Recent deals highlight asset managers’ race to capture the booming demand for model portfolios and outsourced investment solutions. Within the span of a week, two acquisitions — Janus Henderson’s purchase of Richard Bernstein Advisors (RBA) and Raymond James’ acquisition of Clark Capital Management Group — have signaled a strategic shift toward specialized, advisor-centric distribution.

“ETF providers are increasingly seeing demand from model portfolios as advisors look to leverage their in-house expertise,” Todd Rosenbluth, head of research at VettaFi, said. “While firms like BlackRock and WisdomTree have organically built out teams to run these efforts, others have turned to acquisitions to bring on the management and distribution capabilities.” 

Janus Henderson Scales With Richard Bernstein Advisors

Janus Henderson Group (JHG) on January 23 announced its intent to fully acquire Richard Bernstein Advisors, an asset allocation specialist. RBA focuses on longer-term investment strategies that combine top-down, macroeconomic analysis and quantitatively-driven portfolio construction.

RBA, which manages approximately $20 billion in assets, will be fully integrated into the Janus Henderson ecosystem. The deal is expected to close in the second quarter of 2026.

This transaction also marks the exit of iM Global Partner (iMGP), which had held a minority stake in RBA since July 2021. During that five-year partnership, RBA utilized iMGP’s distribution network to scale its macroeconomic and quantitatively driven strategies. For Janus Henderson, the acquisition is a direct play to bolster its footprint in model portfolios and separately managed accounts (SMAs).

Raymond James Expands Reach

The Janus Henderson news follows closely on the heels of Raymond James’ January 15 announcement to acquire Clark Capital Management Group. Clark Capital brings a significant $46 billion in discretionary and non-discretionary assets under management to the Raymond James Investment Management division.

Clark Capital will remain an independent boutique under the Raymond James umbrella, a move consistent with the firm’s multi-boutique structure. This structure currently houses brands such as Eagle Asset Management and Reams Asset Management. The acquisition, expected to close by the third quarter of 2026, focuses on Clark’s “high-growth” inflows and its specialized service team for high-net-worth clients.

Why Advisors Should Watch This Trend

Being able to offer holistic investment solutions and being a trusted partner to financial advisors is a key goal for many asset managers. Raymond James CEO Paul Shoukry emphasized that the move positions the firm as a leader in the turnkey asset management platform (TAMP) segment. 

This industry consolidation could have impacts on financial advisors. On one hand, the integration of specialized managers like RBA and Clark Capital into larger platforms may lead to better technology integration and broader access to proprietary models. On the other hand, it reduces the number of independent boutique voices in a market increasingly dominated by massive distribution engines.

Originally published on Advisor Perspectives

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