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Wednesday, July 01, 2015|
For $85MM, Janus Buys a Shop Co-Founded By a Pimco Vet
Dick Weil is making another acquisition, bringing another Pimco veteran to Janus [profile], and expanding Gross' team to the other side of the Pacific, all in one fell swoop.
Bank of America Merrill Lynch advised Janus on the deal.
Weil describes the deal as part of his "commitment to expand [Janus'] fixed income capabilities."
"This transaction will reinforce our efforts to build a global macro fixed income team offering best-in-class global unconstrained bond strategies," Weil states. "Combining the success and experience of Kapstream's unconstrained fixed income business with Bill's reputation as one of the world's most successful fixed income investors creates a powerful opportunity for our clients and for Janus Capital."
Janus' fundamental fixed income team, led by fixed income chief investment officer Gib Smith, "will remain a separate, autonomous and distinct capability," per Janus' statement this morning.
Though Kapstream is based in Sydney, it expanded into the U.S. in 2013 by opening an office in Newport Beach, which is the hometown of both Pimco and Gross.
As of March 31, Janus had about $189.7 billion in AUM. The Kapstream deal follows Janus' purchase of ETF shop VelocityShares six months ago.
Printed from: MFWire.com/story.asp?s=52124
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