Janus Henderson Group Plc (JHG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da gestão global de ativos, o Janus Henderson Group Plc (JHG) surge como uma potência financeira sofisticada, navegando estrategicamente paisagens complexas de investimento com precisão e inovação. Ao misturar perfeitamente soluções abrangentes de investimento global, infraestrutura tecnológica de ponta e um portfólio diversificado de estratégias ativas e passivas, a JHG se posicionou como um participante formidável no ecossistema de serviços financeiros competitivos. Essa tela de modelo de negócios revela a intrincada mecânica por trás de seu sucesso, oferecendo um vislumbre esclarecedor de como eles criam valor, envolvem clientes e impulsionam o crescimento sustentável entre segmentos institucionais, de alta rede e investidores de varejo.

Janus Henderson Group plc (JHG) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com instituições financeiras globais

O Janus Henderson Group mantém parcerias estratégicas com várias instituições financeiras globais:

Instituição parceira	Detalhes da parceria	Ano estabelecido
Gestão de ativos Goldman Sachs	Colaboração de distribuição global	2017
Allianz Global Investors	Compartilhamento de produtos de investimento transfronteiriço	2019
BNP Paribas	Soluções de investimento institucional	2020

Colaboração com consultores financeiros independentes

Janus Henderson colabora com redes independentes de consultores financeiros:

• Rede Financeira Raymond James
• LPL Financial
• Serviços financeiros da Ameriprise
• Edward Jones

Total Independent Financial Advisor Network Alcance: 48.732 Advisors a partir de 2023

Parcerias com provedores de tecnologia para plataformas de investimento digital

Parceiro de tecnologia	Capacidade da plataforma	Investimento
Salesforce	CRM e engajamento do cliente	US $ 12,4 milhões
Finsastra	Gerenciamento de investimento digital	US $ 8,7 milhões
Blackrock Aladdin	Plataforma de gerenciamento de riscos	US $ 15,2 milhões

Joint ventures com empresas regionais de gerenciamento de ativos

As parcerias regionais de joint venture incluem:

• Seguro Mútuo em todo o país (Estados Unidos)
• Grupo AIA (Ásia -Pacífico)
• Santander Asset Management (Europa)

Total de joint venture ativos sob gestão: US $ 127,3 bilhões a partir do quarto trimestre 2023

Janus Henderson Group plc (JHG) - Modelo de negócios: Atividades -chave

Gerenciamento de investimentos e construção de portfólio

A partir de 2024, Janus Henderson gerencia aproximadamente US $ 376,7 bilhões em ativos totais sob gestão (AUM). A empresa mantém um portfólio de investimentos diversificado em várias classes de ativos.

Classe de ativos	AUM ($ B)	Percentagem
Ações	189.4	50.3%
Renda fixa	112.3	29.8%
Multi-ativo	52.6	14.0%
Estratégias alternativas	22.4	6.0%

Pesquisa e análise financeira

Janus Henderson emprega 141 profissionais de investimento em todo o mundo, com conhecimentos em diferentes estratégias e mercados de investimento.

• A equipe de pesquisa cobre mais de 50 mercados globais
• Realiza mais de 3.500 reuniões da empresa anualmente
• Utiliza plataformas de pesquisa proprietárias e ferramentas analíticas

Gerenciamento de relacionamento com o cliente

A empresa atende clientes institucionais e de varejo em 26 países, com uma base de clientes representando US $ 376,7 bilhões em ativos.

Tipo de cliente	AUM ($ B)	Percentagem
Institucional	268.4	71.2%
Varejo	108.3	28.8%

Desenvolvimento de produtos e inovação

Em 2023, Janus Henderson lançou 12 novas estratégias de investimento e produtos focados em ESG.

• 6 produtos de investimento sustentável
• 3 estratégias de patrimônio temático
• 3 soluções de investimento alternativas

Gerenciamento de riscos e monitoramento de conformidade

A empresa mantém uma estrutura abrangente de gerenciamento de riscos, com 45 profissionais dedicados a riscos e conformidade.

• Implementa tecnologias avançadas de monitoramento de risco
• Realiza avaliações de risco abrangentes trimestrais
• Mantém a certificação de segurança da informação ISO 27001

Janus Henderson Group plc (JHG) - Modelo de negócios: Recursos -chave

Profissionais de investimento experientes e equipes de pesquisa

A partir de 2023, Janus Henderson Group empregou 2.300 funcionários globalmente, com aproximadamente 650 profissionais de investimento. A equipe de investimento da empresa gerencia US $ 389,3 bilhões em ativos.

Categoria profissional	Número
Total de profissionais de investimento	650
Analistas de pesquisa	185
Gerentes de portfólio	275

Plataformas proprietárias de pesquisa e análise de investimento

Janus Henderson investe US $ 85 milhões anualmente em infraestrutura de tecnologia e pesquisa.

• Plataformas de pesquisa quantitativa proprietária
• Sistemas avançados de gerenciamento de riscos
• Análise de investimento habilitada para aprendizado de máquina

Forte reputação da marca no gerenciamento de ativos

Janus Henderson gerencia US $ 389,3 bilhões em ativos sob gestão (AUM) A partir do quarto trimestre 2023.

Métrica de desempenho	Valor
Aum total	US $ 389,3 bilhões
Presença global	26 países
Clientes institucionais	58%

Portfólio de produtos de investimento diversificado

Distribuição de produtos em categorias de investimento:

• Fundos de patrimônio: 42%
• Fundos de renda fixa: 28%
• Fundos com vários ativos: 18%
• Estratégias alternativas: 12%

Infraestrutura tecnológica avançada

Redução de investimentos em tecnologia:

Categoria de tecnologia	Investimento anual
Segurança cibernética	US $ 22 milhões
Análise de dados	US $ 35 milhões
Infraestrutura em nuvem	US $ 28 milhões

Janus Henderson Group plc (JHG) - Modelo de negócios: proposições de valor

Soluções abrangentes de investimento global

No quarto trimestre de 2023, Janus Henderson conseguiu US $ 289,2 bilhões em ativos totais sob gestão (AUM). A empresa oferece soluções de investimento:

Região	AUM ($ B)
Estados Unidos	168.7
Reino Unido	62.3
Europa	41.5
Ásia -Pacífico	16.7

Estratégias de gerenciamento de investimentos ativos e passivos

Redução da estratégia de investimento:

Tipo de estratégia	Aum porcentagem
Gerenciamento ativo	72%
Gestão passiva	28%

Produtos de investimento personalizado para diversas necessidades de clientes

A gama de produtos inclui:

• Fundos mútuos
• Fundos negociados em bolsa (ETFs)
• Portfólios institucionais
• Soluções de aposentadoria
• Investimentos alternativos

Especialização em várias classes e mercados de ativos

Classe de ativos	AUM ($ B)
Ações	164.3
Renda fixa	78.5
Multi-ativo	36.9
Estratégias alternativas	9.5

Compromisso com investimentos sustentáveis ​​e responsáveis

Portfólio de investimento sustentável: US $ 78,6 bilhões em dezembro de 2023

• Estratégias de investimento integradas por ESG
• Fundos focados em transição climática
• Soluções de investimento de impacto

Janus Henderson Group plc (JHG) - Modelo de negócios: Relacionamentos do cliente

Serviços de consultoria de gerenciamento de patrimônio personalizado

Janus Henderson oferece serviços de consultoria de investimento personalizados em vários segmentos de clientes:

Segmento de cliente	Serviços de consultoria	Ativos médios sob gerenciamento
Investidores institucionais	Gerenciamento de portfólio personalizado	US $ 233,4 bilhões
Investidores de varejo	Estratégias de investimento personalizado	US $ 127,6 bilhões
Indivíduos de alto patrimônio líquido	Planejamento abrangente de riqueza	US $ 48,3 bilhões

Plataformas de engajamento de clientes digitais

Os recursos de engajamento digital incluem:

• Portal de investimentos on-line com rastreamento de portfólio em tempo real
• Aplicativo móvel com insights de investimento
• Canais de comunicação digital seguros

Métrica da plataforma digital	2023 desempenho
Usuários digitais ativos	237,000
Downloads de aplicativos móveis	89,400

Relatórios de desempenho regulares e comunicação

Frequência de relatórios e canais:

• Relatórios trimestrais de desempenho
• Boletins mensais de investimento
• Pontos de contato personalizados de comunicação

Canal de relatório	Volume anual de comunicação
Relatórios de desempenho digital	1,4 milhão
Declarações de desempenho impresso	482,000

Equipes de gerenciamento de relacionamento dedicadas

Estrutura de gerenciamento de relacionamento:

Categoria de equipe	Número de profissionais	Tamanho médio do portfólio de clientes
Gerentes de clientes institucionais	124	US $ 1,87 bilhão
Consultores de clientes de varejo	276	US $ 463 milhões

Recursos educacionais e insights de investimento

Ofertas de educação em investimentos:

• Série de webinar
• Publicações de pesquisa de mercado
• Workshops de estratégia de investimento

Recurso educacional	Engajamento anual
Participantes do webinar	42,600
Downloads de relatório de pesquisa	218,000

Janus Henderson Group plc (JHG) - Modelo de negócios: canais

Equipe de vendas diretas

A partir de 2024, Janus Henderson mantém uma equipe global de vendas diretas com aproximadamente 450 profissionais de vendas institucionais e de varejo em várias regiões.

Região	Tamanho da equipe de vendas
América do Norte	185 profissionais
Europa	135 profissionais
Ásia-Pacífico	130 profissionais

Plataformas de investimento on -line

Janus Henderson oferece plataformas de investimento digital com as seguintes métricas principais:

• Base de usuário da plataforma digital: 275.000 investidores ativos
• Volume de transação online: US $ 4,2 bilhões mensais
• Downloads de aplicativos móveis: 142.000 em 2023

Redes de consultores financeiros

A empresa mantém extensas parcerias de consultor financeiro:

Tipo de rede	Número de consultores
Corretor independente	48.500 consultores
Consultores de investimento registrados	22.300 empresas
Wirehouses	15.700 consultores

Marketing Digital e Comunicação

Os canais de marketing digital incluem:

• Seguidores do LinkedIn: 98.000
• Seguidores do Twitter: 35.400
• Visitantes mensais do site: 620.000
• Banco de dados de marketing por email: 275.000 assinantes

Conferências de investimento e eventos da indústria

Janus Henderson participa de aproximadamente 87 conferências do setor anualmente nos mercados globais.

Tipo de evento	Participação anual
Conferências de investidores institucionais	42 eventos
Cúpulas de gerenciamento de patrimônio	28 eventos
Fóruns globais de investimento	17 eventos

Janus Henderson Group plc (JHG) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre de 2023, Janus Henderson gerencia aproximadamente US $ 389,4 bilhões em ativos institucionais.

A quebra do segmento institucional	Valor do ativo
Clientes institucionais globais	US $ 267,3 bilhões
Clientes institucionais corporativos	US $ 122,1 bilhões

Indivíduos de alta rede

Janus Henderson atende clientes de alta rede com um portfólio estimado de US $ 84,6 bilhões.

• Tamanho médio da conta: US $ 2,3 milhões
• Serviços de gerenciamento de patrimônio direcionando indivíduos com US $ 1 milhão em ativos investíveis

Investidores de varejo

O segmento de varejo representa US $ 203,5 bilhões em ativos gerenciados.

Categorias de investidores de varejo	Percentagem
Investidores diretos de varejo	42%
Investidores de plataforma intermediária	58%

Fundos de pensão

O gerenciamento de fundos de pensão totaliza US $ 146,2 bilhões.

• Ativo de pensão do setor público: US $ 87,4 bilhões
• Ativo de pensão do setor privado: US $ 58,8 bilhões

Planos de aposentadoria corporativa

Plano de aposentadoria corporativo Ativos gerenciados: US $ 112,7 bilhões.

Tipo de plano	Total de ativos
401 (k) planos	US $ 76,3 bilhões
Planos de benefícios definidos	US $ 36,4 bilhões

Janus Henderson Group plc (JHG) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

Para o ano fiscal de 2023, o Janus Henderson Group registrou despesas totais de remuneração e benefícios de US $ 1,14 bilhão. A quebra dos custos relacionados aos funcionários inclui:

Categoria de despesa	Quantidade (USD)
Salários	US $ 798 milhões
Bônus de desempenho	US $ 212 milhões
Remuneração baseada em ações	US $ 130 milhões

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura para 2023 totalizaram US $ 187 milhões, com as principais áreas de foco, incluindo:

• Infraestrutura de computação em nuvem
• Sistemas de segurança cibernética
• Aprimoramentos da plataforma digital
• Ferramentas de análise de dados

Despesas de pesquisa e desenvolvimento

As despesas de P&D para 2023 foram de US $ 62 milhões, segmentando:

Área de foco em P&D	Investimento (USD)
Desenvolvimento da estratégia de investimento	US $ 28 milhões
Ferramentas de investimento digital	US $ 22 milhões
Pesquisa de investimento sustentável	US $ 12 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing de 2023 totalizaram US $ 93 milhões, alocadas de forma alta:

• Campanhas de marketing digital
• Extensão institucional do cliente
• Iniciativas de marketing global
• Patrocínio de eventos

Conformidade regulatória e despesas operacionais

Os custos operacionais e de conformidade para 2023 atingiram US $ 145 milhões, incluindo:

Categoria de conformidade	Quantidade (USD)
Conformidade legal e regulatória	US $ 68 milhões
Gerenciamento de riscos	US $ 42 milhões
Auditoria e controles internos	US $ 35 milhões

Janus Henderson Group plc (JHG) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de produtos de investimento

Para o ano fiscal de 2023, o Janus Henderson Group registrou taxas de gerenciamento totais de US $ 1,625 bilhão. A quebra das taxas de gerenciamento por categorias de produtos de investimento é a seguinte:

Categoria de produto	Taxas de gerenciamento ($ m)
Fundos de ações	US $ 752 milhões
Fundos de renda fixa	US $ 486 milhões
Fundos multi-ativos	US $ 287 milhões
Estratégias alternativas	US $ 100 milhões

Taxas baseadas em desempenho

Em 2023, Janus Henderson gerou US $ 78,4 milhões em taxas baseadas em desempenho em várias estratégias de investimento.

Cobranças de serviço de consultoria

As cobranças de serviço de consultoria para 2023 totalizaram US $ 213,6 milhões, com a seguinte distribuição:

• Serviços de consultoria institucional: US $ 142,3 milhões
• Serviços de consultoria de varejo: US $ 71,3 milhões

Taxas de distribuição e plataforma

As taxas de distribuição e plataforma para o ano fiscal de 2023 totalizaram US $ 345,2 milhões.

Canal de distribuição	Taxas ($ m)
Plataformas institucionais	US $ 198,7 milhões
Plataformas de distribuição de varejo	US $ 146,5 milhões

Comissões de gerenciamento de ativos

Comissões de gerenciamento de ativos para 2023 foram US $ 267,9 milhões, segmentado da seguinte maneira:

• Comissões de patrimônio global: US $ 124,6 milhões
• Comissões de renda fixa: US $ 89,3 milhões
• Comissões de estratégias alternativas: US $ 54 milhões

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.