It looks as though Orange County’s “Bond King” will have a new employer.
Denver-based Janus Capital Group has agreed to merge with London-based Henderson Group PLC in an all-stock deal.
Bill Gross, who gained renown at Pacific Investment Management Co. in Newport Center, has worked for Janus for the past two years. His office just down the street from Pimco’s headquarters.
The new firm will be renamed Janus Henderson Global Investors PLC if the deal closes as expected in the second quarter of 2017.
The deal is expected to complement the two firms, said Janus Chief Executive Officer Dick Weil. “Janus is strong in the U.S. and Japanese markets,” he said. “Henderson’s strength is in the U.K. and European markets.”
The new firm will have about 2,300 employees in 29 global locations, with revenue of about $2.2 billion and earnings before interest, taxes, depreciation and amortization of about $700 million, based on last year’s totals.
Henderson is an 82-year-old global asset manager with an active investment philosophy. It employs 1,000 worldwide and has about $122.2 billion in assets under management.
Janus Capital has about $195 billion in assets, is listed on the New York Stock Exchange and currently has a market capitalization of U.S. $2.6 billion.