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# Activist investor Trian takes big stakes in Invesco, Janus Henderson

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Activist investor Trian takes big stakes in Invesco, Janus Henderson
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Trian said to be planning consolidation to create large fund manager

Shareholder activist Trian Fund Management LP has taken big stakes in investment firms Invesco Ltd. and Janus Henderson Group PLC and plans to agitate for deal making aimed at building a rival to the biggest asset managers in the world.

Trian has accumulated 9.9% stakes in both Invesco
IVZ,
-1.40%
and Janus Henderson
JHG,
-0.55%
, with the two positions totaling roughly $900 million, people familiar with the matter said.

The money comes in part from a long-term fund Trian has built with the goal of bringing consolidation to the asset-management industry, which has been buffeted by plummeting fees and shrinking profit margins. Additional money remains in that fund that can be put to use for future positions in the sector, the people said. The fund’s existence hasn’t previously been reported.

Trian believes Invesco has the potential to grow by acquiring rivals such as Janus Henderson, and wants to work with management and the board to build a large asset manager that can better weather the challenges facing the industry and compete with larger rivals like BlackRock Inc.
BLK,
+0.77%

An expanded version of this report appears on WSJ.com.

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