Janus Henderson Buys Richard Bernstein Advisors
Asset manager Janus Henderson has agreed to acquire 100% of investment management firm Richard Bernstein Advisors for an undisclosed amount.
The deal will allow Janus Henderson to significantly grow its market share in the model portfolio and SMA provider space, in addition to strengthening its RIA distribution reach. After the deal’s completion, scheduled for the second quarter of 2026, the firm will become one of the top 10 model portfolio providers in North America.
Richard Bernstein Advisors has $18.5 billion in AUM and specializes in top-down macroeconomic analysis and quantitatively-driven portfolio construction. The 40-year-old firm’s founder and CEO, Richard Bernstein, will join Janus Henderson as global head of macro and customized investing.
“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, which will allow us to expand our investment capabilities for our clients, amplifying our existing model portfolio and SMA offerings,” said Ali Dibadj, CEO of Janus Henderson, in a statement. “Richard and his investment team are renowned for their research capabilities, time-tested investment strategies, and innovative top-down, macro approach to investing. We believe the investment and distribution capabilities at both RBA and Janus Henderson is a winning combination and positions Janus Henderson for long-term success and market leadership in model portfolios and SMAs.”
According to research firm Broadridge Financial Solutions, as of the first quarter of 2025, model portfolios held an estimated $7.7 trillion in AUM, or over 34% of all funds sold through the retail intermediary market. The firm forecasts that by 2029, that figure might grow to $13.2 trillion, representing a 15% annual growth rate.
Likewise, SMAs have also grown by 54% over a two-year period to reach $3.86 trillion in AUM by the first quarter of 2025, according to research firm Cerulli Associates. Some of the factors contributing to SMAs’ rising popularity include their tax benefits and new technology making it easier to offer SMAs to clients with lower net worth.
The vehicles’ popularity among financial advisors has prompted asset managers to start a race to launch both model portfolios and SMAs, with big-time names including Goldman Sachs, Fidelity, T. Rowe, Franklin Templeton and State Street Global Advisors launching new models over the past year.
“We are delighted to join Janus Henderson in this next stage of RBA’s evolution. Our shared deep research-driven approach to investing, client-first mentality, strength in active ETFs and product innovation, and distribution capabilities will allow us to develop customized models and expand our reach with clients,” said Richard Bernstein in a statement.
According to Morningstar research, as of the first quarter of last year, Janus Henderson held $20 billion in model portfolio assets, compared to industry leader BlackRock, with $168 billion and runners-up Wilshire and Capital Group, with $68 billion and $61 billion in model assets, respectively.
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