Richard Bernstein Advisors Acquired by Janus Henderson — Financial Services M&A

Janus Henderson Group has entered into a definitive agreement to acquire 100% of Richard Bernstein Advisors (RBA), a research-driven macro multi-asset investment manager. The deal is structured as a strategic platform acquisition, with Richard Bernstein set to join Janus Henderson as global head of macro and customized investing under a multi-year arrangement. While the transaction value was not disclosed, market reporting has cited figures around $1 billion, alongside references to $60 million and $200 million components.

The acquisition strengthens Janus Henderson’s position in wealth management platforms focused on model portfolios and separately managed accounts (SMAs), areas where demand is rising among wirehouses and registered investment advisors (RIAs). RBA’s capabilities in model and SMA distribution, combined with its top-down macro research approach, are intended to broaden Janus Henderson’s investment toolkit and distribution reach, including through customized model offerings and related product innovation.

The transaction is expected to close in Q2 2026, subject to customary conditions. Piper Sandler advised RBA financially, while Vedder Price served as legal counsel to RBA and Sheppard, Mullin, Richter & Hampton acted as legal counsel to Janus Henderson.