Sun Hung Kai to invest $100m in Trian Partners fund for Janus Henderson stake

Sun Hung Kai & Co. Limited (SHK) announced that its indirect wholly-owned subsidiary, Itso Limited, will commit up to US$100 million to a new co-investment fund managed by Trian Partners. The fund aims to acquire Janus Henderson Group plc (JHG), a global asset manager listed on the NYSE with US$484 billion in assets under management as of September 30, 2025. This commitment will be financed by SHK Group's internal resources.

The transaction, dated December 21, 2025, is a discloseable transaction for both SHK and Allied Group Limited (AGL) due to one of the applicable percentage ratios exceeding 5% but remaining below 25%. This mandates reporting and announcement requirements but exempts it from shareholders' approval under Chapter 14 of the Listing Rules. SHK views this as a strategic move to expand its alternative investment platform.

The fund, named Jupiter AM Investors, L.P., will be managed by Trian Fund Management, L.P., and has a seven-year term, subject to extensions. Trian Partners currently holds about 20.6% of JHG's outstanding shares as of December 21, 2025. Post-acquisition, the subscriber's indirect holding in JHG through the fund is not expected to exceed 5%, meaning it will not be consolidated into SHK's or AGL's financial statements.