The Guardian Life Insurance Company of America® one of America’s largest life insurers and a leading provider of employee benefits, and Janus Henderson Group plc, have announced an innovative strategic partnership, whereby Janus Henderson will become Guardian’s investment grade public fixed income asset manager.
In a statement released by the companies, the partnership means that Janus Henderson will manage the $45 billion investment grade public fixed income portfolio for Guardian’s general account, which will include investment grade corporates and securitised credit. As part of the agreement, Guardian investment professionals currently supporting the in-scope asset classes will have the opportunity to join Janus Henderson, providing continuity in the management of these assets while further enhancing Janus Henderson’s specialized insurance investment capabilities.
At the completion of this transaction, Janus Henderson will manage over $147 billion in fixed income assets globally[1] and over $109 billion for global insurance companies[2], greatly expanding the firm’s institutional reach and insurance presence. The partnership positions Janus Henderson as a top-15 unaffiliated insurance asset manager.[3]
In addition, Guardian will commit up to $400 million of seed capital to help accelerate Janus Henderson’s continued innovation in securitized credit and high quality active fixed income products, as well as other leading fixed income capabilities. This builds on the success of Janus Henderson’s active fixed income ETF suite. This partnership will benefit from Janus Henderson’s innovative investment approach as a leading active asset manager and a pioneer in active fixed income ETFs.
As part of this strategic partnership, Guardian will receive equity warrants and other economic consideration designed to support a shared goal of accelerating growth and driving value creation.
Guardian and Janus Henderson will also co-develop proprietary, multi-asset solution model portfolios for Guardian’s dually registered broker-dealer and registered investment advisor, Park Avenue Securities (PAS), which has over 2,400 advisors covering approximately $58.5 billion of client assets under management.[4] As a key partner to PAS, Janus Henderson will develop investment solutions for PAS clients, bringing together Janus Henderson’s full suite of global investment allocation and solutions capabilities, including Janus Henderson EdgeTM, the firm’s award-winning proprietary analytics platform from its Portfolio Construction & Strategy team.[5] This is expected to broaden and enhance investment opportunities for PAS clients and provide dedicated support and practice management for Guardian’s team of national financial representatives and their clients.
Andrew McMahon, Guardian Chairman and Chief Executive Officer, said, “This strategic partnership with Janus Henderson enhances Guardian’s investment and solutions capabilities and aligns our organizations for long-term, mutual growth. Our shared culture of collaboration and dedication to our clients make them a natural partner for Guardian. By combining Guardian’s exceptional experience with Janus Henderson’s market-leading investment strategies, resources, and capabilities, we will be able to offer innovative investment and wealth management strategies that will benefit customers and policyholders for years to come.”
Ali Dibadj, Chief Executive Officer of Janus Henderson, commented,“Janus Henderson is honored to partner with Guardian, one of the largest and most respected life insurers in the U.S. Together we will work to help shape the financial futures of millions of customers, creating a brighter future together. This multifaceted, innovative partnership, founded on a shared set of client-focused values, leverages our complementary strengths, creates alignment for mutual growth, and intends to achieve mutually beneficial outcomes for policyholders, our clients, shareholders, and employees. This strategic partnership also supports the execution of Janus Henderson’s client-led vision of amplifying our strengths in Fixed Income, Multi-Asset Solutions, and Model Portfolios, while greatly expanding our presence in the institutional market and insurance space. Guardian’s selection of Janus Henderson speaks to the trust that the most sophisticated asset owners in the world have placed in Janus Henderson.”
This partnership transaction is expected to close at the end of the second quarter of 2025.
An investor presentation on the partnership transaction is available on Janus Henderson’s Investor Relations website.
Janus Henderson was advised by Mayer Brown LLP and Guardian was advised by Debevoise & Plimpton LLP.
[1] Figure includes the fixed income portion of multi-asset funds as of December 31, 2024.
[2] Pro forma AUM as of December 31, 2024, figures include $45bn of Guardian assets and $64bn of Janus Henderson client AUM across global Insurance, Variable Insurance Trust, Insurance Broker Dealer, and Retail Life Co. AUM.
[3]Source: Clearwater Analytics Investment Outsourcing Report, 2024.
[4] As of December 31, 2024.
[5] Janus Henderson was awarded American Financial Technology Awards best analytics initiative for 2019.
