue Securities. This action moves Janus Henderson Group plc beyond just selling funds to integrating its investment expertise directly into the partner's advisory offering.

Here's a snapshot of the channel-related metrics we have as of late 2025, keeping in mind some figures are from the immediately preceding periods:

Channel/Metric	Latest Reported AUM (USD)	Latest Reported Net Flows (USD)	Reporting Date/Period
Total AUM	$484 billion	N/A	September 30, 2025 (Q3 2025)
Total Net Inflows	N/A	$7.8 billion	Q3 2025
Intermediary Channel AUM	$211.0 billion (approx.)	Positive contribution	AUM as of Dec 31, 2024; Flows in Q3 2025
Self-Directed Channel AUM	$86.5 billion (approx.)	N/A	AUM as of Dec 31, 2024
Institutional Mandate (Guardian Fixed Income)	$45 billion (projected integration)	$46.5 billion (Q2 2025 flow contribution)	Integration by Q2 2025; Flow in Q2 2025
Strategies with $\ge$ $100M Net Inflows	N/A	21 different strategies	Q3 2025

The firm's organic growth broadened significantly, with 21 different strategies each pulling in net inflows of at least US$100 million during the third quarter of 2025. That's nearly double the number from a year prior, showing the distribution strategy is working across more products.

You should definitely track the full integration of the Guardian general account assets, which is a $45 billion fixed income book, as that will fully reflect in the Institutional channel's AUM figures going into 2026. Finance: draft 13-week cash view by Friday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Customer Segments

You're looking at how Janus Henderson Group plc structures its client base as of late 2025. The firm serves a global mix, but the latest figures from their third quarter 2025 results give us a clear picture of where the assets and new money are coming from.

Global Institutional investors represent a core base, including large pools of capital like pensions and endowments. This segment showed positive momentum, contributing to the firm's sixth consecutive quarter of positive net inflows. As of September 30, 2025, Janus Henderson reported total Assets Under Management (AUM) of US$484 billion. The Institutional segment specifically recorded net inflows during the third quarter of 2025, though the exact dollar amount for that segment alone isn't broken out separately from the Intermediary segment in the headline flow figures.

Retail investors via financial intermediaries and advisors are another major component. This Intermediary channel also saw positive net inflows in the third quarter of 2025, alongside the Institutional segment. The Intermediary channel is where Janus Henderson distributes products like U.S. mutual funds, Separately Managed Accounts (SMAs), UK Open Ended Investment Companies (OEICs), and others through third-party advisors and platforms. The total net inflows across both Intermediary and Institutional segments for Q3 2025 reached US$7.8 billion.

For Insurance companies seeking investment grade public fixed income, the strategic partnership with The Guardian Life Insurance Company of America stands out as a concrete example. This deal, announced in April 2025, involved Janus Henderson managing Guardian's US$45 billion investment grade public fixed income asset portfolio for its general account. Furthermore, this partnership included up to US$400 million in seed capital. The impact of this was visible in the Q2 2025 net inflows, which included US$46.5 billion of predominantly investment grade public fixed income general account assets from Guardian.

The segment for Self-Directed investors utilizing ETFs and mutual funds is tracked closely, especially since the firm changed its reporting convention. Note this: beginning in the first quarter of 2025, ETF flow activity is now included in each client type, whereas prior to Q1 2025, ETF flows were included only in the Intermediary segment. This change provides a more accurate view of where self-directed money, often channeled through ETFs, is allocated across the firm's client classifications.

Here's a quick look at the scale and recent activity across the major client groupings we can quantify:

Metric	Value as of Late 2025	Relevant Segment(s)
Total AUM	US$484 billion (as of September 30, 2025)	All Segments
Total Net Inflows (Q3 2025)	US$7.8 billion	Institutional and Intermediary
Guardian Insurance Mandate AUM	US$45 billion	Insurance Companies (Institutional)
Guardian Seed Capital	Up to US$400 million	Insurance Companies (Institutional)
Q2 2025 Net Inflows (Guardian Asset Recognition)	US$46.5 billion	Insurance Companies (Institutional)
AUM (Prior Quarter End)	US$457 billion (as of June 30, 2025)	All Segments

We don't have a specific AUM breakdown by percentage for Institutional versus Intermediary/Retail as of September 30, 2025, which hides the exact weighting of the US$484 billion. However, the positive net flows in both Institutional and Intermediary channels in Q3 2025 suggest broad-based client engagement across those two primary distribution paths. High Net Worth (HNW) individuals and family offices are typically served either directly or through specialized intermediary relationships, but their specific AUM contribution isn't separately itemized in the top-line flow reports.

You should check the Q4 2025 investor presentation when it releases for the full AUM segmentation. Finance: draft the Q4 2025 AUM segmentation reconciliation by February 15, 2026.

Janus Henderson Group plc (JHG) - Canvas Business Model: Cost Structure

You're looking at the expense side of Janus Henderson Group plc's (JHG) operations as of late 2025. This is where the money goes to keep the global asset management engine running. Honestly, for a firm managing US$484 billion in Assets Under Management (AUM) as of September 30, 2025, the cost structure is heavily weighted toward its people and getting the message out globally.

The single largest component of operating expenses is definitely personnel. Employee compensation and benefits, which includes those crucial profit-based incentives, is a variable cost tied closely to revenue performance. For the third quarter of 2025 alone, this line item was $205.4 million, plus an additional $47.8 million for long-term incentive plans. Management has explicitly guided that the adjusted compensation ratio expected between 43-44% for FY 2025, which means for every dollar of revenue, 43 to 44 cents is allocated to compensation, assuming flat markets from March 31 AUM.

To support its global reach, Janus Henderson Group plc incurs significant distribution and marketing costs. Distribution expenses, paid to financial intermediaries for sourcing AUM, were $145.6 million in Q3 2025. Marketing spend, which helps drive awareness across their offerings in 25 cities worldwide, was $10.7 million for the same quarter. The firm had approximately 2,000 employees as of mid-2025, which underpins these distribution efforts.

Technology and data infrastructure costs, while often bundled, can be partially seen in the Investment administration line. For Q3 2025, Investment administration expenses were $16.8 million. This covers the systems needed to manage and report on that massive AUM base. It's a necessary investment to maintain operational efficiency and regulatory reporting standards.

General and administrative expenses (G&A) cover the overhead of running a public, global financial institution. This includes office costs, regulatory compliance, and other corporate functions. In the third quarter of 2025, the General, administrative and occupancy line was $84.6 million. This figure is key for understanding the fixed-cost base that needs to be covered regardless of market performance.

Here's a quick look at the major operating expense components for the third quarter of 2025, keeping in mind these are quarterly figures, not full-year projections:

Expense Category	Q3 2025 Amount (US$ Millions)	Notes
Employee compensation and benefits	205.4	Excludes long-term incentives
Long-term incentive plans	47.8	Equity-based compensation component
Distribution expenses	145.6	Intermediary sourcing costs
General, administrative and occupancy	84.6	Corporate overhead and office costs
Marketing	10.7	Global reach and brand promotion
Investment administration	16.8	Proxy for technology/operations infrastructure

The full-year 2025 expectation for the adjusted compensation ratio is a critical lever for profitability. If AUM performance is strong, revenue rises, and the ratio is targeted to stay within 43-44%. What this estimate hides is the impact of any significant one-time costs or large non-cash charges that management adjusts out of the 'adjusted' figures.

You should track the adjusted non-compensation growth guidance, which was set at the higher end of mid- to high-single digits from 2024 levels, as that directly impacts the G&A and technology spend trajectory going into 2026.

• Employee compensation and benefits, including profit-based incentives, is the largest cost driver.
• Adjusted compensation ratio expected between 43-44% for FY 2025 based on revenue.
• Distribution expenses were $145.6 million in Q3 2025.
• Marketing spend was $10.7 million in Q3 2025.
• Technology/Operations costs are reflected in Investment administration at $16.8 million (Q3 2025).
• General, administrative and occupancy costs totaled $84.6 million in Q3 2025.

Finance: draft the projected full-year 2025 operating expense breakdown based on Q3 actuals and management guidance by next Tuesday.

Janus Henderson Group plc (JHG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Janus Henderson Group plc (JHG) brings in cash, and as of late 2025, it's clear that scale and investment performance are driving the top line. The business model relies heavily on fees generated from the assets they manage.

The primary revenue engine is management fees based on AUM (Assets Under Management). While a specific dollar figure for this component isn't explicitly broken out in the headline results, the underlying metric is strong. As of September 30, 2025, Janus Henderson Group plc managed $484 billion in AUM. The rate on this revenue stream, the net management fee margin, stood at 42.7 basis points for the third quarter of 2025. Here's a quick look at the overall revenue picture for the period:

Metric	Value (Q3 2025)
GAAP Revenue	$700.40 million
Year-over-Year Revenue Growth	12.1%
Assets Under Management (AUM)	$484 billion
Net Management Fee Margin	42.7 basis points

Performance fees are a significant, albeit variable, contributor. These fees are earned when investment performance exceeds certain benchmarks. For the third quarter of 2025, performance fees contributed $16 million to the results. Honestly, that figure marks the best U.S. mutual fund performance fees Janus Henderson Group plc has seen in over 10 years. This variable income stream directly contributed to the adjusted operating income of $204.5 million for the quarter.

The growth in revenue, which was up 12.1% year-over-year for Q3 2025, was explicitly driven by higher average AUM and those improved performance fees.

Distribution and servicing fees are a distinct category, but you need to understand how Janus Henderson Group plc treats them. For the majority of these fees, which are collected by Janus Henderson Group plc, they are passed through to third-party intermediaries who handle the distribution and servicing work. Management views the deduction of these fees when calculating adjusted revenue as reflecting this pass-through nature. If Janus Henderson Group plc performs the service itself, the revenue is retained and not deducted from GAAP revenue. No specific dollar amount for retained distribution and servicing fees was provided in the summary data.

Newer strategies and product types are clearly gaining traction, showing up in the flow data which underpins future fee revenue. The focus here is on expanding beyond traditional mandates:

• Active fixed-income ETFs delivered over $5 billion in net inflows.
• Five specific ETFs logged net inflows of greater than or equal to $100 million each in Q3 2025.
• The firm noted that 21 different strategies achieved net inflows of at least $100 million each, nearly doubling the count from the prior year.

Specific revenue figures tied directly to illiquid asset strategies are not itemized separately, but the overall positive net inflows of $7.8 billion in Q3 2025, the sixth consecutive quarter of inflows, show the product breadth is working.

Finance: draft the Q4 2025 revenue projection based on current AUM trends by next Tuesday.