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Activist hedge fund Trian Fund Management has taken 9.9% stakes in money managers Janus Henderson and Invesco and may encourage the firms' management and boards to explore mergers and acquisitions.
The stakes were disclosed in separate SEC filings Oct. 2 and reported by Nelson Peltz, CEO and founding partner; Peter W. May, president and founding partner; and Edward P. Garden, CIO and founding partner.
Trian said it purchased the stakes because executives "believe that these securities are undervalued and represent an attractive investment opportunity."
Both filings said "the asset management industry is undergoing significant change due to a variety of competitive pressures, and that industry participants that possess significant scale and product breadth, streamlined and efficient non-investment functions, and...