Janus Teams With 90% of Assets Oppose Takeover by Victory

Investment teams overseeing the vast majority of Janus Henderson Group Plc’s assets have expressed serious concerns to the company about being acquired by Victory Capital Holdings.

Dozens of portfolio managers, who run both stock and bond funds, have told senior executives and the board in conversations and letters that Victory’s bid would undermine the firm’s culture and erode its ability to do business, according to people with knowledge of the matter. Managers who produce roughly a third of the company’s revenue have threatened to leave if the deal proceeds, the people said.