Janus Henderson to scrap dual CEO structure

By Mark Kleinman, City editor
Janus Henderson, the UK-headquartered fund management giant, will announce on Wednesday that it is abolishing the dual leaders?hip structure it established just over a year ago.
Sky News has learnt that the company, which managed $372bn in ‎assets at the end of March, will announce the move to a single chief executive alongside its second-quarter results.
Janus Henderson, which is listed on stock exchanges in the US and Australia, has been run since last year by Andrew Formica and Dick Weil as co-chief executives.Mr Formica was the boss of Henderson Global Investors, which merged with Janus Capital, run by Mr Weil, in a $6.4bn deal that completed in May 2017.City sources said that the company was also leaning towards announcing which of the two men would get the sole top job ‎on Wednesday, although Janus Henderson's board was meeting to discuss the transition strategy and no decision had been finalised on Tuesday afternoon.Both Mr Formica and Mr Weil have indicated their interest in becoming sole chief executive, although the former has in recent weeks been linked with another job in his native Australia: the chief executive's post at financial services group AMP.People close to Mr Formica have dismissed that as "idle speculation".
‎The impending announcement about Janus Henderson's leadership will surprise investors because of its faster-than-expected arrival.The company had said the arrangement would be reviewed within three years, while as recently as three months ago it was reported that that would be brought forward to next spring.Janus Henderson is on course to meet cost-cutting targets set as part of the merger ahead of schedule, but on the downside has suffered substantial fund outflows since the deal closed.Its move to scrap the co-CEO structure will throw a sharper spotlight on Standard Life Aberdeen, the fund manager created from a similarly timed merger last year.
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Martin Gilbert, who is also deputy chairman of Sky News' parent, Sky plc, and Keith Skeoch have held the joint roles for the last year.A spokeswoman for Janus Henderson declined to comment.
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