M＆A-Happy资产管理首席执行官

"Five pounds in the jar," quips Andrew Formica, the co-chief executive of Janus Henderson, when I refer to his company by its old name of Henderson. It's lunch time on a Wednesday at Sosharu, a Japanese restaurant with an ultra-precise approach to food in relaxed dark wood and moody blue surroundings.

Sosharu适合福尔科，似乎在灰色羊毛衣服和露出颈衬衫，完全准时。即使在他的工资上挑战，他也仍然无瑕疵。但他拿起了过时的公司名称。花在伦敦和丹佛之间的几个月旅行后，在Janus和Henderson之间敲击所谓的“惯例”，他有时间练习他的线条。

我们认为菜单。菲尔卡被日本炸鸡般的痒痒，但棍子留在钓鱼 - 它让他想起在悉尼的成长，在那里他会在港口乘坐新鲜的生鱼片。知道如何使用筷子现在，他的12.9％的公司由日本的Dai-Ichi寿命持有。

The merger stunned the asset management industry. Rivals caught a whiff of panic as two mid-sized asset managers, both squeezed by the regulatory environment, joined together to create an investment house that, as of December 2017, had a market capitalization of around $7 billion, and $371 billion of assets under management. Yet Formica had been looking for his Janus moment for ten long years, ever since he pitched for the chief executive position in 2008, aged 37.

他出生于澳大利亚悉尼，向一家教师家庭，并通过麦克里大学的经济学学位通过AMP Capitals赞助。亚博篮球怎么下串渴望从较少的特权背景下给其他饥饿的屠杀制造商提供一方的饥饿销毁者将导致他开始投资2020年，这是一个帮助2000名年轻人进入资产管理行业的职业计划，其中90％来自州立学校。

After the surprise resignation of his predecessor, Roger Yates, Formica was asked to present his vision for Henderson, which was originally founded in the U.K. in 1934 to manage the estate of Alexander Henderson, the first Lord Faringdon. The dust had barely settled after the collapse of Lehman, yet Formica spotted a "buyer's market" for asset management companies that became part of his 10-year strategy for putting Henderson among the BlackRocks and the Schroders.

The acquisitions swiftly followed. In 2009, he spied an opportunity to shore up Henderson's position in the U.K. with New Star, whose debt had been spiraling since the market downturn. Then he looked to expand the firm's European business with a rescue merger with Gartmore, another weakened player, in 2011.

In the U.S., Henderson made some small acquisitions in Milwaukee and created a successful retail business that brought in $3.5 billion of new money in 2015 -- growing 38 percent year-on-year. But Formica recognized that Henderson would have to replicate that kind of growth ten times and for ten years to achieve the scale necessary for any real impact in the U.S. So he looked to speed up the process the best way he knew how: with a strategic acquisition of another weakened player. Janus had recorded its first inflows in five years in 2014 thanks to the arrival of Bill Gross from PIMCO. It had just $195 billion on its books at the time of the deal.

与Janus的43％相比，“平等的合并等于”汉人57％的股份。Janus将其总部从丹佛搬到伦敦市中心的亨德森办事处，而Richard Weil，Janus首席执行官交换了丹佛的蓝天，为伦敦的烟雾成为共同主席。

Formica表示，两家公司的整合比预期更好。作为合并的一部分，亨德森从伦敦股市退出，支持纽约。“在全球竞争对手方面，那边有更多的东西，”他说。“在这里，您有一对夫妇，例如，但在美国，你有BlackRock，T. Rowe，Franklin [Templeton Investments]。这些公司是众所周知的。”

当他到达软壳螃蟹天麸罗拉时，一只看起来像欧盟旗帜的袖扣看起来像欧盟旗帜。袖扣是来自他长子的布鲁塞尔的礼物。Formica恐惧Brexit将限制他的三个孩子。“我喜欢U.K.是一个开放的市场，”他说。“我来自澳大利亚，尽管这里没有上学，但我在这里欢迎来到这里。所以当布雷克特周围的很多新闻界都是更封闭的，这让我担心。”

As for the business, he expects to build out company headquarters in Luxembourg and Ireland, though the global base will stay in London. "This is a trading country, it will be fine," he says with a sigh. "But it could have been better."

Analysts at Morgan Stanley declared the Janus Henderson merger the start of "a Darwinian moment" as active asset managers group together to reap efficiencies in the battle against cheaper and arguably more profitable passive funds. Formica says he's not only out to compete on size - he wants the respect of his clients and is prepared to make sacrifices to keep it. Plus he can't foresee a future when Janus Henderson will offer passive management, putting it out of the league of the big guns. But in an age where European regulation like MiFID II (the second edition of the Markets in Financial Instruments Directive) is squeezing the margins, scale can mean savings - for Janus Henderson, a reported $110 million in the first year.

如果事情在内部是玫瑰色的，旁观者的眉毛已经占据了董事会的决定，奖励保险杠筹集筹款筹集到两种福尔卡，他将其薪水几乎将其薪水增长到760万美元，以及威尔·魏尔，他乘坐了900万美元，即使Janus Henderson损失了102亿美元2017年的2016年和进一步的84亿美元。Formica至少暂时捍卫包裹：“我们处于一个不寻常的结构，我们也运行了额外的成本。但这是一个过渡时期，将持续三年。之后我们会再看看。“当暂时性期结束时，也许合并不会如此等。

I ask him if he worries that extremely high compensation packages make chief executives like himself seem out of touch with the very people he is trying to reach through Investment 2020. He says the bigger problem is raising awareness among graduates of opportunities in asset management. "A lot of my compensation is driven by long-term investing," he says. "I don't like measuring our results on a yearly basis. They should be measured on five- or even 10-year structures."

我感觉到另一个计划吗？“中国，”他说。“中国将在未来10年的计划中，但我们的行业难以困难，因为规则在开放时迅速变化。”

这位交易制造者可以让他的时间变得如此。在亨德森25年后，Formica在迈克尔·多斯森这样的长服务行业执行中算是迈克尔多斯森，他在标准生活中担任施斯·斯科尔斯，在标准的生活中占据了30岁。现在，Formica必须专注于证明他最新交易的智慧。“Janus Henderson的潜力是巨大的，”他说。“现实是，市场尚未见到。”