Brexit FAQs

Do you have a Brexit project underway?

Janus Henderson Investors has a well-established project underway looking at all possible Brexit impacts including distribution, regulatory permissions and licenses, HR, IT and operations. Janus Henderson Investors is seeking to minimise the potential impact on investors, and like all firms, is operating in an environment that is uncertain and subject to change. The project team are involved in discussions with regulators, industry groups and clients to remain abreast of developments that may impact on our preparations.

The project team is supported by a number of law firms in different European countries.

With our long history in continental Europe, and the build out of our existing office in Luxembourg underway, we are well placed to continue to support our clients globally after Brexit.

Will you be launching any new product lines or making regulatory or structural changes to products?

Janus Henderson Investors already has fund ranges in the UK, Luxembourg and Ireland.

We are in a strong position, both today and after Brexit, to continue to serve investors in the UK and the EU.

Will you be switching EU investors in UK funds to Luxembourg or Irish domiciled funds?

The majority of EU investors are already invested in our Luxembourg or Irish funds.

At the present time, we do not have any plans to move EU clients who have chosen to invest in a UK domiciled fund as there is currently no necessary reason to do so. However we are considering what suitable alternatives exist for clients who would prefer to move.

If you have any concerns about your investment in a Janus Henderson fund, please contact your relationship manager or email us at sales.support@janushenderson.com .

Will you be switching UK investors in Luxembourg or Irish domiciled funds to a UK fund?

The majority of our UK investors are already invested in our UK funds. At the present time, we do not have any plans to move UK clients who have chosen to invest in an EU domiciled fund as there is currently no necessary reason to do so. However we are considering what suitable alternatives exist for clients who would prefer to move.

If you have any concerns about your investment in a Janus Henderson fund, please contact your sales relationship manager or email us at sales.support@janushenderson.com .

Do you intend to transfer or terminate any distribution agreements between your UK distributor and EU distributors?

We have no plans to transfer or terminate our wholesale distribution agreements.

Will you be changing service providers (such as the Transfer Agent or Depositary) for the funds?

No. The existing service providers to the EU funds are based in the EU, and the service providers to the UK funds are based in the UK.

Will you be setting up an office/Management Company in a new EU location or intend on making an existing EU office more prominent? If so, which locations?

No. Janus Henderson Investors has operated offices in continental Europe for some time; we have offices in Luxembourg, Germany, France, Spain, Italy and The Netherlands.

We are building out our existing office in Luxembourg to provide additional oversight of our activities in continental Europe. We are recruiting additional headcount in areas such as investment management, fund operations, compliance, risk management and distribution oversight.

Will you be moving investment management of your mutual funds from the UK to the EU?

The management company of the Luxembourg funds, currently delegates investment management to Henderson Global Investors Limited, a UK MiFID investment firm. Our current understanding is that delegation may continue after Brexit once suitable bi-lateral arrangements are in place between regulators in Luxembourg and the UK.

The Irish Investment Company currently delegates investment management to Janus Capital International Limited, a UK MiFID investment firm. Our current understanding is that delegation may continue after Brexit once suitable bi-lateral arrangements are in place between regulators in Ireland and in the UK.

For our UK funds we do not expect any changes to be necessary as they are UK domiciled funds with a UK investment manager.

Do you have a contingency plan in order for EU27 funds to continue running in compliance with the relevant EU authorisations in the event of a Hard Brexit, without delegation?

Janus Henderson has implemented a Brexit Programme which is concentrated on Brexit planning efforts and has a Steering Committee that reports to the Executive Committee and the Board of Directors of the Funds and Management Companies. As part of this programme, we have considered what options are available to us in the event that the relevant authorities do not permit delegation of investment management from the EU to a UK firm and have reviewed what steps would be required to enact them. However, it is our current understanding that delegation will continue after Brexit once suitable bi-lateral arrangements are in place between regulators in Luxembourg, Ireland and the UK and therefore we are not presently putting into effect any of our contingency options. We take this situation extremely seriously; we believe a pragmatic outcome will prevail because the primary concern should be market stability and investor protection.

Please describe your contingency plans in order for the EU27 funds to continue running in compliance with the relevant EU authorisations in the event of a Hard Brexit, without delegation.

In the event that delegation of investment management from the EU to a UK firm was not allowed then we will look to appoint another authorised investment manager within the Janus Henderson Group domiciled in the EU, or in a third country where a cooperation agreement is already in place. In the EU27, we are in the process of obtaining the necessary investment management permissions for our Luxembourg based firm which will allow it to act as investment manager for EU27 clients and funds. In third countries, we have investment management firms domiciled in both the US and Singapore who already act as sub-investment managers on many of our UK & EU27 funds.

Messaggio importante