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Janus Henderson becomes Dai-ichi Life affiliate

Dai-ichi Life Holdings Inc. completed the proposed acquisition of shares in U.K.-based asset manager Janus Henderson Group PLC, making the latter its affiliate.

The transaction, which was made through the New York Stock Exchange, brings the Japanese insurer's stake in Janus Henderson to 15.3%, according to a May 17 release. The shareholding is calculated based on the common stock issued by the asset manager as shown in a Form 10-Q submitted to the U.S. SEC.

Financial details of the deal were not disclosed.

Dai-ichi Life expects to boost its asset management business and expand its profitability through the incorporation of Janus Henderson's high profit growth. The insurer will also seek to speed up the profit growth of both the group and the affiliate through increased cooperative interaction between Janus Henderson and Asset Management One Co. Ltd., Dai-ichi Life's joint venture with Mizuho Financial Group Inc.

The impact of the deal was reflected in the insurer's earnings forecast for the fiscal year ending March 31, 2019, with no expected changes. The company said it expects to report a 39.5% year-over-year decline in net income to ¥220 billion, or ¥188.87 per share.

In late 2016, Janus Capital Group Inc. and Henderson Group plc agreed to an all-stock merger to form Janus Henderson Group. Dai-ichi Life had said it will hold about 9% of the combined entity, with plans to increase its ownership interest to at least 15%. The merger of equals was completed in May 2017.

As of May 17, US$1 was equivalent to ¥110.82.