- Janus Henderson to deliver broader capabilities and resources to investors in four Nicholas Funds
- Acquisition enhances Janus Henderson’s self-directed investor business and adds approx. 28,000 individual clients and $5.7 billion in total AUM
- Partnering with Nicholas expands Janus Henderson’s product offering for U.S. mutual fund clients with the addition of U.S. Research Core Fund, an extension of Janus Henderson’s Global Research suite
October 19, 2026 DENVER — Janus Henderson Investors today announced that it has entered into an agreement to acquire four mutual funds managed by Nicholas Company, Inc., an independently owned investment firm founded in 1967 based in Milwaukee, Wisconsin with $5.7 billion in assets under management (AUM) and approximately 28,000 self-directed and intermediary shareholders.1 The acquisition marks a strategic investment in the continued growth of Janus Henderson’s U.S. self-directed investor platform. The transaction, which is subject to requisite shareholder approval, is also expected to provide shareholders of the Nicholas Funds with access to a broad range of investment capabilities, enhanced technology, client service resources, and Janus Henderson’s longstanding commitment to helping clients achieve superior financial outcomes.
Following completion of the transaction, including the receipt of requisite shareholder approvals, the four Nicholas Funds will be reorganized into the Janus Henderson fund group on a tax-free basis and the assets of Nicholas’ four U.S. equity mutual funds will be integrated into Janus Henderson’s self-directed investor offering with comparable actively managed investment strategies and historical strong long-term performance track records. Post closing of the transaction clients will continue to receive seamless service, benefiting from Janus Henderson’s investment expertise, expanded product lineup, digital capabilities, and U.S.-based client support resources.
In tandem with the transaction, Janus Henderson plans to launch the Janus Henderson U.S. Research Core Fund, into which the flagship Nicholas Fund will merge when the transaction and shareholder approvals are completed. Janus Henderson’s Research strategies total $40 billion in AUM2 with self-directed, intermediary, and global institutional clients, and the addition of the Research Core Fund to Janus Henderson’s mutual fund product lineup further strengthens the firm’s investment offering in U.S. large cap equities.
Nicholas Company is an independently owned investment firm that has maintained a consistent investment philosophy, process, and management since its founding in 1967. The firm’s philosophy is based on a fundamental, bottom-up approach to security selection with a long-term investment horizon.
Ali Dibadj, Janus Henderson CEO, said, “The acquisition of these funds reflects our commitment to protecting and growing our self-directed investor business, which we have been committed to since the founding of our first U.S. mutual fund in 1970. Fund consolidation is a continuation of the trend in the U.S. mutual fund industry toward greater scale and platform depth, with meaningful benefits for fund clients and investment firms alike. We believe Janus Henderson will be a strong partner for the Nicholas Funds’ shareholders and similarly situated fund management firms seeking to partner with Janus Henderson. We are pleased and honored to warmly welcome shareholders of the Nicholas Funds to Janus Henderson and look forward to working with David Nicholas and team during the transition as we continue investing in a brighter future together, supported by the high level of service, industry-leading equity investment expertise, and expanded capabilities and service that have helped investors pursue their financial goals for decades.”
David O. Nicholas, CFA, Nicholas Company CEO and CIO, said, “For nearly 60 years, Nicholas has been dedicated to serving investors through a disciplined investment philosophy and a strong commitment to client outcomes. We believe Janus Henderson is the right long-term home for our shareholders. The firm’s shared focus on investment excellence, client service, and fiduciary responsibility gives us confidence that our Nicholas Funds shareholders will continue to receive the support, expertise, and attention they deserve.”
Janus Henderson’s Direct Investor platform provides individual investors with access to a comprehensive suite of tools, resources and investment solutions designed to support their long-term financial well-being. These capabilities include a robust online portal and mobile app, personalized client service from a highly trained in-house U.S. transfer agency team, complimentary guidance from licensed financial professionals on tax-advantaged accounts, automated required minimum distribution functionality, personalized investment guidance through Direct Advice, and access to a broad range of investment products and solutions, including mutual funds and Janus Henderson Charitable, its donor-advised fund solution. The firm’s Rollover Concierge program provides personalized, step-by-step support to help investors consolidate eligible retirement accounts into a Janus Henderson IRA, while eligible investors may also benefit from cash bonuses on qualifying asset transfers or rollovers and a percentage match on future IRA contributions. Together with programs such as Ready. Invest. Go.℠, these offerings are designed to make it easier for investors to get started, consolidate assets and invest toward their long-term financial goals.
The transaction is subject to customary closing conditions and regulatory approvals.
Berkshire Global Advisors acted as financial advisor to the Nicholas Company in connection with the transaction.
1 As of September 30, 2026
2 As of August 31, 2026
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Notes to editors
About Janus Henderson
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