Billionaire’s funds swoop

VETERAN i nvestor Nelson Peltz has snapped up stakes in asset managers Janus Henderson and Invesco in a bid to shake up the industry.

The American billionaire, who has previously agitated for change at companies such as Heinz and Cadbury, has bought a 9.9pc stake in each firm through his investment company Trian Fund Management.

The shares in Invesco and Janus Henderson would have cost around £685m.

Trian said it planned to encourage the firms to consider ‘ strategic options’ such as consolidation.

Traditional investment firms like Invesco and Janus Henderson have been struggling in recent years as they compete with powerhouses like Blackrock, which are able to offer lower fees. As markets have generally been on the rise, investors have also been moving away from funds managed by stockpickers to cheaper ‘passive’ funds which track an index.

A wave of consolidation has already swept across the industry and Peltz, 78, who began his career working for his grandfather’s wholesale foods business, is ready for more action.

Both Invesco and Janus Henderson are listed on the New York Stock Exchange, but have significant businesses in the UK.

Invesco has been conducting a review of its business here following a period of underperformance for several of its funds, and earlier this year fired long- standing stockpicker Mark Barnett. And Janus Henderson offers a slew of popular UKbased funds for its British customers.