An SEC filing from Thursday revealed Dai-ichi sold its 30,668,922 shares in the multinational investment manager, at US$1.50 each ($1.30).
Janus Henderson and Dai-ichi Life have worked in partnership for eight years, but the Japanese group signalled it had made a strategic decision to focus capital towards its global insurance business, deciding to monetise its stake in Janus Henderson.
As a result, the two companies have entered a new strategic agreement, which will see a Dai-ichi executive appointed to help lead Janus Henderson’s efforts in Japan.
The pair will also continue to collaborate on new product development and distribution.
Dick Weil, chief executive of Janus Henderson commented although his company is “disappointed to lose Dai-ichi as a shareholder”, it will not change its strategy.
Seiji Inagaki, president of Dai-ichi Life added: “Janus Henderson remains a powerful franchise in the global asset management markets and we hold their teams in high regards.”
The decision was declared as Janus Henderson released its results for the fourth quarter and 2020 full year. On an adjusted basis, the group recorded a 4 per cent rise in revenue in 2020, to US$1.8 billion, while net income was up by 16 per cent to US$557.9 billion.
Net income had surged during the December quarter by 46 per cent on the previous three months, to US$189 million.
Meanwhile assets under management closed the year at US$401.6 billion, a 7.1 per cent rise on 2019.
Diluted earnings per share came to US$3.01, a rise from the previous year’s US$2.47. The board declared a fourth-quarter dividend of US$0.36.
Janus Henderson’s stock price on the ASX fell from $42.57 on the ASX on Thursday, as the announcement was filed, to $39.70 on Friday. As at Monday afternoon, it had somewhat recovered to $40.92.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
