Janus Henderson Group announced it is acquiring Richard Bernstein Advisors (RBA) in a deal the global asset manager said will significantly expand its footprint in model portfolios and separately managed accounts, two areas of wealth management that have been growing rapidly as advisors look for scalable, outcomes-oriented solutions.
Under the agreement, Janus Henderson will acquire 100% of RBA, a research-driven macro multi-asset investment manager overseeing about $20 billion in client assets as of January 16, 2026. The transaction is expected to close in the second quarter of 2026, subject to customary conditions.
RBA was founded in 2009 by Richard Bernstein and is headquartered in New York. The firm builds longer-term investment strategies that combine top-down macroeconomic research with quantitatively driven portfolio construction across multi-asset portfolios. Janus Henderson said the acquisition will strengthen both its investment capabilities and its distribution reach, particularly in model portfolio and SMA channels across wirehouses and registered investment advisors.
As part of the transaction, Bernstein will join Janus Henderson as Global Head of Macro & Customized Investing and will enter into a multi-year agreement to lead the next phase of RBA’s growth. Janus Henderson said the RBA’s approach to macro investing and customized asset allocation is complementary to its existing bottom-up, fundamental investment strategies, broadening the combined firm’s toolkit for advisors and institutions seeking tailored portfolio solutions.
Janus Henderson’s leadership framed the deal as a strategic push into one of the fastest-growing segments of wealth and advisor distribution. The company said that upon completion, it expects to rank among the top 10 model portfolio providers in North America, positioning the firm to compete more aggressively as demand accelerates for packaged portfolio solutions and customized mandates.
RBA’s client base spans pensions, corporations, and foundations, as well as financial advisors and high-net-worth investors. Janus Henderson said it expects the combination to allow for expanded customization, product innovation, and broader distribution of model portfolios and SMA strategies, supported by RBA’s experience in those channels.
Support: Financial and legal advisors on the transaction include Piper Sandler as exclusive financial advisor to RBA, with Vedder Price serving as RBA’s legal counsel and Sheppard, Mullin, Richter & Hampton acting as legal counsel to Janus Henderson.
KEY QUOTES:
“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. 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.”
Ali Dibadj, Chief Executive Officer, Janus Henderson
“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. We will remain steadfast in providing our clients with our industry-leading intellectual capital and market perspectives. Our macro investment approach will complement Janus Henderson’s bottom-up, fundamental investment strategies, expanding our combined capabilities for the benefit of our clients.”
Richard Bernstein, Chief Executive Officer And Chief Investment Officer, Richard Bernstein Advisors
