Janus Henderson has agreed to acquire Richard Bernstein Advisors, adding USD 20 billion in client assets under management. The deal has no impact on Janus Henderson’s fair value estimate or moat assessment. In a separate deal, Trian Fund Management and partners are set to acquire Janus Henderson for USD 7.4 billion, paying 11.3 times estimated forward earnings. The acquisition of Richard Bernstein Advisors boosts Janus Henderson’s AUM but doesn’t affect its fair value estimate or moat rating. The fair value estimate remains at USD 49 per share.

Read more at Morningstar: Janus Henderson: Acquisition of Richard Bernstein Advisors Expands Portfolio