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Henderson Group Has No Idea What It’s Getting Into

That feeling when you just spent $2.6B to "manage" Bill Gross.
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Photo: Bob Riha Jr/Getty Images

Photo: Bob Riha Jr/Getty Images

Earlier this month, Henderson Group agreed to buy Janus Capital Group. In addition to giving the British firm a major presence in the U.S. mutual fund market, the merger also puts Henderson in the Bill Gross business.

In spite of all that entails, Gross’ current “boss,” Janus CEO Dick Weil, says Henderson can’t wait to start working with the Tzar head of their Newport Beach office.

Janus Capital chief executive Dick Weil spiced up Janus’s inconsequential third quarter earnings–the firm has agreed to be sold to Henderson Group–by talking up Mr. Gross. Henderson, Mr. Weil said, is, “excited to have access to Bill Gross.”

And who wouldn’t be? After all, wasn’t it Weil himself who noted that Gross required the moving of “heaven and earth” and kid-glove treatment, and that it was the job of whoever oversaw him to “make this fun and successful for Bill”? I mean, who wouldn’t sign up for that? And for keeping one’s gaze firmly at the floor in his exalted presence? And ensuring that you are very firmly and at all times on “his side”? Especially since failure to do all of those things might lead to having to defend oneself in court for firing him by accepting his handwritten letter of resignation? While in the meantime having compliance sift through his innerthoughts on a monthly basis and having him take his issues with your firm on television?

I mean, seriously: Asset management deal of the century.

Takeover Doesn’t Dull Janus Obsession With Pimco [WSJ]


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