Janus Capital Group Inc. has announced plans to purchase an additional 50% ownership interest in Chicago-based Perkins Wolf McDonnell and Co. LLC for $90 million.
PWM has been the subadviser to the Janus Small Cap Value Fund (JSCVX) since its inception in 1987 and the Janus Mid Cap Value Fund (JMCVX) since its inception in 1998.
In 2003, Janus purchased a 30% ownership stake in PWM, so once the deal closes, Janus will own 80% of the firm.
The acquisition of a value-oriented firm will enable Denver-based Janus to offer a broader range of products, the company said in the statement.
Janus also announced pans to launch a new fund for U.S. investors later this year.
The Janus Adviser Perkins Large Cap Value Fund will be managed by PWM co-portfolio managers Tom Perkins and Kevin Preloger.
The acquisition, which is expected to close in the fourth quarter of 2008, includes subadvisory agreements that must be approved by shareholders.
As of March 31, Janus managed $187 billion in assets.
PWM currently manages $10 billion in assets.
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