Janus Henderson raises savings target after trimming workforce 

Janus Henderson has its primary listing in New York
Janus Henderson has its primary listing in New York

Janus Henderson said it will save millions more than expected from its recent merger after cutting its workforce and transferring some jobs to BNP Paribas. 

The fund manager, formed earlier this year by the merger of Henderson and US rival Janus Capital, said it is aiming to save $125m (£95m) annually for the next three years, up from its previous forecast of $110m.

The fresh target comes after the London headquartered but New York and Australian listed business achieved savings faster than expected "largely from headcount reduction" since the tie-up went live in May.  

Around 100 people, or 4.5pc of the total workforce, have been cut since the merger. There was also a string of senior departures after the deal was announced last October - Henderson's global head of equities moved to asset manager GAM in February, for example, while T Rowe Price took on its six-person bond team in the US.

Another 100 middle office roles in the US are expected to now go as a result of a deal with BNP Paribas, with the company saying in a separate statement on Thursday that it was extending its partnership with the French lender. 

The deal, which will see the 100 Janus Henderson staff transfer to BNP Paribas, is expected to go live next March with the group paying Janus Henderson around $36m for the operations. 

In a joint statement co-chief executives Dick Weil and Andrew Formica said "only five months have passed [..] yet pleasingly we are seeing green shoots."  

Regulatory costs and competition from cheaper passive funds have driven asset management firms together in recent years, with Aberdeen Asset Management and Standard Life going live with their merger just two months after Janus and Henderson.