Janus Henderson announced plans today for a newly formed and funded joint venture with Privacore Capital (“Privacore”), an open-architecture distributor and trusted consultant for alternative investment products tailored to Private Wealth clients.

This initiative aligns with Janus Henderson’s strategic ambitions to diversify and grow its business. Privacore will tap into a fast-growing market, with a strong leadership team, in a strategically important segment of the industry where Janus Henderson clients have asked for exposure. The initiative positions the firm to grow with our clients and further strengthens Janus Henderson’s credibility as a future partner in strategic M&A in private and alternative asset classes.

“We recognize that the democratization of alternatives among Private Wealth clients is still in the early stages, and this trend presents a significant opportunity for firms with strong relationships with retail intermediaries—like Janus Henderson—to expand the breadth and quality of alternative investment solutions for clients,” said Janus Henderson CEO, Ali Dibadj.

Alternatives as a category represent a $12 trillion-dollar market, with assets expected to roughly double in size over the next 5 years. High-net-worth investors command $80 trillion dollars of assets globally and are expected to account for much of the growth in private markets. Janus Henderson expects that Privacore will play an integral role in bridging the gap between managers of alternative assets and end investors—through diligence, investor education, portfolio construction, and client service—across private equity, debt, real estate, infrastructure, and other non-traditional asset classes.

Privacore will be led by two principals, Brendan Boyle and Bill Cashel, a pair of industry veterans each with proven track records of building leading distribution platforms within dynamic, alternatives-focused businesses.

“We welcome the opportunity to support Privacore’s leadership and expect our partnership will be a winning combination. Janus Henderson’s robust heritage combined with this new entrepreneurial team demonstrates our commitment to ensuring our clients come first—always,” said Dibadj.

“Privacore’s mission to partner with the best-in-class managers of alternative investments, paired with extensive relationships at wirehouses, broker dealers, and RIAs, creates value on both ends of the spectrum—accelerating GP fundraising and bringing differentiated, institutional-quality investment opportunities to a set of clients that are notably under-allocated to alternatives today,” said Brendan Boyle, Privacore CEO, Principal & Co-Founder.

This partnership seeks to provide access to best-in-class, largely private, alternative investments, managed by both third-party investment managers and Janus Henderson.

Janus Henderson will initially hold a minority stake in the organization, with a defined path to control in coming years.

The firm plans to formally launch the joint venture towards the middle of the year and will engage with clients and GPs in the second half of 2023, subject to relevant regulatory approvals.

Please visit www.privacorecap.com for more information.

Notes to editors

Biographies

Brendan Boyle, Privacore CEO, Principal & Co-Founder

Mr. Boyle’s career spans over 40 years in the financial services industry. Most recently, he was a Senior Managing Director at Blackstone, the world’s largest manager of Alternative investments, where he founded and managed the Firm’s global Private Wealth business. Prior to joining Blackstone in 2011, Mr. Boyle was an independent consultant advising some of the leading Asset Management, Broker/Dealer and Insurance companies, including a number of Private Equity firms, on all aspects of business development.

Mr. Boyle spent 25 years in senior management positions in the Private Client and Asset Management industries at leading Wall Street firms, including Smith Barney, Prudential Securities and UBS/Paine Webber. During this time, he was responsible for managing such product areas as mutual funds, insurance and annuities, trust services and managed accounts. He has also served as an independent director on a number of private Financial Services companies.

Mr. Boyle is based in Bronxville, NY and is a graduate of Marist College.

Bill Cashel, Privacore Head of Business Development, Principal & Co-Founder

Mr. Cashel leads the business development effort for Privacore. He spent the majority of his career at AQR Capital where he helped establish and grow the private wealth channel. During this time, he held positions of Principal, Head of Private Wealth, and President of AQR Funds, while overseeing the engagement with financial intermediaries. Mr. Cashel managed the firm’s strategic relationships with custodians and broker dealers to expand into the RIA/MFO and Broker Dealer Channels. Previously he held distribution roles at Fiera Capital, and Natixis Asset Management.

Mr. Cashel is based in Boston, MA and received a BA degree from Denison University and an MBA from Pepperdine University.

Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service.

As of March 31, 2023, Janus Henderson had approximately US$311 billion in assets under management, more than 2,000 employees, and offices in 24 cities worldwide. Headquartered in London, the company is listed on the NYSE and the ASX.

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