MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, October 13, 2014 Weil Speeds Janus Up Again, With a $30MM Deal Janus [profile] is about to buy an ETF provider. This morning Dick Weil unveils a deal to purchase VS Holdings, the parent of Darien, Connecticut-based ETF and ETN shop VelocityShares [profile], for an initial $30 million in cash up front. The deal is slated to close this quarter. The news comes after Weil made another big move last month, hiring bond king Bill Gross. A spokesman for Denver-based Janus confirms that, prior to the deal, Janus has not had a presence in the exchange-traded product (ETP) space. As of September 30, VelocityShares had $2 billion in assets under management across 21 different offerings. So, the $30 million cash payment translates into 1.5 percent of VelocityShares' AUM. As of June 30, publicly-traded, Janus has $177.7 billion in AUM. Wells Fargo Securities and Paul, Weiss Rifkind, Wharton & Garrison advised Janus on the deal. Freeman & Co. Securities and Stoel Rives advised VS Holdings. Weil describes the deal as positioning "Janus within the rapidly growing rules-based and active ETF universe." "Today's announcement is a continuation of our strategy of intelligent diversification, adding new talent to support innovation and smart solutions for our clients," Weil states. Nick Cherney (co-founder and chief investment officer), Rich Hoge (co-founder and chief financial officer) and Steve Quinn (head of distribution) manage VelocityShares. VelocityShares has a team of 11 people. Printed from: MFWire.com/story.asp?s=49897 Copyright 2014, InvestmentWires, Inc. All Rights Reserved |