Janus Capital Group and Henderson Group have merged to form new asset management firm based in London.

Janus Capital Group and Henderson Group have completed the all-stock merger of equals to form asset manager Janus Henderson Group after being listed on the New York Stock Exchange. Henderson’s securities will continue to trade on the Australian Securities Exchange. The deal was first announced in October 2016.

Janus Henderson manages approximately $331 billion in AuM with market capitalisation of about $6 billlion, and expects pre-tax net cost synergies of at least $110 million, the new firm said yesterday in a statement.

The firm state that the merger will use Janus’ strengths in the US and Henderson’s strengths in the UK and European markets to become a global force. Janus Henderson will be headquartered in London and will keep the US office of Janus in Denver.

Janus Henderson has confirmed that Timothy How, Robert Jeens, Roger Thompson and Phil Wagstaff have resigned from the board with immediate effect. Roger Thompson and Phil Wagstaff will continue as chief financial officer and global head of distribution, respectively, and will continue to be members of the Janus Henderson executive committee. Billie Williamson, Deborah Gatzek, J. Richard Fredericks and Arnold Pinkston will also resign from the board of Janus Capital Group. 

In addition, Janus Henderson appointed Glenn Schafer, Richard Weil, Jeffrey Diermeier, Eugene Flood, Lawrence Kochard and Tatsusaburo Yamamoto to the board with immediate effect.

“The combined firm, Janus Henderson, creates a truly global active asset manager that is well-positioned to succeed in the investment marketplace, with expanded product suites, greater financial strength and better talent, benefiting our clients, shareholders and employees,” said Weil, co-CEO of Janus Henderson.