Janus Henderson to Acquire $20B Richard Bernstein Advisors
Janus Henderson Group has agreed to acquire Richard Bernstein Advisors, a research-driven, macro-focused multi-asset investment manager, in a move that significantly expands its model portfolio and separately managed account (SMA) capabilities.
Founded in 2009 by Richard Bernstein, the New York–based firm oversees approximately $20 billion in client assets and is known for combining top-down macroeconomic research with quantitatively driven portfolio construction. Bernstein, who brings more than four decades of Wall Street experience—including a prior role as Chief Investment Strategist at Merrill Lynch—will join Janus Henderson as Global Head of Macro & Customized Investing and enter into a multi-year agreement to lead the next phase of the platform’s growth.
Strategically, the acquisition positions Janus Henderson as a more comprehensive provider of models and SMAs. RBA’s established distribution footprint across RIAs and wirehouses is expected to further enhance Janus Henderson’s reach in the fast-growing customized investing channel.
“As client demand for model portfolios and SMAs continues to accelerate across the industry, we are very excited to announce this strategic acquisition of RBA,” said Ali Dibadj, CEO of Janus Henderson. “This will allow us to expand our investment capabilities for our clients, amplifying our existing model portfolio and SMA offerings.”
“Our macro investment approach will complement Janus Henderson’s bottom-up, fundamental investment strategies,” Bernstein added, “expanding our combined capabilities for the benefit of our clients.”
The transaction is expected to close in Q2 2026. Piper Sandler served as exclusive financial advisor to RBA, with legal counsel provided by Vedder Price. Sheppard, Mullin, Richter & Hampton acted as legal advisor to Janus Henderson.
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