Investment manager Janus Capital Group Inc. said Monday it will acquire an additional 50 percent ownership interest in U.S. value manager Perkins, Wolf, McDonnell and Co. LLC for $90 million.
Janus will have an 80 percent stake in the Chicago-based company after the deal closes, which is expected to take place in the fourth quarter.
Janus said the move allows it to offer a wider range of investment products.
Janus also said it plans to launch Janus Adviser Perkins Large Cap Value Fund for U.S. investors later in the year. The fund will be managed by Perkins, Wolf, McDonnell co-portfolio managers Tom Perkins and Kevin Preloger.
After the acquisition, Perkins, Wolf, McDonnell will change its name to Perkins Investment Management LLC.
Janus will also change the names of its Mid Cap Value Funds to Perkins Mid Cap Value Funds; the Janus Small Cap Value Fund will be renamed Perkins Small Cap Value Fund, and the Janus Small Company Value Funds will become Perkins Small Company Value Funds.
Terms & Conditions
RSS Headlines
Fool UK