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

Janus Henderson has signed a definitive agreement to acquire 100% of Richard Bernstein Advisors (RBA), a New York-based wealth management firm specializing in macro multi-asset strategies. The deal is structured as a platform acquisition and is expected to close in the second quarter of 2026. RBA manages approximately $20 billion in client assets, and its founder, Richard Bernstein, will join Janus Henderson under a multi-year arrangement to lead the next phase of the business.

The acquisition is aimed at strengthening Janus Henderson’s capabilities in model portfolios and separately managed accounts (SMA), areas where demand has been rising across North America. RBA’s research-led approach combines top-down macroeconomic analysis with quantitative portfolio construction, and the firm is positioned as an opinion leader in style investing and asset allocation. Strategically, the combination also broadens Janus Henderson’s distribution reach, including among registered investment advisors (RIAs) and large brokerage networks.

While the transaction value was not disclosed, the agreement calls for RBA’s investment team and operating platform to be integrated into Janus Henderson’s model and SMA offering. Richard Bernstein is expected to take on a senior leadership role focused on macro and customized investing, aligning RBA’s research process with Janus Henderson’s existing investment framework and product innovation.