New corporate move in the industry. Janus Henderson has signed a definitive agreement to acquire 100% of Richard Bernstein Advisors (RBA), a research-driven multi-asset macro investment manager. According to the firm, the acquisition positions Janus Henderson as a leading provider of model portfolios and separately managed accounts (SMAs). The transaction is expected to close in the second quarter of 2026.
Founded in 2009 by Richard Bernstein and headquartered in New York City, RBA is an asset manager focused on longer-term investment strategies that combine top-down macroeconomic analysis with portfolio construction based on quantitative models, and oversees approximately 20 billion dollars in client assets.
“Widely recognized as an expert and thought leader in style investing and asset allocation, Richard Bernstein has over 40 years of experience on Wall Street, including as Chief Investment Strategist at Merrill Lynch & Co.,” the firm states.
RBA offers its clients differentiated asset allocation solutions supported by the firm’s intellectual capital.
As part of the transaction, Richard Bernstein will join Janus Henderson as Global Head of Macro & Customized Investing, and will sign a multi-year agreement with the Company to lead the next phase of growth for RBA.
Key points of the deal
This acquisition will allow Janus Henderson to significantly strengthen its position in model portfolios and SMAs. Upon completion of the transaction, Janus Henderson will be among the top 10 model portfolio providers in North America, placing it at the forefront of a segment with strong growth prospects. In addition, RBA’s broad experience in distributing model portfolios and SMAs will allow Janus Henderson to enhance its distribution capabilities, including those targeting wirehouses and Registered Investment Advisors (RIAs).
“As demand for model portfolios and SMAs continues to accelerate across the industry, we are very pleased to announce this strategic acquisition of RBA, which will allow us to expand our investment capabilities for our clients, enhancing our current offerings in model portfolios and SMAs. Richard and his investment team are recognized for their research expertise, proven investment strategies, and innovative top-down macro approach. We believe that the investment and distribution capabilities of both RBA and Janus Henderson are a winning combination and position Janus Henderson for long-term success and market leadership in model portfolios and SMAs,” said Ali Dibadj, CEO of Janus Henderson.
For his part, Richard Bernstein, CEO and CIO of Richard Bernstein Advisors, added:
“We are thrilled to join Janus Henderson in this new stage of RBA’s evolution. Our shared approach, deeply rooted in research, the mindset of putting the client first, our strength in active ETFs and product innovation, as well as our distribution capabilities, will allow us to develop customized models and expand our reach among clients. We will remain committed to offering our clients our industry-leading intellectual capital and market perspectives. Our macro investment approach will complement Janus Henderson’s bottom-up fundamental investment strategies, expanding our combined capabilities for the benefit of our clients.”
iMGP sells its stake to Janus Henderson
In parallel with this transaction, iM Global Partner (iMGP) has announced that it will sell its stake in Richard Bernstein Advisors (RBA) to Janus Henderson, as part of the acquisition of 100% of RBA. Following this announcement, Philippe Couvrecelle, Founder and CEO of iM Global Partner, stated:
“Our mission has always been clear: to identify top boutique managers, partner with them to grow, and offer high-quality investment solutions to clients around the world. The acquisition of RBA by Janus Henderson is a very positive outcome for the firm and for clients, and a clear proof of our strength in identifying leading investment boutiques, as well as the value our partnership platform can create for our asset manager partners.”
Couvrecelle emphasized that iM Global Partner is a growing company. “We already have ambitious plans to accelerate our long-term expansion, and this transaction provides additional momentum to capitalize on our expertise in partner selection, forge new relationships, and further advance our growth strategy in Europe, the United States, and Asia,” he added.
For his part, Richard Bernstein, CEO and CIO of the firm, noted that iM Global Partner has been an excellent and highly supportive partner for RBA over the past five years. “Everyone at RBA is deeply grateful for iMGP’s help in driving our growth, and we wish them the greatest success in their future projects,” he said.
