Janus Henderson Group PLC (JHG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la gestion des actifs mondiaux, Janus Henderson Group Plc (JHG) apparaît comme une puissance financière sophistiquée, naviguant stratégiquement des paysages d'investissement complexes avec précision et innovation. En mélangeant de manière transparente des solutions d'investissement mondiales complètes, des infrastructures technologiques de pointe et un portefeuille diversifié de stratégies actives et passives, JHG s'est positionné comme un acteur formidable dans l'écosystème des services financiers compétitifs. Cette toile de modèle commercial dévoile la mécanique complexe de leur succès, offrant un aperçu éclaircissant sur la façon dont ils créent de la valeur, engagent des clients et stimulent une croissance durable dans les segments institutionnels, à haute nette et aux investisseurs de détail.

Janus Henderson Group PLC (JHG) - Modèle commercial: partenariats clés

Alliances stratégiques avec des institutions financières mondiales

Janus Henderson Group entretient des partenariats stratégiques avec plusieurs institutions financières mondiales:

Institution partenaire	Détails du partenariat	Année établie
Goldman Sachs Asset Management	Collaboration mondiale de distribution	2017
Investisseurs mondiaux Allianz	Partage de produits d'investissement transfrontaliers	2019
BNP Paribas	Solutions d'investissement institutionnelles	2020

Collaboration avec des conseillers financiers indépendants

Janus Henderson collabore avec des réseaux de conseillers financiers indépendants:

• Réseau financier de Raymond James
• LPL financier
• Ameririse Financial Services
• Edward Jones

Total Independent Financial Advisor Network Reach: 48 732 conseillers à partir de 2023

Partenariats avec les fournisseurs de technologies pour les plateformes d'investissement numérique

Partenaire technologique	Capacité de plate-forme	Investissement
Salesforce	CRM et engagement client	12,4 millions de dollars
Finastra	Gestion des investissements numériques	8,7 millions de dollars
Blackrock Aladdin	Plateforme de gestion des risques	15,2 millions de dollars

Coentreprises avec des sociétés régionales de gestion d'actifs

Les partenariats régionaux de coentreprise comprennent:

• Assurance mutuelle à l'échelle nationale (États-Unis)
• Groupe AIA (Asie-Pacifique)
• Santander Asset Management (Europe)

Actif total de coentreprise sous gestion: 127,3 milliards de dollars au quatrième trimestre 2023

Janus Henderson Group Plc (JHG) - Modèle d'entreprise: Activités clés

Gestion des investissements et construction de portefeuille

En 2024, Janus Henderson gère environ 376,7 milliards de dollars d'actifs totaux sous gestion (AUM). L'entreprise maintient un portefeuille d'investissement diversifié dans plusieurs classes d'actifs.

Classe d'actifs	Aum ($ b)	Pourcentage
Actions	189.4	50.3%
Revenu fixe	112.3	29.8%
Multi-actifs	52.6	14.0%
Stratégies alternatives	22.4	6.0%

Recherche et analyse financière

Janus Henderson emploie 141 professionnels de l'investissement dans le monde, avec une expertise dans différentes stratégies d'investissement et marchés.

• L'équipe de recherche couvre plus de 50 marchés mondiaux
• Organise plus de 3 500 réunions d'entreprise par an
• Utilise des plateformes de recherche propriétaires et des outils analytiques

Gestion des relations avec les clients

L'entreprise dessert des clients institutionnels et de détail dans 26 pays, avec une clientèle représentant 376,7 milliards de dollars d'actifs.

Type de client	Aum ($ b)	Pourcentage
Institutionnel	268.4	71.2%
Vente au détail	108.3	28.8%

Développement et innovation de produits

En 2023, Janus Henderson a lancé 12 nouvelles stratégies d'investissement et des produits axés sur l'ESG.

• 6 produits d'investissement durable
• 3 stratégies d'équité thématiques
• 3 solutions d'investissement alternatives

Gestion des risques et surveillance de la conformité

L'entreprise entretient un cadre complet de gestion des risques avec 45 professionnels dédiés au risque et à la conformité.

• Met en œuvre des technologies de surveillance des risques avancés
• Effectue des évaluations trimestrielles des risques complets
• Maintient la certification de la sécurité de l'information ISO 27001

Janus Henderson Group PLC (JHG) - Modèle d'entreprise: Ressources clés

Professionnels de l'investissement expérimentés et équipes de recherche

En 2023, Janus Henderson Group a employé 2 300 employés à l'échelle mondiale, avec environ 650 professionnels de l'investissement. L'équipe d'investissement de l'entreprise gère 389,3 milliards de dollars d'actifs.

Catégorie professionnelle	Nombre
Total des professionnels de l'investissement	650
Analystes de recherche	185
Gestionnaires de portefeuille	275

Plateformes de recherche et analyse d'investissement propriétaires

Janus Henderson investit 85 millions de dollars par an dans les infrastructures technologiques et de recherche.

• Plateformes de recherche quantitative propriétaire
• Systèmes de gestion des risques avancés
• Analyse d'investissement compatible avec l'apprentissage automatique

Grande réputation de marque dans la gestion des actifs

Janus Henderson gère 389,3 milliards de dollars d'actifs sous gestion (AUM) au Q4 2023.

Métrique de performance	Valeur
Total Aum	389,3 milliards de dollars
Présence mondiale	26 pays
Clients institutionnels	58%

Portefeuille de produits d'investissement diversifié

Distribution des produits entre les catégories d'investissement:

• Fonds sur les actions: 42%
• Fonds à revenu fixe: 28%
• Fonds multi-actifs: 18%
• Stratégies alternatives: 12%

Infrastructure technologique avancée

Répartition des investissements technologiques:

Catégorie de technologie	Investissement annuel
Cybersécurité	22 millions de dollars
Analyse des données	35 millions de dollars
Infrastructure cloud	28 millions de dollars

Janus Henderson Group PLC (JHG) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement mondiales complètes

Au quatrième trimestre 2023, Janus Henderson a géré 289,2 milliards de dollars d'actifs totaux sous gestion (AUM). L'entreprise propose des solutions d'investissement à travers:

Région	Aum ($ b)
États-Unis	168.7
Royaume-Uni	62.3
Europe	41.5
Asie-Pacifique	16.7

Stratégies de gestion des investissements actives et passives

Répartition de la stratégie d'investissement:

Type de stratégie	Pourcentage d'Aum
Gestion active	72%
Gestion passive	28%

Produits d'investissement sur mesure pour divers besoins des clients

La gamme de produits comprend:

• Fonds communs de placement
• Fonds négociés en bourse (ETF)
• Portefeuilles institutionnels
• Solutions de retraite
• Investissements alternatifs

Expertise sur plusieurs classes d'actifs et marchés

Classe d'actifs	Aum ($ b)
Actions	164.3
Revenu fixe	78.5
Multi-actifs	36.9
Stratégies alternatives	9.5

Engagement envers l'investissement durable et responsable

Portefeuille d'investissement durable: 78,6 milliards de dollars en décembre 2023

• Stratégies d'investissement intégrées à l'ESG
• Fonds axés sur la transition du climat
• Impact Solutions d'investissement

Janus Henderson Group PLC (JHG) - Modèle d'entreprise: relations clients

Services de conseil en gestion de patrimoine personnalisés

Janus Henderson propose des services de conseil en investissement personnalisés sur plusieurs segments de clients:

Segment client	Services consultatifs	Actifs moyens sous gestion
Investisseurs institutionnels	Gestion de portefeuille personnalisée	233,4 milliards de dollars
Investisseurs de détail	Stratégies d'investissement sur mesure	127,6 milliards de dollars
Individus de valeur nette élevée	Planification complète de la richesse	48,3 milliards de dollars

Plateformes de fiançailles du client numérique

Les capacités d'engagement numérique comprennent:

• Portail d'investissement en ligne avec suivi du portefeuille en temps réel
• Application mobile avec des informations d'investissement
• Canaux de communication numériques sécurisés

Métrique de la plate-forme numérique	Performance de 2023
Utilisateurs numériques actifs	237,000
Téléchargements d'applications mobiles	89,400

Rapports et communication réguliers

Fréquence et canaux de rapport:

• Rapports de performance trimestriels
• Newsletters d'investissement mensuels
• Points de contact de communication personnalisés

Canal de rapport	Volume de communication annuel
Rapports de performances numériques	1,4 million
Instructions de performances imprimées	482,000

Équipes de gestion des relations dédiées

Structure de gestion des relations:

Catégorie d'équipe	Nombre de professionnels	Taille moyenne du portefeuille client
Gestionnaires de clients institutionnels	124	1,87 milliard de dollars
Conseillers de clients de détail	276	463 millions de dollars

Ressources pédagogiques et idées d'investissement

Offres sur l'enseignement des investissements:

• Webinaire Series
• Publications d'études de marché
• Ateliers de stratégie d'investissement

Ressource éducative	Engagement annuel
Participants au webinaire	42,600
Rapport de recherche Téléchargements	218,000

Janus Henderson Group PLC (JHG) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Janus Henderson maintient une équipe de vente directe mondiale avec environ 450 professionnels des ventes institutionnels et de détail dans plusieurs régions.

Région	Taille de l'équipe de vente
Amérique du Nord	185 professionnels
Europe	135 professionnels
Asie-Pacifique	130 professionnels

Plateformes d'investissement en ligne

Janus Henderson propose des plateformes d'investissement numériques avec les mesures clés suivantes:

• Base d'utilisateurs de plate-forme numérique: 275 000 investisseurs actifs
• Volume de transaction en ligne: 4,2 milliards de dollars par mois
• Téléchargements d'applications mobiles: 142 000 en 2023

Réseaux de conseillers financiers

La société maintient de vastes partenariats de conseillers financiers:

Type de réseau	Nombre de conseillers
Courtiers indépendants	48 500 conseillers
Conseillers en investissement enregistrés	22 300 entreprises
Filon	15 700 conseillers

Marketing et communication numériques

Les canaux de marketing numérique comprennent:

• LinkedIn adepte: 98 000
• Twitter Followers: 35 400
• Visiteurs mensuels du site Web: 620 000
• Base de données de marketing par e-mail: 275 000 abonnés

Conférences d'investissement et événements de l'industrie

Janus Henderson participe à environ 87 conférences de l'industrie par an sur les marchés mondiaux.

Type d'événement	Participation annuelle
Conférences d'investisseurs institutionnelles	42 événements
Sommets de gestion de la patrimoine	28 événements
Forums d'investissement mondiaux	17 événements

Janus Henderson Group PLC (JHG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Janus Henderson gère environ 389,4 milliards de dollars d'actifs institutionnels.

Répartition des segments institutionnels	Valeur d'actif
Clients institutionnels mondiaux	267,3 milliards de dollars
Clients institutionnels d'entreprise	122,1 milliards de dollars

Individus à haute nette

Janus Henderson dessert des clients à forte valeur avec un portefeuille estimé à 84,6 milliards de dollars.

• Taille moyenne du compte: 2,3 millions de dollars
• Services de gestion de patrimoine ciblant les personnes avec 1 million de dollars + en actifs investissables

Investisseurs de détail

Le segment de vente au détail représente 203,5 milliards de dollars d'actifs gérés.

Catégories d'investisseurs de détail	Pourcentage
Investisseurs de détail directs	42%
Investisseurs de plate-forme intermédiaire	58%

Fonds de pension

La gestion des fonds de retraite totalise 146,2 milliards de dollars.

• Actifs de pension du secteur public: 87,4 milliards de dollars
• Actifs de pension du secteur privé: 58,8 milliards de dollars

Plans de retraite d'entreprise

Les actifs du régime de retraite des entreprises gérés: 112,7 milliards de dollars.

Type de plan	Actif total
Plans 401 (k)	76,3 milliards de dollars
Régimes de prestations définies	36,4 milliards de dollars

Janus Henderson Group PLC (JHG) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Pour l'exercice 2023, Janus Henderson Group a déclaré des dépenses totales de rémunération et de prestations de 1,14 milliard de dollars. La répartition des coûts liés aux employés comprend:

Catégorie de dépenses	Montant (USD)
Salaires	798 millions de dollars
Bonus de performance	212 millions de dollars
Compensation en stock	130 millions de dollars

Investissements technologiques et infrastructures

Les investissements technologiques et d'infrastructures pour 2023 ont totalisé 187 millions de dollars, avec des domaines d'intervention clés, notamment:

• Infrastructure de cloud computing
• Systèmes de cybersécurité
• Améliorations de la plate-forme numérique
• Outils d'analyse de données

Frais de recherche et de développement

Les dépenses de R&D pour 2023 étaient de 62 millions de dollars, ciblant:

Zone de focus R&D	Investissement (USD)
Développement de stratégie d'investissement	28 millions de dollars
Outils d'investissement numérique	22 millions de dollars
Recherche sur les investissements durables	12 millions de dollars

Coûts de marketing et d'acquisition des clients

Les frais de marketing pour 2023 s'élevaient à 93 millions de dollars, alloués entre:

• Campagnes de marketing numérique
• Sensibilisation des clients institutionnels
• Initiatives de marketing mondial
• Commandites d'événements

Compliance réglementaire et dépenses opérationnelles

Les frais de conformité et d'exploitation pour 2023 ont atteint 145 millions de dollars, notamment:

Catégorie de conformité	Montant (USD)
Conformité juridique et réglementaire	68 millions de dollars
Gestion des risques	42 millions de dollars
Audit et commandes internes	35 millions de dollars

Janus Henderson Group PLC (JHG) - Modèle d'entreprise: Strots de revenus

Frais de gestion des produits d'investissement

Pour l'exercice 2023, Janus Henderson Group a déclaré des frais de gestion totaux de 1,625 milliard de dollars. La rupture des frais de gestion par les catégories de produits d'investissement est la suivante:

Catégorie de produits	Frais de gestion ($ m)
Fonds de capitaux propres	752 millions de dollars
Fonds à revenu fixe	486 millions de dollars
Fonds multi-actifs	287 millions de dollars
Stratégies alternatives	100 millions de dollars

Frais de performance

En 2023, Janus Henderson a généré 78,4 millions de dollars dans les frais basés sur les performances dans diverses stratégies d'investissement.

Frais de service consultatif

Les frais de service consultatif pour 2023 totalisent 213,6 millions de dollars, avec la distribution suivante:

• Services de conseil institutionnel: 142,3 millions de dollars
• Services de conseil au détail: 71,3 millions de dollars

Frais de distribution et de plate-forme

Les frais de distribution et de plate-forme pour l'exercice 2023 se sont élevés à 345,2 millions de dollars.

Canal de distribution	Frais ($ m)
Plates-formes institutionnelles	198,7 millions de dollars
Plateformes de distribution de détail	146,5 millions de dollars

Commissions de gestion des actifs

Les commissions de gestion des actifs pour 2023 étaient 267,9 millions de dollars, segmenté comme suit:

• Commissions de capitaux propres mondiaux: 124,6 millions de dollars
• Commissions à revenu fixe: 89,3 millions de dollars
• Commissions de stratégies alternatives: 54 millions de dollars

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.