JANUS HENDERSON GROUP PLC, 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Document And Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Jul. 29, 2025
Document Information [Line Items]    
Entity Central Index Key 0001274173  
Entity Registrant Name JANUS HENDERSON GROUP PLC  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2025  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-38103  
Entity Incorporation, State or Country Code Y9  
Entity Tax Identification Number 98-1376360  
Entity Address, Address Line One 201 Bishopsgate  
Entity Address, City or Town London  
Entity Address, Country GB  
Entity Address, Postal Zip Code EC2M3AE  
City Area Code 44  
Local Phone Number (0) 20 7818 1818  
Title of 12(b) Security Common Stock, $1.50 Per Share Par Value  
Trading Symbol JHG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   155,978,508
v3.25.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 882.6 $ 1,217.2
Investments 380.7 337.1
Fees and other receivables 309.3 356.6
OEIC and unit trust receivables 106.7 68.7
Other current assets 153.0 134.5
Total current assets 2,955.3 2,639.5
Non-current assets:    
Property, equipment and software, net 36.6 39.4
Intangible assets, net 2,540.5 2,473.3
Goodwill 1,633.8 1,550.4
Retirement benefit asset, net 78.2 70.3
Other non-current assets 207.1 190.2
Total assets 7,451.5 6,963.1
Current liabilities:    
Current portion of accrued compensation, benefits and staff costs 207.9 388.6
OEIC and unit trust payables 105.7 75.6
Total current liabilities 658.4 735.0
Non-current liabilities:    
Accrued compensation, benefits and staff costs 26.7 38.8
Long-term debt 395.2 395.0
Deferred tax liabilities, net 577.2 569.3
Other non-current liabilities 149.4 141.9
Total liabilities 1,806.9 1,880.0
Commitments and contingencies (See Note 16)
REDEEMABLE NONCONTROLLING INTERESTS 744.7 365.0
EQUITY    
Common stock, $1.50 par value; 480,000,000 shares authorized, and 156,213,508 and 158,126,855 shares issued and outstanding as of June 30, 2025, and December 31, 2024, respectively 234.3 237.2
Additional paid-in capital 3,689.9 3,745.3
Treasury shares, 43,152 and 36,171 shares held at June 30, 2025, and December 31, 2024, respectively (1.1) (0.9)
Accumulated other comprehensive loss, net of tax (321.5) (485.2)
Retained earnings 1,167.0 1,095.1
Total shareholders’ equity 4,768.6 4,591.5
Nonredeemable noncontrolling interests 131.3 126.6
Total equity 4,899.9 4,718.1
Total liabilities, redeemable noncontrolling interests and equity 7,451.5 6,963.1
Variable Interest Entity, Primary Beneficiary [Member]    
Current assets:    
Cash and cash equivalents 29.2 17.6
Investments 1,059.4 502.1
Other current assets 34.4 5.7
Current liabilities:    
Accounts payable and accrued liabilities 40.4 4.7
Consolidated Entity, Excluding Consolidated VIE [Member]    
Current liabilities:    
Accounts payable and accrued liabilities $ 304.4 $ 266.1
v3.25.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Common stock, par value (in dollars per share) $ 1.5 $ 1.5
Common stock, shares authorized (in shares) 480,000,000 480,000,000
Common stock, shares issued (in shares) 156,213,508 158,126,855
Common stock, shares outstanding (in shares) 156,213,508 158,126,855
Treasury shares (in shares) 43,152 36,171
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Total revenue $ 633.2 $ 588.4 $ 1,254.6 $ 1,140.1
Operating expenses:        
Employee compensation and benefits 179.0 166.3 360.5 332.1
Long-term incentive plans 39.7 36.4 83.8 86.8
Distribution expenses 132.9 126.6 265.0 249.0
Investment administration 16.9 12.8 33.0 25.0
Marketing 12.0 9.8 21.9 17.8
General, administrative and occupancy 80.4 66.9 156.0 135.5
Depreciation and amortization 8.5 5.3 17.0 10.4
Total operating expenses 469.4 424.1 937.2 856.6
Operating income: 163.8 164.3 317.4 283.5
Interest expense (5.9) (3.2) (11.8) (6.3)
Investment gains, net 52.6 6.4 47.1 28.9
Other non-operating income, net 21.1 7.6 27.5 42.2
Income before taxes 231.6 175.1 380.2 348.3
Income tax provision (47.2) (41.6) (79.8) (74.2)
Net income 184.4 133.5 300.4 274.1
Net income attributable to noncontrolling interests (34.5) (3.8) (29.8) (14.3)
Net income attributable to JHG $ 149.9 $ 129.7 $ 270.6 $ 259.8
Earnings per share attributable to JHG common shareholders:        
Basic (in dollars per share) $ 0.95 $ 0.81 $ 1.72 $ 1.62
Diluted (in dollars per share) $ 0.95 $ 0.81 $ 1.72 $ 1.62
Other comprehensive income (loss), net of tax:        
Foreign currency translation gains (losses) $ 135.1 $ 3.5 $ 196.0 $ (20.1)
Reclassification of foreign currency translation to net income (0.4) 5.5 0.0 (16.5)
Actuarial gains 0.7 0.4 1.3 0.8
Other comprehensive income (loss), net of tax 135.4 9.4 197.3 (35.8)
Other comprehensive loss (income) attributable to noncontrolling interests (24.2) (0.4) (33.6) 0.7
Other comprehensive income (loss) attributable to JHG 111.2 9.0 163.7 (35.1)
Total comprehensive income 319.8 142.9 497.7 238.3
Total comprehensive income attributable to noncontrolling interests (58.7) (4.2) (63.4) (13.6)
Total comprehensive income attributable to JHG 261.1 138.7 434.3 224.7
Investment Advice [Member]        
Revenue:        
Total revenue 507.0 472.8 1,020.0 932.2
Investment Performance [Member]        
Revenue:        
Total revenue 14.8 7.4 11.2 (5.7)
Distribution and Shareholder Service [Member]        
Revenue:        
Total revenue 60.0 58.5 121.4 115.7
Product and Service, Other [Member]        
Revenue:        
Total revenue $ 51.4 $ 49.7 $ 102.0 $ 97.9
v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 300.4 $ 274.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17.0 10.4
Deferred income taxes 0.6 (0.2)
Stock-based compensation plan expense 36.9 33.2
Reclassification of foreign currency translation to net income 0.0 (16.5)
Investment gains, net (47.1) (28.9)
Other, net (9.2) (4.5)
Changes in operating assets and liabilities:    
OEIC and unit trust receivables and payables (8.0) 2.9
Other assets 59.0 70.5
Other accruals and liabilities (211.6) (122.2)
Net operating activities 138.0 218.8
Investing activities:    
Investments, net (166.4) (42.2)
Property, equipment and software (3.9) (3.7)
Investments by consolidated seeded investment products, net (307.7) (64.1)
Cash paid on settled seed capital hedges, net (31.7) (5.4)
Acquisitions, net of cash acquired (4.2) 0.0
Other, net (4.2) 0.7
Net investing activities (518.1) (114.7)
Financing activities:    
Purchase of common stock for stock-based compensation plans (96.4) (80.4)
Purchase of common stock for the share buyback program (76.3) (115.4)
Dividends paid to shareholders (125.3) (125.8)
Third-party capital invested into consolidated seeded investment products, net 305.3 91.3
Other, net 4.6 0.2
Net financing activities 11.9 (230.1)
Cash and cash equivalents:    
Effect of foreign exchange rate changes 45.2 (7.3)
Net change (323.0) (133.3)
At beginning of period 1,234.8 1,168.1
At end of period 911.8 1,034.8
Supplemental cash flow information:    
Cash paid for interest 10.9 7.3
Cash paid for income taxes, net of refunds 91.5 55.9
Reconciliation of cash and cash equivalents:    
Total cash and cash equivalents 911.8 1,034.8
Consolidated Entity, Excluding VIE [Member]    
Reconciliation of cash and cash equivalents:    
Total cash and cash equivalents 882.6 1,013.9
Variable Interest Entity, Primary Beneficiary [Member]    
Reconciliation of cash and cash equivalents:    
Total cash and cash equivalents $ 29.2 $ 20.9
v3.25.2
Condensed Consolidated Statements of Changes In Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Triumph Capital Markets Holdco, LP (T C M) [Member]
Common Stock [Member]
Triumph Capital Markets Holdco, LP (T C M) [Member]
Additional Paid-in Capital [Member]
Triumph Capital Markets Holdco, LP (T C M) [Member]
Treasury Stock, Common [Member]
Triumph Capital Markets Holdco, LP (T C M) [Member]
AOCI Attributable to Parent [Member]
Triumph Capital Markets Holdco, LP (T C M) [Member]
Retained Earnings [Member]
Triumph Capital Markets Holdco, LP (T C M) [Member]
Noncontrolling Interest [Member]
Triumph Capital Markets Holdco, LP (T C M) [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Noncontrolling Interest [Member]
Total
Balance (in shares) at Dec. 31, 2023               163.3            
Balance at Dec. 31, 2023               $ 245.0 $ 3,722.3 $ (1.1) $ (563.6) $ 1,135.5 $ 0.2 $ 4,538.3
Net income (loss)               0.0 0.0 0.0 0.0 259.8 0.0 259.8
Net income (loss)                           259.8
Other comprehensive income               0.0 0.0 0.0 (18.6) 0.0 0.0 (18.6)
Reclassification of foreign currency translation to net income               0.0 0.0 0.0 (16.5) 0.0 0.0 (16.5)
Dividends paid to shareholders               $ 0.0   0.0 0.0 (125.9) 0.0 (125.8)
Dividends paid to shareholders                 0.1          
Purchase of common stock for the share buyback program (in shares)               (3.7)            
Purchase of common stock for the share buyback program               $ (5.5) 0.0 0.0 0.0 (109.9) 0.0 (115.4)
Purchase of common stock for stock-based compensation plans               0.0 (79.7) (0.7) 0.0 0.0 0.0 (80.4)
Vesting of stock-based compensation plans               0.0 (0.7) 0.7 0.0 0.0 0.0 0.0
Stock-based compensation plan expense               0.0 33.2 0.0 0.0 0.0 0.0 33.2
Proceeds from stock-based compensation plans               $ 0.0 0.2 0.0 0.0 0.0 0.0 0.2
Balance (in shares) at Jun. 30, 2024               159.6            
Balance at Jun. 30, 2024               $ 239.5 3,675.4 (1.1) (598.7) 1,159.5 0.2 4,474.8
Balance (in shares) at Mar. 31, 2024               160.7            
Balance at Mar. 31, 2024               $ 241.0 3,670.0 (1.1) (607.7) 1,125.0 0.2 4,427.4
Net income (loss)               0.0 0.0 0.0 0.0 129.7 0.0 129.7
Net income (loss)                           129.7
Reclassification of foreign currency translation to net income               0.0 0.0 0.0 5.5 0.0 0.0 5.5
Dividends paid to shareholders               $ 0.0   0.0 0.0 (62.6) 0.0 (62.6)
Dividends paid to shareholders                 0.0          
Purchase of common stock for the share buyback program (in shares)               (1.1)            
Purchase of common stock for the share buyback program               $ (1.5) 0.0 0.0 0.0 (32.6) 0.0 (34.1)
Purchase of common stock for stock-based compensation plans               0.0 (10.2) (0.3) 0.0 0.0 0.0 (10.5)
Vesting of stock-based compensation plans               0.0 (0.3) 0.3 0.0 0.0 0.0 0.0
Stock-based compensation plan expense               0.0 15.7 0.0 0.0 0.0 0.0 15.7
Proceeds from stock-based compensation plans               0.0 0.2 0.0 0.0 0.0 0.0 0.2
Other comprehensive income               $ 0.0 0.0 0.0 3.5 0.0 0.0 3.5
Balance (in shares) at Jun. 30, 2024               159.6            
Balance at Jun. 30, 2024               $ 239.5 3,675.4 (1.1) (598.7) 1,159.5 0.2 4,474.8
Balance (in shares) at Dec. 31, 2024               158.1            
Balance at Dec. 31, 2024               $ 237.2 3,745.3 (0.9) (485.2) 1,095.1 126.6 4,718.1
Net income (loss)               0.0 0.0 0.0 0.0 270.6 (3.5) 270.6
Net income (loss)                           267.1
Other comprehensive income               0.0 0.0 0.0 163.7 0.0 0.0 163.7
Reclassification of foreign currency translation to net income               0.0 0.0 0.0 0.0 0.0 0.0 0.0
Dividends paid to shareholders               $ 0.0   0.0 0.0 (125.3) 0.0 (125.3)
Dividends paid to shareholders                 0.0          
Purchase of common stock for the share buyback program (in shares)               (2.0)            
Purchase of common stock for the share buyback program               $ (2.9) 0.0 0.0 (73.4) 0.0 (76.3)
Purchase of common stock for stock-based compensation plans               0.0 (95.2) (1.2) 0.0 0.0 0.0 (96.4)
Vesting of stock-based compensation plans               0.0 (0.8) 1.0 0.0 0.0 0.0 0.2
Stock-based compensation plan expense               0.0 36.9 0.0 0.0 0.0 0.0 36.9
Proceeds from stock-based compensation plans               $ 0.0 1.5 0.0 0.0 0.0 0.0 1.5
Acquisition of TCM (in shares) 0.1                          
Acquisition of TCM $ 0.0 $ 2.2 $ 0.0 $ 0.0 $ 0.0 $ 8.2 $ 10.4              
Balance (in shares) at Jun. 30, 2025               156.2            
Balance at Jun. 30, 2025               $ 234.3 3,689.9 (1.1) (321.5) 1,167.0 131.3 4,899.9
Balance (in shares) at Mar. 31, 2025               157.6            
Balance at Mar. 31, 2025               $ 236.3 3,763.9 (1.0) (432.7) 1,128.4 131.6 4,826.5
Net income (loss)               0.0 0.0 0.0 0.0 149.9 (2.1) 149.9
Net income (loss)                           147.8
Other comprehensive income               0.0 0.0 0.0 111.6 0.0 0.0 111.6
Reclassification of foreign currency translation to net income               0.0 0.0 0.0 (0.4) 0.0 0.0 (0.4)
Dividends paid to shareholders               $ 0.0   0.0 0.0 (63.8) 0.0 (63.8)
Dividends paid to shareholders                 0.0          
Purchase of common stock for the share buyback program (in shares)               (1.4)            
Purchase of common stock for the share buyback program               $ (2.0) 0.0 0.0 0.0 (47.5) 0.0 (49.5)
Distributions by noncontrolling interests               0.0 0.0 0.0 0.0 0.0 1.8 1.8
Purchase of common stock for stock-based compensation plans               0.0 (93.3) (0.5) 0.0 0.0 0.0 (93.8)
Vesting of stock-based compensation plans               0.0 (0.3) 0.4 0.0 0.0 0.0 0.1
Stock-based compensation plan expense               0.0 18.2 0.0 0.0 0.0 0.0 18.2
Proceeds from stock-based compensation plans               $ 0.0 1.4 0.0 0.0 0.0 0.0 1.4
Balance (in shares) at Jun. 30, 2025               156.2            
Balance at Jun. 30, 2025               $ 234.3 $ 3,689.9 $ (1.1) $ (321.5) $ 1,167.0 $ 131.3 $ 4,899.9
v3.25.2
Condensed Consolidated Statements of Changes In Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dividends paid (in dollars per share) $ 0.4 $ 0.39 $ 0.79 $ 0.78
v3.25.2
Note 1 - Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 — Basis of Presentation

 

Basis of Presentation

 

In the opinion of management of Janus Henderson Group plc (“JHG,” “the Company,” “we,” “us,” “our” and similar terms), the accompanying unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly state our financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP are not required for interim reporting purposes and have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in our Annual Report on Form 10-K for the year ended December 31, 2024. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date. Certain prior year amounts have been reclassified to conform to current year presentation with no effect on our consolidated net income or cash flows. 

 

Recent Accounting Pronouncements

 

Recently issued accounting pronouncements not yet adopted

 

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025. We do not expect the adoption of this new guidance to have a material impact on the consolidated financial statements.

 

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” to expand disclosure requirements about specific expense categories within the notes to the financial statements. ASU 2024-03 is effective for our annual period beginning January 1, 2027, and interim periods beginning January 1, 2028. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. We are currently evaluating the impact this guidance will have on the disclosures included in the Notes to the Condensed Consolidated Financial Statements.

 
v3.25.2
Note 2 - Acquisitions and Strategic Partnerships
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Business Combination [Text Block]

Note 2 — Acquisitions and Strategic Partnerships

 

Guardian Life Insurance Company of America

 

On June 30, 2025, JHG entered into a strategic partnership with Guardian Life Insurance Company of America (“Guardian”), pursuant to which JHG will manage Guardian’s public fixed income asset portfolio, which consists of predominantly investment-grade public fixed income assets.

 

In connection with the transaction, Guardian received consideration comprising 1.6 million equity warrants of JHG and the right to participate economically in other certain strategic initiatives. The equity warrants vest over a 10-year period, with 30% vesting immediately and the remaining 70% vesting in 10% annual increments beginning in 2029 and ending in 2035.

 

Upon closing, JHG recognized a $41.1 million definite-lived intangible asset related to an investment management agreement with Guardian and corresponding liabilities for equity warrants and other economic consideration.

 

Victory Park Capital Advisors, LLC

 

On October 1, 2024, JHG completed the acquisition of Victory Park Capital Advisors, LLC (“VPC”), a global private credit manager. VPC expands our capabilities into the private markets for our clients.

 

JHG acquired 55% of the voting equity interests for $114.0 million, using existing cash resources, and 824,208 shares of JHG common stock, which had a closing market price of $37.74 on October 1, 2024. In addition, subject to achieving certain revenue targets, JHG will deliver earnout consideration to be payable in 2027. As of June 30, 2025, the fair value of the contingent consideration related to the acquisition of VPC was $18.7 million. The maximum total contingent consideration per the agreement is $111.4 million.

 

The purchase price for the VPC acquisition was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is primarily attributable to anticipated growth opportunities and synergies from the transaction. The amount of goodwill expected to be deductible for tax purposes is approximately $130 million. A summary of the fair values of the assets acquired and liabilities assumed in this acquisition is as follows:

 

  

Fair Value

 

Fees and other receivables

 $20.8 

Other current assets

  0.8 

Property, equipment and software, net

  2.8 

Intangible assets, net(1)

  54.0 

Goodwill

  251.3 

Other non-current assets

  3.6 

Accounts payable and other liabilities

  (26.8)

Current portion of accrued compensation

  (8.5)

Other non-current liabilities

  (4.3)

Noncontrolling interest(2)

  (127.3)

Total consideration, net of cash acquired

 $166.4 

 

Summary of consideration, net of cash acquired:

    

Cash paid

 $114.0 

Common stock issued

  31.1 

Contingent consideration recorded

  25.5 

Cash acquired

  (4.2)

Total consideration, net of cash acquired

 $166.4 

 

(1)The fair value of the intangible assets comprises investment management contracts with a fair value of $28.0 million, client relationships with a fair value of $20.5 million and a trademark with a fair value of $5.5 million as of the acquisition date. The fair value of the investment management contracts was determined based on the multi-period excess earnings method (a Level 3 input) and has a useful life of approximately four years. The fair value of the client relationships was determined based on the multi-period excess earnings method (a Level 3 input) and has a useful life of approximately four to 10 years. The fair value of the trademark was determined based on the relief-from-royalty method (a Level 3 input) and has a useful life of nine years. The useful lives are based on the individual contractual terms and the period over which the majority of cashflows would be realized. The definite-lived intangible assets are amortized on a straight-line basis over the useful life and have a weighted-average useful life of approximately six years.
(2)The fair value of the noncontrolling interest was determined based on an extrapolation of consideration method.

 

In addition to our acquisition of VPC, on February 3, 2025, JHG completed the acquisition of a 55% voting equity interest in Triumph Capital Markets Holdco, LP (“TCM”), which represents VPC’s broker-dealer business. As part of the acquisition, the revenues related to TCM will be considered in the calculation of the earnout consideration payable, which was initially recorded as part of the VPC acquisition. The TCM acquisition is not material to the consolidated financial statements.

 

Tabula Investment Management

 

On July 1, 2024, JHG completed the acquisition of Tabula Investment Management (“Tabula”), a leading independent exchange-traded fund (“ETF”) provider in Europe with an existing focus on fixed income and sustainable investment solutions. JHG acquired 98.8% of the voting equity interests of Tabula. Before the acquisition, we held a 1.2% investment in Tabula. The Tabula acquisition is not material to the consolidated financial statements. 

 

NBK Capital Partners

 

On September 19, 2024, JHG completed the acquisition of NBK Capital Partners (“NBK”), the wealth management arm of the National Bank of Kuwait Group, whereby NBK’s private investments team joined JHG as the firm’s new emerging markets private capital division. JHG has acquired 100% of the voting equity interests of NBK. Following the closing of the acquisition, NBK was rebranded as Janus Henderson Emerging Markets Private Investments Limited. The NBK acquisition is not material to the consolidated financial statements. 

 
v3.25.2
Note 3 - Consolidation
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Variable Interest Entities Voting Rights Entities Consolidation Disclosure [Text Block]

Note 3 — Consolidation

 

Variable Interest Entities

 

Consolidated Variable Interest Entities

 

Our consolidated variable interest entities (“VIEs”) as of June 30, 2025, and December 31, 2024, include certain consolidated seeded investment products in which we have an investment and act as the investment manager. Third-party assets held in consolidated VIEs are not available to us or to our creditors. We may not, under any circumstances, access third-party assets held by consolidated VIEs to use in our operating activities or otherwise. In addition, the investors in these consolidated VIEs have no recourse to the credit of JHG.

 ​

Unconsolidated Variable Interest Entities

 

The following table presents the carrying value of investments included in our Condensed Consolidated Balance Sheets pertaining to unconsolidated VIEs as of June 30, 2025, and  December 31, 2024 (in millions):

 

  

June 30,

  

December 31,

 
  

2025

  

2024

 

Unconsolidated VIEs

 $1.2  $53.6 

 

Our total exposure to unconsolidated VIEs represents the value of our economic ownership interest in the investments.

 

Voting Rights Entities

 

Consolidated Voting Rights Entities

 

The following table presents the balances related to consolidated voting rights entities (“VREs”) that were recorded in our Condensed Consolidated Balance Sheets, including our net interest in these products, as of June 30, 2025, and  December 31, 2024 (in millions):

 

  

June 30,

  

December 31,

 
  

2025

  

2024

 

Investments

 $148.1  $132.5 

Cash and cash equivalents

  12.2   26.3 

Other current assets

  1.3   2.7 

Accounts payable and accrued liabilities

  (2.0)  (0.9)

Total

 $159.6  $160.6 

Redeemable noncontrolling interests in consolidated VREs

  (30.2)  (22.7)

JHG’s net interest in consolidated VREs

 $129.4  $137.9 

 

Third-party assets held in consolidated VREs are not available to us or to our creditors. We may not, under any circumstances, access third-party assets held by consolidated VREs to use in our operating activities or otherwise. In addition, the investors in these consolidated VREs have no recourse to the credit of JHG.

 

Our total exposure to consolidated VREs represents the value of our economic ownership interest in these seeded investment products.

 

Unconsolidated Voting Rights Entities

 

The following table presents the carrying value of investments included in our Condensed Consolidated Balance Sheets pertaining to unconsolidated VREs as of June 30, 2025, and  December 31, 2024 (in millions):

 

  

June 30,

  

December 31,

 
  

2025

  

2024

 

Unconsolidated VREs

 $90.3  $73.5 

 

Our total exposure to unconsolidated VREs represents the value of our economic ownership interest in the investments.

 
v3.25.2
Note 4 - Investments
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Investment [Text Block]

Note 4 — Investments

    

Our investments as of June 30, 2025, and December 31, 2024, are summarized as follows (in millions):

 

  

June 30,

  

December 31,

 
  

2025

  

2024

 

Current investments:

        

Seeded investment products:

        

Consolidated VIEs

 $1,059.4  $502.1 

Consolidated VREs

  148.1   132.5 

Unconsolidated VIEs and VREs

  91.5   127.1 

Separately managed accounts

  41.6   41.9 

Total seeded investment products

  1,340.6   803.6 

Investments related to deferred compensation plans

  39.2   29.8 

Other investments

  60.3   5.8 

Total current investments

 $1,440.1  $839.2 

Non-current investments:

        

Equity method investments

  18.9   23.1 

Other non-current investments

  8.9   — 

Total investments

 $1,467.9  $862.3 

 

Other investments as of June 30, 2025, includes a $53.7 million investment in the European Smaller Companies Trust PLC. 

 

Investment Gains, Net

 

Investment gains, net in our Condensed Consolidated Statements of Comprehensive Income included the following for the three and six months ended June 30, 2025 and 2024 (in millions):

 

  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Seeded investment products and seed hedges, net

 $13.8  $4.6  $19.6  $16.5 

Third-party ownership interests in seeded investment products

  36.7   3.8   33.4   14.3 

Equity method investments

  (1.6)  (2.1)  (3.3)  (3.5)

Other

  3.7   0.1   (2.6)  1.6 

Investment gains, net

 $52.6  $6.4  $47.1  $28.9 

 

As of  June 30, 2025 and 2024, cumulative net unrealized gains on seeded investment products and associated derivative instruments held at period end, excluding noncontrolling interests, were $61.5 million and $35.6 million, respectively.   

 

Gains and losses attributable to third-party ownership interests in seeded investment products are noncontrolling interests and are not included in net income attributable to JHG. Although the gains and losses are unrealized because the investments have not been sold, we adjust their fair value monthly through investments gains, net on our Condensed Consolidated Statements of Comprehensive Income. 

 

Equity Method Investments

 

Our equity method investments (other than investments in seeded investment products) include a 49% interest in Privacore Capital Advisors LLC and a 20% interest in Long Tail Alpha LLC. 

 

Cash Flows

 

Cash flows related to our investments for the six months ended June 30, 2025 and 2024, are summarized as follows (in millions):

 

  

Six months ended June 30,

 
  

2025

  

2024

 
  

Purchases

  

Sales,

      

Purchases

  

Sales,

     
  

and

  

settlements and

  

Net

  

and

  

settlements and

  

Net

 
  

settlements

  

maturities

  

cash flow

  

settlements

  

maturities

  

cash flow

 

Investments by consolidated seeded investment products

 $(348.1) $40.4  $(307.7) $(103.5) $39.4   (64.1)

Investments

  (267.8)  101.4   (166.4)  (114.8)  72.6   (42.2)

 
v3.25.2
Note 5 - Derivative Instruments
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 5 — Derivative Instruments

 

Derivative Instruments Used to Hedge Seeded Investment Products

 

We maintain an economic hedge program that uses derivative instruments to mitigate against market exposure of certain seeded investments by using index and commodity futures (“futures”), contracts for difference, total return swaps, credit default swaps and To-Be-Announced securities (“TBAs”). Certain foreign currency exposures associated with our seeded investment products are also hedged by using foreign currency forward contracts.

 

We were party to the following derivative instruments as of June 30, 2025, and  December 31, 2024 (in millions):

 

  

Notional value

 
  

June 30, 2025

  

December 31, 2024

 

Futures and contracts for difference

 $1,564.1  $789.0 

Credit default swaps

  150.3   148.5 

Total return swaps

  65.8   69.7 

Foreign currency forward contracts

  295.4   328.2 

TBAs

  39.0   9.1 

 

The derivative instruments are not designated as hedges for accounting purposes. Changes in fair value of the derivatives are recognized in investment gains, net in our Condensed Consolidated Statements of Comprehensive Income. The changes in fair value of the derivative instruments for the three and six months ended June 30, 2025 and 2024, are summarized as follows (in millions):

 

  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Futures and contracts for difference

 $(20.8) $2.9  $(23.1) $(5.8)

Credit default swaps

  (1.2)  (0.1)  (0.6)  (1.5)

Total return swaps

  (7.1)  (1.3)  (5.5)  (5.9)

Foreign currency forward contracts and swaps

  3.2   (1.8)  5.4   0.9 

TBAs

  (0.4)  0.1   (0.4)  0.4 

Total gains (losses) from derivative instruments

 $(26.3) $(0.2) $(24.2) $(11.9)

 

Derivative assets and liabilities are generally recognized on a gross basis and included in other current assets or in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets. The derivative liabilities as of June 30, 2025, and December 31, 2024, are summarized as follows (in millions):

​

  

Fair value

 
  

June 30, 2025

  

December 31, 2024

 

Derivative liabilities

 $14.0  $8.5 

 

As of June 30, 2025, and December 31, 2024, the derivative assets in our Condensed Consolidated Balance Sheets were insignificant.​

 

In addition to using derivative instruments to mitigate against market exposure of certain seeded investments, we also engage in short sales of securities to mitigate against market exposure of certain seed investments. As of June 30, 2025, and December 31, 2024, the fair value of securities sold but not yet purchased was insignificant. The cash received from the short sale and the obligation to repurchase the shares are classified in other current assets and in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets, respectively. Fair value adjustments are recognized in investment gains, net in our Condensed Consolidated Statements of Comprehensive Income.

 

Derivative Instruments Used in Consolidated Seeded Investment Products

 

Certain of our consolidated seeded investment products use derivative instruments to contribute to the achievement of defined investment objectives. These derivative instruments are classified within other current assets or in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets. Gains and losses on these derivative instruments are classified within investment gains, net in our Condensed Consolidated Statements of Comprehensive Income.

 

Our consolidated seeded investment products were party to the following derivative instruments as of June 30, 2025, and  December 31, 2024 (in millions):

 

  

Notional value

 
  

June 30, 2025

  

December 31, 2024

 

Futures and contracts for difference

 $634.5  $160.5 

Credit default swaps

  8.1   4.3 

Total return swaps

  26.3   10.3 

Interest rate swaps

  14.7   13.9 

Foreign currency forward contracts

  264.7   196.6 

Other

  1.6   — 

 

As of June 30, 2025, and December 31, 2024, the derivative assets and liabilities used in consolidated seeded investment products in our Condensed Consolidated Balance Sheets were insignificant.​

 

Derivative Instruments — Foreign Currency Hedging Program

 

We maintain a foreign currency hedging program to take reasonable measures to minimize the income statement effects of foreign currency remeasurement of monetary balance sheet accounts. The program uses foreign currency forward contracts and swaps to achieve its objectives, and it is considered an economic hedge for accounting purposes.

 

The notional value of the foreign currency forward contracts and swaps as of June 30, 2025, and December 31, 2024, is summarized as follows (in millions):

 

  

Notional value

 
  

June 30, 2025

  

December 31, 2024

 

Foreign currency forward contracts and swaps

 $43.0  $38.4 

 

The derivative assets and liabilities are generally recognized on a gross basis and included in other current assets or in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets. As of June 30, 2025, and December 31, 2024, the derivative assets and liabilities were insignificant.

 

Changes in fair value of the derivatives are recognized in other non-operating income, net in our Condensed Consolidated Statements of Comprehensive Income. Foreign currency remeasurement is also recognized in other non-operating income, net in our Condensed Consolidated Statements of Comprehensive Income. For the three and six months ended June 30, 2025 and 2024, the change in fair value of the foreign currency forward contracts and swaps was insignificant.​ ​

 

Derivative Instruments — Warrants

 

Equity warrants issued are classified as derivative instruments and included in other non-current liabilities in our Condensed Consolidated Balance Sheets. As of June 30, 2025, the derivative liability was $22.1 million. Fair value adjustments associated with the warrant liability will be recognized in other non-operating income, net, in our Condensed Consolidated Statements of Comprehensive Income.

 
v3.25.2
Note 6 - Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 6 — Fair Value Measurements

 

The following table presents assets and liabilities reflected in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of June 30, 2025 (in millions):

 

  

Fair value measurements using:

         
  

Quoted prices

                 
  

in active

  

Significant

             
  

markets for

  

other

  

Significant

  

Investments

     
  

identical assets

  

observable

  

unobservable

  

valued at

     
  

and liabilities

  

inputs

  

inputs

  

practical

     
  

(Level 1)

  

(Level 2)

  

(Level 3)

  

expedient(1)

  

Total

 

Assets:

                    

Cash equivalents

 $578.4  $—  $—  $—  $578.4 

Current investments:

                    

Consolidated VIEs

  413.0   646.4   —   —   1,059.4 

Other investments

  309.0   25.4   23.2   23.1   380.7 

Total current investments

  722.0   671.8   23.2   23.1   1,440.1 

Other

  —   5.7   2.1   —   7.8 

Total assets

 $1,300.4  $677.5  $25.3  $23.1  $2,026.3 

Liabilities:

                    

Seed hedge derivatives

 $—  $14.0  $—  $—  $14.0 

Long-term debt(2)

  —   396.2   —   —   396.2 

Deferred bonuses

  —   —   68.0   —   68.0 

Contingent consideration

  —   —   23.3   —   23.3 

Warrants

  —   22.1   —   —   22.1 

Other

  3.9   1.4   19.0   —   24.3 

Total liabilities

 $3.9  $433.7  $110.3  $—  $547.9 

 

(1)  Certain seeded investment products that do not have a readily determinable fair value have been measured at fair value using the net asset value (“NAV”) as a practical expedient and have not been categorized in the fair value hierarchy. 
(2)Carried at amortized cost in our Condensed Consolidated Balance Sheets and disclosed in this table at fair value.

 ​

The following table presents assets and liabilities reflected in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of  December 31, 2024 (in millions):

 

  

Fair value measurements using:

         
  

Quoted prices

                 
  

in active

  

Significant

             
  

markets for

  

other

  

Significant

  

Investments

     
  

identical assets

  

observable

  

unobservable

  

valued at

     
  

and liabilities

  

inputs

  

inputs

  

practical

     
  

(Level 1)

  

(Level 2)

  

(Level 3)

  

expedient(1)

  

Total

 

Assets:

                    

Cash equivalents

 $821.7  $—  $—  $—  $821.7 

Current investments:

                    

Consolidated VIEs

  260.6   241.5   —   —   502.1 

Other investments

  273.8   33.7   2.0   27.6   337.1 

Total current investments

  534.4   275.2   2.0   27.6   839.2 

Other

  —   10.2   2.5   —   12.7 

Total assets

 $1,356.1  $285.4  $4.5  $27.6  $1,673.6 

Liabilities:

                    

Seed hedge derivatives

 $—  $8.5  $—  $—  $8.5 

Long-term debt(2)

  —   383.3   —   —   383.3 

Deferred bonuses

  —   —   115.7   —   115.7 

Contingent consideration

  —   —   30.4   —   30.4 

Other

  1.9   3.2   —   —   5.1 

Total liabilities

 $1.9  $395.0  $146.1  $—  $543.0 

 

(1)  Certain seeded investment products that do not have a readily determinable fair value have been measured at fair value using the NAV as a practical expedient and have not been categorized in the fair value hierarchy. 
(2)Carried at amortized cost in our Condensed Consolidated Balance Sheets and disclosed in this table at fair value.

 ​

Level 1 Fair Value Measurements

 

Our Level 1 fair value measurements consist mostly of investments held by consolidated and unconsolidated seeded investment products and cash equivalents with quoted market prices in active markets. The fair value level of consolidated investments held by seeded investment products is determined by the underlying securities of the product. The fair value level of most unconsolidated investments held in seeded investment products is determined by the NAV, which is considered a quoted price in an active market.

 

Level 2 Fair Value Measurements

 

Our Level 2 fair value measurements consist mostly of investments held by consolidated investment products and our long-term debt. The fair value level of consolidated investments held by seeded investment products is determined by the underlying securities of the product. The fair value level of our long-term debt is determined using recent trading activity, which is considered a Level 2 input.

 

Level 3 Fair Value Measurements

 

Investments

 

As of June 30, 2025, and December 31, 2024, certain investments within consolidated VIEs and VREs were valued using significant unobservable inputs, resulting in Level 3 classification.

 

Deferred Bonuses

 ​

Deferred bonuses represent liabilities to employees over the vesting period that will be settled by investments in our products or cash. Upon vesting, employees receive the value of the investment product selected by the participant, adjusted for gains or losses attributable to the product. The significant unobservable inputs used to value the liabilities are investment designations and vesting periods.

 

Changes in Fair Value

 

Changes in fair value of our Level 3 assets for the three and six months ended June 30, 2025 and 2024, were as follows (in millions):

 

  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Beginning of period fair value

 $10.8  $1.7  $4.5  $1.1 

Fair value adjustments

  1.2   1.5   0.5   2.1 

Transfers from Level 1

  —   0.7   —   0.7 

Transfers from practical expedient

  9.4   —   9.4   — 

Purchases (sales) of securities, net

  3.9   0.1   10.9   0.1 

End of period fair value

 $25.3  $4.0  $25.3  $4.0 

 

Changes in fair value of our Level 3 liabilities for the three and six months ended June 30, 2025 and 2024, were as follows (in millions):

 

  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Beginning of period fair value

 $80.1  $59.0  $146.1  $117.6 

Fair value adjustments

  (6.9)  2.2   (4.1)  7.7 

Settlement of contingent consideration

  (0.3)  —   (0.6)  — 

Vesting of deferred bonuses

  (0.5)  (2.8)  (87.6)  (84.3)

Amortization of deferred bonuses

  17.8   17.9   33.1   35.5 

Foreign currency translation

  1.1   —   2.8   (0.2)

Additions

  19.0   —   20.6   — 

End of period fair value

 $110.3  $76.3  $110.3  $76.3 

 

Nonrecurring Fair Value Measurements

 

Nonrecurring Level 3 fair value measurements include goodwill, intangible assets and contingent consideration liabilities. We measure the fair value of goodwill and intangible assets on initial recognition based on the present value of estimated future cash flows. Significant assumptions used to determine the estimated fair value include assets under management (“AUM”), investment management fee rates, discount rates and expenses. We measure the fair value of contingent consideration liabilities on initial recognition using the Monte Carlo method, which requires assumptions regarding projected future earnings and the discount rate. Because of the significance of the unobservable inputs in the fair value measurements of these assets and liabilities, such measurements are classified as Level 3.

 

Investments Valued at Practical Expedient

 

As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment, we use the NAV as the fair value. As such, investments in private investment funds with a fair value of $23.1 million are excluded from the fair value hierarchy as of June 30, 2025. Further, the respective fund’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of  June 30, 2025, the investments valued at the practical expedient had $5.7 million of associated unfunded commitments.

 
v3.25.2
Note 7 - Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

Note 7 — Goodwill and Intangible Assets

 

The following tables present activity in our intangible assets and goodwill balances during the six months ended June 30, 2025 and 2024 (in millions):

 

              

Foreign

     
  

December 31,

          

currency

  

June 30,

 
  

2024

  

Amortization

  

Additions

  

translation

  

2025

 

Indefinite-lived intangible assets:

                    

Investment management agreements

 $2,056.5  $—  $—  $31.3  $2,087.8 

Trademarks

  360.0   —   —   —   360.0 

Definite-lived intangible assets:

                    

Client relationships

  86.1   —   —   4.8   90.9 

Investment management agreements

  28.0   —   41.1   —   69.1 

Trademarks

  5.5   —   —   —   5.5 

Accumulated amortization

  (62.8)  (5.5)  —   (4.5)  (72.8)

Net intangible assets

 $2,473.3  $(5.5) $41.1  $31.6  $2,540.5 
                     

Goodwill

 $1,550.4  $—  $17.8  $65.6  $1,633.8 

 

          

Foreign

     
  

December 31,

      

currency

  

June 30,

 
  

2023

  

Amortization

  

translation

  

2024

 

Indefinite-lived intangible assets:

                

Investment management agreements

 $2,064.8  $—  $(3.3) $2,061.5 

Trademarks

  360.0   —   —   360.0 

Definite-lived intangible assets:

                

Client relationships

  68.6   —   (0.9)  67.7 

Accumulated amortization

  (62.1)  (0.2)  0.7   (61.6)

Net intangible assets

 $2,431.3  $(0.2) $(3.5) $2,427.6 
                 

Goodwill

 $1,290.3  $—  $(6.5) $1,283.8 

 

As detailed in Note 2 — Acquisitions and Strategic Partnerships, we recognized a definite-lived intangible asset of $41.1 million related to the investment management agreement with Guardian. See Note 2 — Acquisitions and Strategic Partnerships, for additional information on the additions of intangible assets and goodwill.

 

Future Amortization

 

Expected future amortization expense related to definite-lived intangible assets is summarized below (in millions):

 

Future amortization

 

Amount

 

2025 (remainder of year)

 $7.6 

2026

  15.2 

2027

  15.2 

2028

  13.1 

2029

  6.7 

Thereafter

  34.9 

Total

 $92.7 

 
v3.25.2
Note 8 - Debt
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 8 — Debt

 

Our debt as of June 30, 2025, and December 31, 2024, consisted of the following (in millions):

 

​

 Carrying value 

​

 

June 30, 2025

  

December 31, 2024

 

5.450% Senior Notes due 2034

 $395.2  $395.0 

 

5.450% Senior Notes Due 2034

 

The 5.450% Senior Notes due 2034 (“2034 Senior Notes”) have a principal amount of $400.0 million as of June 30, 2025, pay interest at 5.450% semiannually on March 10 and September 10 of each year, and mature on September 10, 2034. The 2034 Senior Notes include unamortized debt discount and issuance costs of $4.8 million at June 30, 2025, which will be accreted over the remaining life of the notes. The unamortized debt discount and issuance costs are recorded as a non-current contra liability in long-term debt in our Condensed Consolidated Balance Sheets.    

 

Credit Facility

 

At June 30, 2025, we had a $200 million, unsecured, revolving credit facility (“Credit Facility”). The Credit Facility includes an option for us to request an increase to our borrowing capacity under the Credit Facility of up to an additional $50.0 million. The Credit Facility had a maturity date of June 30, 2028, with two one-year extension options that can be exercised at the discretion of JHG with the lender’s consent on the first and second anniversary of the date of the agreement. We exercised the options to extend the term of the Credit Facility on the first and second anniversary of the agreement. The revised maturity date of the Credit Facility is June 30, 2030. JHG and its subsidiaries may use the Credit Facility for general corporate purposes. The rate of interest for each interest period is the aggregate of the applicable margin, which is based on our long-term credit rating and the Secured Overnight Financing Rate (“SOFR”) in relation to any loan in U.S. dollars (“USD”), the Sterling Overnight Index Average (“SONIA”) in relation to any loan in British pounds (“GBP”), the Euro Interbank Offered Rate (“EURIBOR”) in relation to any loan in euros (“EUR”) or the Bank Bill Swap Rate (“BBSW”) in relation to any loan in Australian dollars (“AUD”). We are also required to pay a quarterly commitment fee on any unused portion of the Credit Facility, which is based on our long-term credit rating. If our credit rating falls below a certain threshold, as defined in the Credit Facility, our financing leverage ratio cannot exceed 3.00x EBITDA. At June 30, 2025, we were in compliance with all covenants in, and there were no borrowings under, the Credit Facility.

 
v3.25.2
Note 9 - Income Taxes
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

Note 9 — Income Taxes

 

Our effective tax rates for the three and six months ended June 30, 2025 and 2024, were as follows:

 

​

 

Three months ended

  

Six months ended

 

​

 

June 30,

  

June 30,

 

​

 

2025

  

2024

  

2025

  

2024

 

Effective tax rate

  20.4%  23.8%  21.0%  21.3%

 

The effective tax rate for the three months ended June 30, 2025, compared to the same period in 2024, was impacted by the disallowed noncontrolling interest from seeded investment products.

 

The effective tax rate for the six months ended June 30, 2025, compared to the same period in 2024, was similarly impacted by the disallowed noncontrolling interest from seeded investment products. However, the 2024 effective tax rate also reflected a benefit from the reclassification of accumulated foreign currency translation adjustments to net income related to liquidated JHG entities. 

 

As of June 30, 2025, we had $27.8 million of unrecognized tax benefits held for uncertain tax positions. 

 

On July 4, 2025, U.S. President Donald Trump signed the One Big Beautiful Bill Act (“OBBBA”). Under U.S. GAAP, tax law changes are recognized in the period in which they are enacted. For U.S. federal tax purposes, the enactment date for U.S. GAAP is the date the President signs the bill into law, which occurred after the quarter ended June 30, 2025. The OBBBA introduces several changes to corporate taxation, including modifications to the capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. Management does not expect the OBBBA to have a material impact on the consolidated financial statements. 

 
v3.25.2
Note 10 - Noncontrolling Interests
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Noncontrolling Interest Disclosure [Text Block]

Note 10 — Noncontrolling Interests

 

Redeemable Noncontrolling Interests

 

Redeemable noncontrolling interests as of June 30, 2025, and December 31, 2024, consisted of the following (in millions):

 

  

June 30,

  

December 31,

 
  

2025

  

2024

 

Consolidated seeded investment products

 $744.7  $365.0 

 

Consolidated Seeded Investment Products

 

Noncontrolling interests in consolidated seeded investment products are classified as redeemable noncontrolling interests when there is an obligation to repurchase units at the investor’s request.

 

Redeemable noncontrolling interests in consolidated seeded investment products may fluctuate from period to period and are impacted by changes in our relative ownership, changes in the amount of third-party investment in seeded products and volatility in the market value of the seeded products’ underlying securities. Third-party redemption of investments in any particular seeded product is redeemed from the respective product’s net assets and cannot be redeemed from the net assets of our other seeded products or from our other net assets.

 

The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the three and six months ended June 30, 2025 and 2024 (in millions):

 

  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Opening balance

 $535.5  $274.7  $365.0  $317.2 

Changes in market value

  36.7   3.8   33.4   14.3 

Changes in ownership

  148.2   67.8   312.6   15.9 

Foreign currency translation

  24.3   0.4   33.7   (0.7)

Closing balance

 $744.7  $346.7  $744.7  $346.7 

 

Nonredeemable Noncontrolling Interests

 

Nonredeemable noncontrolling interests as of June 30, 2025, and December 31, 2024, consisted of the following (in millions):

 

  

June 30,

  

December 31,

 
  

2025

  

2024

 

Nonredeemable noncontrolling interests in:

        

VPC

 $122.6  $126.5 

TCM

  8.6   — 

Other

  0.1   0.1 

Total nonredeemable noncontrolling interests

 $131.3  $126.6 

 
v3.25.2
Note 11 - Long-Term Incentive Compensation
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 11 — Long-Term Incentive Compensation

 

The following table presents restricted stock and mutual fund awards granted during the three and six months ended June 30, 2025 (in millions):

 

  

Three months ended

  

Six months ended

 
  

June 30, 2025

  

June 30, 2025

 

Restricted stock

 $24.0  $96.5 

Mutual fund awards

  7.5   74.4 

Total

 $31.5  $170.9 

 

Restricted stock and mutual fund awards generally vest and will be recognized using a graded vesting method over a three- or five-year period.

 
v3.25.2
Note 12 - Retirement Benefit Plans
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Retirement Benefits [Text Block]

Note 12 — Retirement Benefit Plans

 

We operate defined contribution retirement benefit plans and defined benefit pension plans.

 

Our primary defined benefit pension plan is the defined benefit section of the Janus Henderson Group UK Pension Scheme (“JHGPS”).

 

Net Periodic Benefit Cost

 

The components of net periodic benefit cost in respect of defined benefit plans for the three and six months ended June 30, 2025 and 2024, include the following (in millions):

 

  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Interest cost

 $(8.7) $(6.7) $(16.5) $(13.5)

Amortization of prior service cost

  (0.1)  (0.1)  (0.2)  (0.2)

Amortization of net gain

  (0.6)  (0.3)  (1.1)  (0.6)

Expected return on plan assets

  8.7   6.5   16.4   13.4 

Net periodic benefit cost

 $(0.7) $(0.6) $(1.4) $(0.9)

 
v3.25.2
Note 13 - Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

Note 13 — Accumulated Other Comprehensive Loss

 

Changes in accumulated other comprehensive loss, net of tax for the three and six months ended June 30, 2025 and 2024, were as follows (in millions):

 

  

Three months ended June 30,

 
  

2025

  

2024

 
      

Retirement

          

Retirement

     
  

Foreign

  

benefit

      

Foreign

  

benefit

     
  

currency

  

asset, net

  

Total

  

currency

  

asset, net

  

Total

 

Beginning balance

 $(336.0) $(96.7) $(432.7) $(523.4) $(84.3) $(607.7)

Other comprehensive income

  135.1   —   135.1   3.5   —   3.5 

Reclassifications to net income(1)

  (0.4)  0.7   0.3   5.5   0.4   5.9 

Total other comprehensive income

  134.7   0.7   135.4   9.0   0.4   9.4 

Less: other comprehensive income attributable to noncontrolling interests

  (24.2)  —   (24.2)  (0.4)  —   (0.4)

Ending balance

 $(225.5) $(96.0) $(321.5) $(514.8) $(83.9) $(598.7)

 

  

Six months ended June 30,

 
  

2025

  

2024

 
      

Retirement

          

Retirement

     
  

Foreign

  

benefit

      

Foreign

  

benefit

     
  

currency

  

asset, net

  

Total

  

currency

  

asset, net

  

Total

 

Beginning balance

 $(387.9) $(97.3) $(485.2) $(478.9) $(84.7) $(563.6)

Other comprehensive income (loss)

  196.0   —   196.0   (20.1)  —   (20.1)

Reclassifications to net income(1)

  —   1.3   1.3   (16.5)  0.8   (15.7)

Total other comprehensive income (loss)

  196.0   1.3   197.3   (36.6)  0.8   (35.8)

Less: other comprehensive loss (income) attributable to noncontrolling interests

  (33.6)  —   (33.6)  0.7   —   0.7 

Ending balance

 $(225.5) $(96.0) $(321.5) $(514.8) $(83.9) $(598.7)

 

(1)  Reclassifications to net income are primarily related to the release of accumulated foreign currency translation reserves during the period in which a JHG entity liquidated.

 

The components of other comprehensive income (loss), net of tax for the three and six months ended June 30, 2025 and 2024, were as follows (in millions):

 

  

Three months ended June 30,

 
  

2025

  

2024

 
  

Pre-tax

  

Tax

  

Net

  

Pre-tax

  

Tax

  

Net

 
  

amount

  

impact

  

amount

  

amount

  

impact

  

amount

 

Foreign currency translation adjustments

 $135.9  $(0.8) $135.1  $3.6  $(0.1) $3.5 

Reclassifications to net income(1)

  0.3   —   0.3   5.9   —   5.9 

Total other comprehensive income (loss)

 $136.2  $(0.8) $135.4  $9.5  $(0.1) $9.4 

 

  

Six months ended June 30,

 
  

2025

  

2024

 
  

Pre-tax

  

Tax

  

Net

  

Pre-tax

  

Tax

  

Net

 
  

amount

  

impact

  

amount

  

amount

  

impact

  

amount

 

Foreign currency translation adjustments

 $194.7  $1.3  $196.0  $(22.8) $2.7  $(20.1)

Reclassifications to net income(1)

  1.3   —   1.3   (15.7)  —   (15.7)

Total other comprehensive income (loss)

 $196.0  $1.3  $197.3  $(38.5) $2.7  $(35.8)

 

(1)  Reclassifications to net income are primarily related to the release of accumulated foreign currency translation reserves during the period in which a JHG entity liquidated.

 
v3.25.2
Note 14 - Earnings and Dividends Per Share
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Earnings and Dividends Per Share [Text Block]

Note 14 — Earnings and Dividends Per Share

 

Earnings Per Share

 

The following is a summary of the earnings per share calculation for the three and six months ended June 30, 2025 and 2024 (in millions, except per share data):

 

  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Net income attributable to JHG

 $149.9  $129.7  $270.6  $259.8 

Allocation of earnings to participating stock-based awards

  (3.4)  (3.2)  (5.7)  (5.6)

Net income attributable to JHG common shareholders

 $146.5  $126.5  $264.9  $254.2 
                 

Weighted-average common shares outstanding — basic

  153.9   155.6   153.9   156.5 

Dilutive effect of nonparticipating stock-based awards

  0.5   0.2   0.5   0.2 

Weighted-average common shares outstanding — diluted

  154.4   155.8   154.4   156.7 
                 

Earnings per share:

                

Basic

 $0.95  $0.81  $1.72  $1.62 

Diluted

 $0.95  $0.81  $1.72  $1.62 

 

Dividends Per Share

 

The payment of cash dividends is within the discretion of our Board of Directors and depends on many factors, including, but not limited to, our results of operations, financial condition, capital requirements, legal requirements and general business conditions.

 

The following is a summary of cash dividends declared and paid during the six months ended June 30, 2025:

 

Dividend

 

Date

 

Dividends paid

 

Date

per share

 

declared

 

(in millions)

 

paid

$0.39 

January 30, 2025

 $61.5 

February 27, 2025

$0.40 

April 30, 2025

 $63.8 

May 29, 2025

 

On July 30, 2025, our Board of Directors declared a cash dividend of $0.40 per share for the second quarter 2025. The quarterly dividend will be paid on August 28, 2025, to shareholders of record at the close of business on August 11, 2025.

 
v3.25.2
Note 15 - Segment Information
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 15 — Segment Information

 

We are a global asset manager and manage a range of investment products, operating across various product lines, distribution channels and geographic regions. However, information is reported to the chief operating decision-maker (“CODM”), our Chief Executive Officer (“CEO”), on an aggregated basis. Strategic and financial management decisions are determined centrally by our CEO and, on this basis, we operate as a single-segment investment management business.

 

Our investment management segment primarily derives revenues from management fees. Clients pay a management fee, which is usually calculated as a percentage of AUM. Certain investment products are also subject to performance fees, which vary based on when performance hurdles or other specified criteria are achieved. The level of assets subject to such fees can positively or negatively affect our revenue. Management and performance fees are generated from a diverse group of funds and other investment products and are the primary drivers of our revenue.

 

The accounting policies of the investment management segment are the same as those described in Note 2 — Summary of Significant Accounting Policies, in Part II, Item 8, Financial Statements and Supplementary Data, in our Annual Report on Form 10-K for the year ended December 31, 2024. The CODM assesses performance for the investment management segment and decides how to allocate resources based on net income attributable to JHG on the Condensed Consolidated Statements of Comprehensive Income. Refer to the Condensed Consolidated Statements of Comprehensive Income for information on our significant segment expenses. All of our revenue is earned from external customers.

 

The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets. Segment assets are identical to the total assets on our Condensed Consolidated Balance Sheets. Significant noncash items include depreciation and amortization, stock-based compensation plan expense and investment gains and losses. Refer to our Condensed Consolidated Statements of Cash Flows for a comprehensive listing of our noncash adjustments.

 
v3.25.2
Note 16 - Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

Note 16 — Commitments and Contingencies

 

Commitments and contingencies may arise in the normal course of business.

 ​

Litigation and Other Regulatory Matters

 

We are periodically involved in various legal proceedings and other regulatory matters.

 ​

Sandra Schissler v. Janus Henderson US (Holdings) Inc., Janus Henderson Advisory Committee, and John and Jane Does 1-30

 

On September 9, 2022, a class action complaint, captioned Schissler v. Janus Henderson US (Holdings) Inc., et al., was filed in the United States District Court for the District of Colorado. Named as defendants are Janus Henderson US (Holdings) Inc. (“Janus US Holdings”) and the Advisory Committee to the Janus 401(k) and Employee Stock Ownership Plan (the “Plan”). The complaint purports to be brought on behalf of a class consisting of participants and beneficiaries of the Plan that invested in Janus Henderson funds on or after  September 9, 2016. On January 10, 2023, in response to the defendants’ motion to dismiss filed on November 23, 2022, an amended complaint was filed against the same defendants. The amended complaint names two additional plaintiffs, Karly Sissel and Derrick Hittson. As amended, the complaint alleges that for the period since September 9, 2016, among other things, the defendants breached fiduciary duties of loyalty and prudence by (i) selecting higher-cost Janus Henderson funds over less expensive investment options, (ii) retaining Janus Henderson funds despite their alleged underperformance and (iii) failing to consider actively managed funds outside of Janus Henderson to add as investment options. The amended complaint also alleges that Janus US Holdings failed to monitor the Advisory Committee with respect to the foregoing. The amended complaint seeks various declaratory, equitable and monetary relief in unspecified amounts. On February 9, 2023, the defendants filed an amended motion to dismiss the amended complaint. On March 13, 2023, the plaintiffs filed an opposition to the amended motion to dismiss. The defendants filed their reply to the plaintiffs’ opposition on March 28, 2023. On September 7, 2023, a magistrate judge issued a report and recommendation, which recommended that the motion to dismiss be granted in part and denied in part. On September 21, 2023, the parties filed objections to the report and recommendation. Briefing on the parties’ objections concluded on October 12, 2023. On January 22, 2024, the district court judge adopted the magistrate judge’s report and recommendation and entered an order granting in part and denying in part Janus US Holdings’ motion to dismiss. The parties completed fact and expert discovery on May 27, 2025. Dispositive motions and motions to exclude expert testimony were due July 11, 2025, and a pretrial conference is scheduled for September 25, 2025. Janus US Holdings believes that it has substantial defenses and intends to vigorously defend against these claims.

 
v3.25.2
Insider Trading Arrangements
 6 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual [Table]  
Material Terms of Trading Arrangement [Text Block]

Item 5.    Other Information

 

Trading Plans of Directors and Officers

 

During the quarter ended June 30, 2025, no director or Section 16 officer adopted, modified or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

 
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
v3.25.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

 

In the opinion of management of Janus Henderson Group plc (“JHG,” “the Company,” “we,” “us,” “our” and similar terms), the accompanying unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly state our financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP are not required for interim reporting purposes and have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in our Annual Report on Form 10-K for the year ended December 31, 2024. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date. Certain prior year amounts have been reclassified to conform to current year presentation with no effect on our consolidated net income or cash flows. 

 
New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

 

Recently issued accounting pronouncements not yet adopted

 

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025. We do not expect the adoption of this new guidance to have a material impact on the consolidated financial statements.

 

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” to expand disclosure requirements about specific expense categories within the notes to the financial statements. ASU 2024-03 is effective for our annual period beginning January 1, 2027, and interim periods beginning January 1, 2028. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. We are currently evaluating the impact this guidance will have on the disclosures included in the Notes to the Condensed Consolidated Financial Statements.

 
v3.25.2
Note 2 - Acquisitions and Strategic Partnerships (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Business Combination, Recognized Asset Acquired and Liability Assumed [Table Text Block]
  

Fair Value

 

Fees and other receivables

 $20.8 

Other current assets

  0.8 

Property, equipment and software, net

  2.8 

Intangible assets, net(1)

  54.0 

Goodwill

  251.3 

Other non-current assets

  3.6 

Accounts payable and other liabilities

  (26.8)

Current portion of accrued compensation

  (8.5)

Other non-current liabilities

  (4.3)

Noncontrolling interest(2)

  (127.3)

Total consideration, net of cash acquired

 $166.4 
Business Combination [Table Text Block]

Summary of consideration, net of cash acquired:

    

Cash paid

 $114.0 

Common stock issued

  31.1 

Contingent consideration recorded

  25.5 

Cash acquired

  (4.2)

Total consideration, net of cash acquired

 $166.4 
v3.25.2
Note 3 - Consolidation (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Variable Interest Entities [Table Text Block]
  

June 30,

  

December 31,

 
  

2025

  

2024

 

Unconsolidated VIEs

 $1.2  $53.6 
Consolidated Voting Right Entities VRE [Table Text Block]
  

June 30,

  

December 31,

 
  

2025

  

2024

 

Investments

 $148.1  $132.5 

Cash and cash equivalents

  12.2   26.3 

Other current assets

  1.3   2.7 

Accounts payable and accrued liabilities

  (2.0)  (0.9)

Total

 $159.6  $160.6 

Redeemable noncontrolling interests in consolidated VREs

  (30.2)  (22.7)

JHG’s net interest in consolidated VREs

 $129.4  $137.9 
Unconsolidated Voting Right Entities VRE [Table Text Block]
  

June 30,

  

December 31,

 
  

2025

  

2024

 

Unconsolidated VREs

 $90.3  $73.5 
v3.25.2
Note 4 - Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Investment [Table Text Block]
  

June 30,

  

December 31,

 
  

2025

  

2024

 

Current investments:

        

Seeded investment products:

        

Consolidated VIEs

 $1,059.4  $502.1 

Consolidated VREs

  148.1   132.5 

Unconsolidated VIEs and VREs

  91.5   127.1 

Separately managed accounts

  41.6   41.9 

Total seeded investment products

  1,340.6   803.6 

Investments related to deferred compensation plans

  39.2   29.8 

Other investments

  60.3   5.8 

Total current investments

 $1,440.1  $839.2 

Non-current investments:

        

Equity method investments

  18.9   23.1 

Other non-current investments

  8.9   — 

Total investments

 $1,467.9  $862.3 
Gain (Loss) on Securities [Table Text Block]
  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Seeded investment products and seed hedges, net

 $13.8  $4.6  $19.6  $16.5 

Third-party ownership interests in seeded investment products

  36.7   3.8   33.4   14.3 

Equity method investments

  (1.6)  (2.1)  (3.3)  (3.5)

Other

  3.7   0.1   (2.6)  1.6 

Investment gains, net

 $52.6  $6.4  $47.1  $28.9 
Cash Flows Related to Investment Securities and Other Assets [Table Text Block]
  

Six months ended June 30,

 
  

2025

  

2024

 
  

Purchases

  

Sales,

      

Purchases

  

Sales,

     
  

and

  

settlements and

  

Net

  

and

  

settlements and

  

Net

 
  

settlements

  

maturities

  

cash flow

  

settlements

  

maturities

  

cash flow

 

Investments by consolidated seeded investment products

 $(348.1) $40.4  $(307.7) $(103.5) $39.4   (64.1)

Investments

  (267.8)  101.4   (166.4)  (114.8)  72.6   (42.2)
v3.25.2
Note 5 - Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
  

Notional value

 
  

June 30, 2025

  

December 31, 2024

 

Futures and contracts for difference

 $1,564.1  $789.0 

Credit default swaps

  150.3   148.5 

Total return swaps

  65.8   69.7 

Foreign currency forward contracts

  295.4   328.2 

TBAs

  39.0   9.1 
  

Notional value

 
  

June 30, 2025

  

December 31, 2024

 

Futures and contracts for difference

 $634.5  $160.5 

Credit default swaps

  8.1   4.3 

Total return swaps

  26.3   10.3 

Interest rate swaps

  14.7   13.9 

Foreign currency forward contracts

  264.7   196.6 

Other

  1.6   — 
  

Notional value

 
  

June 30, 2025

  

December 31, 2024

 

Foreign currency forward contracts and swaps

 $43.0  $38.4 
Derivative Instruments, Gain (Loss) [Table Text Block]
  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Futures and contracts for difference

 $(20.8) $2.9  $(23.1) $(5.8)

Credit default swaps

  (1.2)  (0.1)  (0.6)  (1.5)

Total return swaps

  (7.1)  (1.3)  (5.5)  (5.9)

Foreign currency forward contracts and swaps

  3.2   (1.8)  5.4   0.9 

TBAs

  (0.4)  0.1   (0.4)  0.4 

Total gains (losses) from derivative instruments

 $(26.3) $(0.2) $(24.2) $(11.9)
Schedule of Derivative Instruments [Table Text Block]
  

Fair value

 
  

June 30, 2025

  

December 31, 2024

 

Derivative liabilities

 $14.0  $8.5 
v3.25.2
Note 6 - Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
  

Fair value measurements using:

         
  

Quoted prices

                 
  

in active

  

Significant

             
  

markets for

  

other

  

Significant

  

Investments

     
  

identical assets

  

observable

  

unobservable

  

valued at

     
  

and liabilities

  

inputs

  

inputs

  

practical

     
  

(Level 1)

  

(Level 2)

  

(Level 3)

  

expedient(1)

  

Total

 

Assets:

                    

Cash equivalents

 $578.4  $—  $—  $—  $578.4 

Current investments:

                    

Consolidated VIEs

  413.0   646.4   —   —   1,059.4 

Other investments

  309.0   25.4   23.2   23.1   380.7 

Total current investments

  722.0   671.8   23.2   23.1   1,440.1 

Other

  —   5.7   2.1   —   7.8 

Total assets

 $1,300.4  $677.5  $25.3  $23.1  $2,026.3 

Liabilities:

                    

Seed hedge derivatives

 $—  $14.0  $—  $—  $14.0 

Long-term debt(2)

  —   396.2   —   —   396.2 

Deferred bonuses

  —   —   68.0   —   68.0 

Contingent consideration

  —   —   23.3   —   23.3 

Warrants

  —   22.1   —   —   22.1 

Other

  3.9   1.4   19.0   —   24.3 

Total liabilities

 $3.9  $433.7  $110.3  $—  $547.9 
  

Fair value measurements using:

         
  

Quoted prices

                 
  

in active

  

Significant

             
  

markets for

  

other

  

Significant

  

Investments

     
  

identical assets

  

observable

  

unobservable

  

valued at

     
  

and liabilities

  

inputs

  

inputs

  

practical

     
  

(Level 1)

  

(Level 2)

  

(Level 3)

  

expedient(1)

  

Total

 

Assets:

                    

Cash equivalents

 $821.7  $—  $—  $—  $821.7 

Current investments:

                    

Consolidated VIEs

  260.6   241.5   —   —   502.1 

Other investments

  273.8   33.7   2.0   27.6   337.1 

Total current investments

  534.4   275.2   2.0   27.6   839.2 

Other

  —   10.2   2.5   —   12.7 

Total assets

 $1,356.1  $285.4  $4.5  $27.6  $1,673.6 

Liabilities:

                    

Seed hedge derivatives

 $—  $8.5  $—  $—  $8.5 

Long-term debt(2)

  —   383.3   —   —   383.3 

Deferred bonuses

  —   —   115.7   —   115.7 

Contingent consideration

  —   —   30.4   —   30.4 

Other

  1.9   3.2   —   —   5.1 

Total liabilities

 $1.9  $395.0  $146.1  $—  $543.0 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Beginning of period fair value

 $10.8  $1.7  $4.5  $1.1 

Fair value adjustments

  1.2   1.5   0.5   2.1 

Transfers from Level 1

  —   0.7   —   0.7 

Transfers from practical expedient

  9.4   —   9.4   — 

Purchases (sales) of securities, net

  3.9   0.1   10.9   0.1 

End of period fair value

 $25.3  $4.0  $25.3  $4.0 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Beginning of period fair value

 $80.1  $59.0  $146.1  $117.6 

Fair value adjustments

  (6.9)  2.2   (4.1)  7.7 

Settlement of contingent consideration

  (0.3)  —   (0.6)  — 

Vesting of deferred bonuses

  (0.5)  (2.8)  (87.6)  (84.3)

Amortization of deferred bonuses

  17.8   17.9   33.1   35.5 

Foreign currency translation

  1.1   —   2.8   (0.2)

Additions

  19.0   —   20.6   — 

End of period fair value

 $110.3  $76.3  $110.3  $76.3 
v3.25.2
Note 7 - Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Intangible Assets and Goodwill [Table Text Block]
              

Foreign

     
  

December 31,

          

currency

  

June 30,

 
  

2024

  

Amortization

  

Additions

  

translation

  

2025

 

Indefinite-lived intangible assets:

                    

Investment management agreements

 $2,056.5  $—  $—  $31.3  $2,087.8 

Trademarks

  360.0   —   —   —   360.0 

Definite-lived intangible assets:

                    

Client relationships

  86.1   —   —   4.8   90.9 

Investment management agreements

  28.0   —   41.1   —   69.1 

Trademarks

  5.5   —   —   —   5.5 

Accumulated amortization

  (62.8)  (5.5)  —   (4.5)  (72.8)

Net intangible assets

 $2,473.3  $(5.5) $41.1  $31.6  $2,540.5 
                     

Goodwill

 $1,550.4  $—  $17.8  $65.6  $1,633.8 
          

Foreign

     
  

December 31,

      

currency

  

June 30,

 
  

2023

  

Amortization

  

translation

  

2024

 

Indefinite-lived intangible assets:

                

Investment management agreements

 $2,064.8  $—  $(3.3) $2,061.5 

Trademarks

  360.0   —   —   360.0 

Definite-lived intangible assets:

                

Client relationships

  68.6   —   (0.9)  67.7 

Accumulated amortization

  (62.1)  (0.2)  0.7   (61.6)

Net intangible assets

 $2,431.3  $(0.2) $(3.5) $2,427.6 
                 

Goodwill

 $1,290.3  $—  $(6.5) $1,283.8 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Future amortization

 

Amount

 

2025 (remainder of year)

 $7.6 

2026

  15.2 

2027

  15.2 

2028

  13.1 

2029

  6.7 

Thereafter

  34.9 

Total

 $92.7 
v3.25.2
Note 8 - Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]

​

 Carrying value 

​

 

June 30, 2025

  

December 31, 2024

 

5.450% Senior Notes due 2034

 $395.2  $395.0 
v3.25.2
Note 9 - Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

​

 

Three months ended

  

Six months ended

 

​

 

June 30,

  

June 30,

 

​

 

2025

  

2024

  

2025

  

2024

 

Effective tax rate

  20.4%  23.8%  21.0%  21.3%
v3.25.2
Note 10 - Noncontrolling Interests (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Redeemable Noncontrolling Interest [Table Text Block]
  

June 30,

  

December 31,

 
  

2025

  

2024

 

Consolidated seeded investment products

 $744.7  $365.0 
Noncontrolling Interest Increase (Decrease) [Table Text Block]
  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Opening balance

 $535.5  $274.7  $365.0  $317.2 

Changes in market value

  36.7   3.8   33.4   14.3 

Changes in ownership

  148.2   67.8   312.6   15.9 

Foreign currency translation

  24.3   0.4   33.7   (0.7)

Closing balance

 $744.7  $346.7  $744.7  $346.7 
Nonredeemable Noncontrolling Interests [Table Text Block]
  

June 30,

  

December 31,

 
  

2025

  

2024

 

Nonredeemable noncontrolling interests in:

        

VPC

 $122.6  $126.5 

TCM

  8.6   — 

Other

  0.1   0.1 

Total nonredeemable noncontrolling interests

 $131.3  $126.6 
v3.25.2
Note 11 - Long-Term Incentive Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Share-Based Payment Arrangement, Activity [Table Text Block]
  

Three months ended

  

Six months ended

 
  

June 30, 2025

  

June 30, 2025

 

Restricted stock

 $24.0  $96.5 

Mutual fund awards

  7.5   74.4 

Total

 $31.5  $170.9 
v3.25.2
Note 12 - Retirement Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Net Benefit Costs [Table Text Block]
  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Interest cost

 $(8.7) $(6.7) $(16.5) $(13.5)

Amortization of prior service cost

  (0.1)  (0.1)  (0.2)  (0.2)

Amortization of net gain

  (0.6)  (0.3)  (1.1)  (0.6)

Expected return on plan assets

  8.7   6.5   16.4   13.4 

Net periodic benefit cost

 $(0.7) $(0.6) $(1.4) $(0.9)
v3.25.2
Note 13 - Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

Three months ended June 30,

 
  

2025

  

2024

 
      

Retirement

          

Retirement

     
  

Foreign

  

benefit

      

Foreign

  

benefit

     
  

currency

  

asset, net

  

Total

  

currency

  

asset, net

  

Total

 

Beginning balance

 $(336.0) $(96.7) $(432.7) $(523.4) $(84.3) $(607.7)

Other comprehensive income

  135.1   —   135.1   3.5   —   3.5 

Reclassifications to net income(1)

  (0.4)  0.7   0.3   5.5   0.4   5.9 

Total other comprehensive income

  134.7   0.7   135.4   9.0   0.4   9.4 

Less: other comprehensive income attributable to noncontrolling interests

  (24.2)  —   (24.2)  (0.4)  —   (0.4)

Ending balance

 $(225.5) $(96.0) $(321.5) $(514.8) $(83.9) $(598.7)
  

Six months ended June 30,

 
  

2025

  

2024

 
      

Retirement

          

Retirement

     
  

Foreign

  

benefit

      

Foreign

  

benefit

     
  

currency

  

asset, net

  

Total

  

currency

  

asset, net

  

Total

 

Beginning balance

 $(387.9) $(97.3) $(485.2) $(478.9) $(84.7) $(563.6)

Other comprehensive income (loss)

  196.0   —   196.0   (20.1)  —   (20.1)

Reclassifications to net income(1)

  —   1.3   1.3   (16.5)  0.8   (15.7)

Total other comprehensive income (loss)

  196.0   1.3   197.3   (36.6)  0.8   (35.8)

Less: other comprehensive loss (income) attributable to noncontrolling interests

  (33.6)  —   (33.6)  0.7   —   0.7 

Ending balance

 $(225.5) $(96.0) $(321.5) $(514.8) $(83.9) $(598.7)
Comprehensive Income (Loss) [Table Text Block]
  

Three months ended June 30,

 
  

2025

  

2024

 
  

Pre-tax

  

Tax

  

Net

  

Pre-tax

  

Tax

  

Net

 
  

amount

  

impact

  

amount

  

amount

  

impact

  

amount

 

Foreign currency translation adjustments

 $135.9  $(0.8) $135.1  $3.6  $(0.1) $3.5 

Reclassifications to net income(1)

  0.3   —   0.3   5.9   —   5.9 

Total other comprehensive income (loss)

 $136.2  $(0.8) $135.4  $9.5  $(0.1) $9.4 
  

Six months ended June 30,

 
  

2025

  

2024

 
  

Pre-tax

  

Tax

  

Net

  

Pre-tax

  

Tax

  

Net

 
  

amount

  

impact

  

amount

  

amount

  

impact

  

amount

 

Foreign currency translation adjustments

 $194.7  $1.3  $196.0  $(22.8) $2.7  $(20.1)

Reclassifications to net income(1)

  1.3   —   1.3   (15.7)  —   (15.7)

Total other comprehensive income (loss)

 $196.0  $1.3  $197.3  $(38.5) $2.7  $(35.8)
v3.25.2
Note 14 - Earnings and Dividends Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

Three months ended

  

Six months ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Net income attributable to JHG

 $149.9  $129.7  $270.6  $259.8 

Allocation of earnings to participating stock-based awards

  (3.4)  (3.2)  (5.7)  (5.6)

Net income attributable to JHG common shareholders

 $146.5  $126.5  $264.9  $254.2 
                 

Weighted-average common shares outstanding — basic

  153.9   155.6   153.9   156.5 

Dilutive effect of nonparticipating stock-based awards

  0.5   0.2   0.5   0.2 

Weighted-average common shares outstanding — diluted

  154.4   155.8   154.4   156.7 
                 

Earnings per share:

                

Basic

 $0.95  $0.81  $1.72  $1.62 

Diluted

 $0.95  $0.81  $1.72  $1.62 
Dividends Declared [Table Text Block]

Dividend

 

Date

 

Dividends paid

 

Date

per share

 

declared

 

(in millions)

 

paid

$0.39 

January 30, 2025

 $61.5 

February 27, 2025

$0.40 

April 30, 2025

 $63.8 

May 29, 2025
v3.25.2
Note 2 - Acquisitions and Strategic Partnerships (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
Oct. 01, 2024
Jun. 30, 2025
Feb. 03, 2025
Sep. 19, 2024
Jul. 01, 2024
Jun. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Net   $ 92.7          
Share Price (in dollars per share) $ 37.74            
Tabula Investment Management [Member]              
Subsidiary, Ownership Percentage, Noncontrolling Owner           1.20%  
Client Relationships [Member]              
Finite-Lived Intangible Assets, Net           $ 67.7 $ 68.6
Victory Park Capital Advisors (V P C) [Member]              
Business Acquisition, Percentage of Voting Interests Acquired 55.00%            
Payments to Acquire Businesses, Gross $ 114.0            
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) 824,208            
Business Combination, Contingent Consideration, Liability   18.7          
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High $ 111.4            
Business Acquisition, Goodwill, Expected Tax Deductible Amount $ 130.0            
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) 6 years            
Victory Park Capital Advisors (V P C) [Member] | Investment Management Contracts [Member]              
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles $ 28.0            
Finite-Lived Intangible Asset, Useful Life (Year) 4 years            
Victory Park Capital Advisors (V P C) [Member] | Client Relationships [Member]              
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles $ 20.5            
Victory Park Capital Advisors (V P C) [Member] | Client Relationships [Member] | Minimum [Member]              
Finite-Lived Intangible Asset, Useful Life (Year) 4 years            
Victory Park Capital Advisors (V P C) [Member] | Client Relationships [Member] | Maximum [Member]              
Finite-Lived Intangible Asset, Useful Life (Year) 10 years            
Victory Park Capital Advisors (V P C) [Member] | Trademarks [Member]              
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles $ 5.5            
Finite-Lived Intangible Asset, Useful Life (Year) 9 years            
Triumph Capital Markets Holdco, LP (T C M) [Member]              
Business Acquisition, Percentage of Voting Interests Acquired     55.00%        
Tabula Investment Management [Member]              
Business Acquisition, Percentage of Voting Interests Acquired         98.80%    
N B K Capital Partners [Member]              
Business Acquisition, Percentage of Voting Interests Acquired       100.00%      
Guardian Life Insurance Company [Member] | Strategic Partnership [Member]              
Finite-Lived Intangible Assets, Net   41.1          
Guardian Life Insurance Company [Member] | Equity Warrants [Member] | Strategic Partnership [Member]              
Class of Warrants or Rights, Issued During Period   $ 1.6          
Class of Warrants or Rights, Vesting Term (Year)   10 years          
Warrants and Rights Outstanding, Vesting Percent   70.00%          
Guardian Life Insurance Company [Member] | Equity Warrants [Member] | Strategic Partnership [Member] | Vesting Immediately [Member]              
Warrants and Rights Outstanding, Vesting Percent   30.00%          
Guardian Life Insurance Company [Member] | Equity Warrants [Member] | Strategic Partnership [Member] | Vesting In 10% Annual Increments [Member]              
Warrants and Rights Outstanding, Vesting Percent   10.00%          
v3.25.2
Note 2 - Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Oct. 01, 2024
Jun. 30, 2024
Dec. 31, 2023
Goodwill $ 1,633.8 $ 1,550.4   $ 1,283.8 $ 1,290.3
Victory Park Capital Advisors (V P C) [Member]          
Fees and other receivables     $ 20.8    
Other current assets     0.8    
Property, equipment and software, net     2.8    
Intangible assets, net(1) [1]     54.0    
Goodwill     251.3    
Other non-current assets     3.6    
Accounts payable and other liabilities     (26.8)    
Current portion of accrued compensation     (8.5)    
Other non-current liabilities     (4.3)    
Noncontrolling interest(2) [2]     (127.3)    
Total consideration, net of cash acquired     $ 166.4    
[1] The fair value of the intangible assets is comprised of investment management contracts with a fair value of $28.0 million, client relationships with a fair value of $20.5 million and a trademark with a fair value of $5.5 million as of the acquisition date. The fair value of the investment management contracts was determined based on the multi-period excess earnings method (a Level 3 input), has a useful life of approximately 4 years. The fair value of the client relationships was determined based on the multi-period excess earnings method (a Level 3 input) and has a useful life of approximately 4-10 years. The fair value of the trademark was determined based on the relief-from-royalty method (a Level 3 input) and has a useful life of 9 years. The useful lives are based on the individual contractual terms and the period over which the majority of cashflows would be realized. The definite lived intangibles are amortized on a straight-line basis over the useful life and have a weighted-average useful life of approximately 6 years.
[2] The fair value of the noncontrolling interest was determined based on an extrapolation of consideration method.
v3.25.2
Note 2 - Acquisitions - Schedule of Business Acquisitions (Details) - Victory Park Capital Advisors (V P C) [Member]
$ in Millions
Oct. 01, 2024
USD ($)
Cash paid $ 114.0
Common stock issued 31.1
Contingent consideration recorded 25.5
Cash acquired (4.2)
Total consideration, net of cash acquired $ 166.4
v3.25.2
Note 3 - Consolidation - VIEs (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity, Primary Beneficiary [Member]    
Unconsolidated VIEs $ 1.2 $ 53.6
v3.25.2
Note 3 - Consolidation - VREs (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Investments $ 380.7   $ 337.1
Cash and cash equivalents 882.6   1,217.2
Other current assets $ 153.0   134.5
Variable Rights Entity, Primary Beneficiary, Aggregated Disclosure [Member]      
Investments   $ 148.1 132.5
Cash and cash equivalents   12.2 26.3
Other current assets   1.3 2.7
Accounts payable and accrued liabilities   (2.0) (0.9)
Total   159.6 160.6
Redeemable noncontrolling interests in consolidated VREs   (30.2) (22.7)
JHG’s net interest in consolidated VREs   $ 129.4 $ 137.9
v3.25.2
Note 3 - Consolidation - Unconsolidated VREs (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Unconsolidated VREs [Member]    
JHG’s net interest in consolidated VREs $ 90.3 $ 73.5
v3.25.2
Note 4 - Investments (Details Textual) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Debt Securities, Trading, Unrealized Gain (Loss) $ 61.5 $ 35.6
European Smaller Companies Trust PLC [Member]    
Other Investments $ 53.7  
Privacore [Member]    
Equity Method Investment, Ownership Percentage 49.00%  
Long Tail Alpha Investment [Member]    
Equity Method Investment, Ownership Percentage 20.00%  
v3.25.2
Note 4 - Investments - General Disclosure (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Seeded investment products $ 1,340.6 $ 803.6
Estimated Fair Value 1,467.9 862.3
Equity method investments 18.9 23.1
Other non-current investments 8.9 0.0
Unconsolidated VIEs and VREs [Member]    
Seeded investment products 91.5 127.1
Separately Managed Accounts [Member]    
Seeded investment products 41.6 41.9
Investments Related to Deferred Compensation Plans [Member]    
Estimated Fair Value 39.2 29.8
Other Security Investments [Member]    
Estimated Fair Value 60.3 5.8
Current Investments [Member]    
Estimated Fair Value 1,440.1 839.2
Variable Interest Entity, Primary Beneficiary [Member]    
Seeded investment products 1,059.4 502.1
Voting Rights Entity, Primary Beneficiary Aggregated Disclosure [Member]    
Seeded investment products $ 148.1 $ 132.5
v3.25.2
Note 4 - Investments - Investment Gains (Losses), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment gains, net $ 52.6 $ 6.4 $ 47.1 $ 28.9
Seeded Investment Products and Hedges, Net [Member]        
Investment gains, net 13.8 4.6 19.6 16.5
Third-party Ownership Interests in Seeded Investment Products [Member]        
Investment gains, net 36.7 3.8 33.4 14.3
Equity Method Investments [Member]        
Investment gains, net (1.6) (2.1) (3.3) (3.5)
Other Security Investments [Member]        
Investment gains, net $ 3.7 $ 0.1 $ (2.6) $ 1.6
v3.25.2
Note 4 - Investments - Cash Flows (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Investments, net $ (166.4) $ (42.2)
Seeded Investment Products [Member]    
Purchases and settlements (348.1) (103.5)
Sales, settlements and maturities 40.4 39.4
Investments, net (307.7) (64.1)
Securities Investment [Member]    
Purchases and settlements (267.8) (114.8)
Sales, settlements and maturities 101.4 72.6
Investments, net $ (166.4) $ (42.2)
v3.25.2
Note 5 - Derivative Instruments (Details Textual)
$ in Millions
Jun. 30, 2025
USD ($)
Equity Warrant [Member]  
Derivative Liability $ 22.1
v3.25.2
Note 5 - Derivative Instruments - Derivative Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Futures [Member]    
Notional value of derivative $ 1,564.1 $ 789.0
Futures [Member] | Seeded Investment Products [Member]    
Notional value of derivative 634.5 160.5
Foreign Currency, Forward Contracts and Swaps [Member]    
Notional value of derivative 295.4 328.2
Foreign Currency, Forward Contracts and Swaps [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]    
Notional value of derivative 43.0 38.4
Foreign Currency, Forward Contracts and Swaps [Member] | Seeded Investment Products [Member]    
Notional value of derivative 264.7 196.6
Credit Default Swaps [Member]    
Notional value of derivative 150.3 148.5
Credit Default Swaps [Member] | Seeded Investment Products [Member]    
Notional value of derivative 8.1 4.3
Total Return Swaps [Member]    
Notional value of derivative 65.8 69.7
Total Return Swaps [Member] | Seeded Investment Products [Member]    
Notional value of derivative 26.3 10.3
Interest Rate Swap [Member] | Seeded Investment Products [Member]    
Notional value of derivative 14.7 13.9
TBAs [Member]    
Notional value of derivative 39.0 9.1
Other [Member] | Seeded Investment Products [Member]    
Notional value of derivative $ 1.6 $ 0.0
v3.25.2
Note 5 - Derivative Instruments - Change in Fair Value of Derivatives (Details) - Not Designated as Hedging Instrument [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Gain (losses) from derivative instruments $ (26.3) $ (0.2) $ (24.2) $ (11.9)
Futures [Member]        
Gain (losses) from derivative instruments (20.8) 2.9 (23.1) (5.8)
Credit Default Swaps [Member]        
Gain (losses) from derivative instruments (1.2) (0.1) (0.6) (1.5)
Total Return Swaps [Member]        
Gain (losses) from derivative instruments (7.1) (1.3) (5.5) (5.9)
Foreign Currency, Forward Contracts and Swaps [Member]        
Gain (losses) from derivative instruments 3.2 (1.8) 5.4 0.9
TBAs [Member]        
Gain (losses) from derivative instruments $ (0.4) $ 0.1 $ (0.4) $ 0.4
v3.25.2
Note 5 - Derivative Instruments - Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Not Designated as Hedging Instrument [Member]    
Derivative liabilities $ 14.0 $ 8.5
v3.25.2
Note 6 - Fair Value Measurements (Details Textual) - Private Investment Funds [Member] - Fair Value Measured at Net Asset Value Per Share [Member]
$ in Millions
Jun. 30, 2025
USD ($)
Investments, Fair Value Disclosure $ 23.1
Unfunded Loan Commitment [Member]  
Investments, Fair Value Disclosure $ 5.7
v3.25.2
Note 6 - Fair Value Measurements - Level of Fair Value (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Total investment securities $ 380.7 $ 337.1
Variable Interest Entity, Primary Beneficiary [Member]    
Total investment securities 1,059.4 502.1
Fair Value, Recurring [Member]    
Cash equivalents 578.4 821.7
Total investment securities 1,440.1 839.2
Other 7.8  
Total assets 2,026.3 1,673.6
Seed hedge derivatives 24.3  
Long-term debt 396.2 [1] 383.3 [2]
Contingent consideration 23.3 30.4
Total liabilities 547.9 543.0
Other   5.1
Fair Value, Recurring [Member] | Derivatives Used in Consolidated Seeded Investment Products [Member]    
Other   12.7
Fair Value, Recurring [Member] | Seed Hedge Derivatives [Member]    
Seed hedge derivatives 14.0 8.5
Fair Value, Recurring [Member] | Deferred Bonuses Hedge [Member]    
Seed hedge derivatives 68.0 115.7
Fair Value, Recurring [Member] | Warrants Liability [Member]    
Warrants 22.1  
Fair Value, Recurring [Member] | Other Investment Securities [Member]    
Total investment securities 380.7 337.1
Fair Value, Recurring [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Total investment securities 1,059.4 502.1
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents 578.4 821.7
Total investment securities 722.0 534.4
Other 0.0  
Total assets 1,300.4 1,356.1
Seed hedge derivatives 3.9  
Long-term debt 0.0 [1] 0.0 [2]
Contingent consideration 0.0 0.0
Total liabilities 3.9 1.9
Other   1.9
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivatives Used in Consolidated Seeded Investment Products [Member]    
Other   0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Seed Hedge Derivatives [Member]    
Seed hedge derivatives 0.0 0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Deferred Bonuses Hedge [Member]    
Seed hedge derivatives 0.0 0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Warrants Liability [Member]    
Warrants 0.0  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Investment Securities [Member]    
Total investment securities 309.0 273.8
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Total investment securities 413.0 260.6
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash equivalents 0.0 0.0
Total investment securities 671.8 275.2
Other 5.7  
Total assets 677.5 285.4
Seed hedge derivatives 1.4  
Long-term debt 396.2 [1] 383.3 [2]
Contingent consideration 0.0 0.0
Total liabilities 433.7 395.0
Other   3.2
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivatives Used in Consolidated Seeded Investment Products [Member]    
Other   10.2
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Seed Hedge Derivatives [Member]    
Seed hedge derivatives 14.0 8.5
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Deferred Bonuses Hedge [Member]    
Seed hedge derivatives 0.0 0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Warrants Liability [Member]    
Warrants 22.1  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Investment Securities [Member]    
Total investment securities 25.4 33.7
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Total investment securities 646.4 241.5
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Cash equivalents 0.0 0.0
Total investment securities 23.2 2.0
Other 2.1  
Total assets 25.3 4.5
Seed hedge derivatives 19.0  
Long-term debt 0.0 [1] 0.0 [2]
Contingent consideration 23.3 30.4
Total liabilities 110.3 146.1
Other   0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivatives Used in Consolidated Seeded Investment Products [Member]    
Other   2.5
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Seed Hedge Derivatives [Member]    
Seed hedge derivatives 0.0 0.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Deferred Bonuses Hedge [Member]    
Seed hedge derivatives 68.0 115.7
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Warrants Liability [Member]    
Warrants 0.0  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Investment Securities [Member]    
Total investment securities 23.2 2.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Total investment securities 0.0 0.0
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member]    
Cash equivalents 0.0 [3] 0.0 [4]
Total investment securities 23.1 [3] 27.6 [4]
Other [3] 0.0  
Total assets 23.1 [3] 27.6 [4]
Seed hedge derivatives [3] 0.0  
Long-term debt 0.0 [1],[3] 0.0 [2],[4]
Contingent consideration 0.0 [3] 0.0 [4]
Total liabilities 0.0 [3] 0.0 [4]
Other [4]   0.0
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Derivatives Used in Consolidated Seeded Investment Products [Member]    
Other [4]   0.0
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Seed Hedge Derivatives [Member]    
Seed hedge derivatives 0.0 0.0
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Deferred Bonuses Hedge [Member]    
Seed hedge derivatives 0.0 [3] 0.0 [4]
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Warrants Liability [Member]    
Warrants 0.0  
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Other Investment Securities [Member]    
Total investment securities 23.1 [3] 27.6 [4]
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Total investment securities $ 0.0 [3] $ 0.0 [4]
[1] Carried at amortized cost in our Consolidated Balance Sheets and disclosed in this table at fair value.
[2] Carried at amortized cost in our Condensed Consolidated Balance Sheets and disclosed in this table at fair value.
[3] Certain seeded investment products that do not have a readily determinable fair value have been measured at fair value using the net asset value (“NAV”) as a practical expedient and have not been categorized in the fair value hierarchy.
[4] Certain seeded investment products that do not have a readily determinable fair value have been measured at fair value using the NAV as a practical expedient and have not been categorized in the fair value hierarchy.
v3.25.2
Note 6 - Fair Value Measurements - Change in Level 3 Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Beginning of period fair value $ 10.8 $ 1.7 $ 4.5 $ 1.1
Fair value adjustments 1.2 1.5 0.5 2.1
Transfers 0.0 0.7 0.0 0.7
Transfers from practical expedient 9.4 0.0 9.4 0.0
Purchases (sales) of securities, net 3.9 0.1 10.9 0.1
End of period fair value $ 25.3 $ 4.0 $ 25.3 $ 4.0
v3.25.2
Note 6 - Fair Value Measurements - Change in Level 3 Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Beginning of period fair value $ 80.1 $ 59.0 $ 146.1 $ 117.6
Fair value adjustments (6.9) 2.2 (4.1) 7.7
Vesting of deferred bonuses (0.5) (2.8) (87.6) (84.3)
Amortization of deferred bonuses 17.8 17.9 33.1 35.5
Foreign currency translation 1.1 0.0 2.8 (0.2)
Additions 19.0 0.0 20.6 0.0
End of period fair value 110.3 76.3 110.3 76.3
Contingent Consideration Liability [Member]        
Settlement of contingent consideration $ (0.3) $ 0.0 $ (0.6) $ 0.0
v3.25.2
Note 7 - Goodwill and Intangible Assets (Details Textual)
$ in Millions
Jun. 30, 2025
USD ($)
Finite-Lived Intangible Assets, Net $ 92.7
Guardian Life Insurance Company [Member] | Strategic Partnership [Member]  
Finite-Lived Intangible Assets, Net $ 41.1
v3.25.2
Note 7 - Goodwill and Intangible Assets - Intangible Assets and Goodwill (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Intangible assets, amortization $ (5.5) $ (0.2)
Accumulated amortization, balance (62.8) (62.1)
Foreign currency translation, accumulated amortization (4.5) (0.7)
Accumulated amortization, balance (72.8) (61.6)
Net intangible assets, balance 2,473.3 2,431.3
Net intangible assets 41.1  
Foreign currency translation, Net intangible assets 31.6 (3.5)
Net intangible assets, balance 2,540.5 2,427.6
Goodwill, balance 1,550.4 1,290.3
Goodwill, addition 17.8  
Foreign currency translation, Goodwill 65.6 (6.5)
Goodwill, balance 1,633.8 1,283.8
Balance 92.7  
Foreign currency translation, accumulated amortization 4.5 0.7
Accumulated amortization 72.8 61.6
Client Relationships [Member]    
Balance 86.1  
Intangible assets, amortization 0.0 0.0
Additions 0.0  
Foreign currency translation, definite-lived intangible assets 4.8 (0.9)
Balance 90.9  
Balance   68.6
Foreign currency translation, definite-lived intangible assets 4.8 (0.9)
Balance   67.7
Investment Management Agreements [Member]    
Balance 28.0  
Additions 41.1  
Foreign currency translation, definite-lived intangible assets 0.0  
Balance 69.1  
Foreign currency translation, definite-lived intangible assets 0.0  
Definite Lived Trademarks [Member]    
Balance 5.5  
Additions 0.0  
Foreign currency translation, definite-lived intangible assets 0.0  
Balance 5.5  
Foreign currency translation, definite-lived intangible assets 0.0  
Investment Management Agreements [Member]    
Balance 2,056.5 2,064.8
Foreign currency translation, indefinite-lived intangible assets 31.3 (3.3)
Balance 2,087.8 2,061.5
Foreign currency translation 31.3 (3.3)
Trademarks [Member]    
Balance 360.0 360.0
Foreign currency translation, indefinite-lived intangible assets 0.0 0.0
Balance 360.0 360.0
Foreign currency translation $ 0.0 $ 0.0
v3.25.2
Note 7 - Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
$ in Millions
Jun. 30, 2025
USD ($)
2025 (remainder of year) $ 7.6
2026 15.2
2027 15.2
2028 13.1
2029 6.7
Thereafter 34.9
Total $ 92.7
v3.25.2
Note 8 - Debt (Details Textual)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Revolving Credit Facility [Member]  
Line of Credit Facility, Maximum Borrowing Capacity $ 200,000
Line of Credit Facility, Option for Additional Capacity, Additional Borrowing Capacity $ 50,000
Line of Credit Facility, Covenant Terms Financing Leverage Ratio, Upper Range Limit 3
Long-Term Line of Credit, Total $ 0
Senior Notes, 5.450 Percent, Due 2034 [Member]  
Debt Instrument, Face Amount $ 400,000
Debt Instrument, Interest Rate, Stated Percentage 5.45%
Debt Instrument, Unamortized Premium $ 4,800
v3.25.2
Note 8 - Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Senior Notes, 5.450 Percent, Due 2034 [Member]    
Long-term debt $ 395.2 $ 395.0
v3.25.2
Note 9 - Income Taxes (Details Textual)
$ in Millions
Jun. 30, 2025
USD ($)
Unrecognized Tax Benefits $ 27.8
v3.25.2
Note 9 - Income Taxes - Schedule of Effective Income Tax Rate (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Effective tax rate 20.40% 23.80% 21.00% 21.30%
v3.25.2
Note 10 - Noncontrolling Interests - Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Consolidated seeded investment products $ 744.7 $ 535.5 $ 365.0 $ 346.7 $ 274.7 $ 317.2
Consolidated Entity, Excluding VIE [Member]            
Consolidated seeded investment products $ 744.7   $ 365.0      
v3.25.2
Note 10 - Noncontrolling Interests - Schedule of Changes in Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Opening balance $ 535.5 $ 274.7 $ 365.0 $ 317.2
Changes in market value 36.7 3.8 33.4 14.3
Changes in ownership 148.2 67.8 312.6 15.9
Foreign currency translation 24.3 0.4 33.7 (0.7)
Closing balance $ 744.7 $ 346.7 $ 744.7 $ 346.7
v3.25.2
Note 10 - Noncontrolling Interests - Schedule of Nonredeemable Noncontrolling Interests (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Total nonredeemable noncontrolling interests $ 131.3 $ 126.6
Victory Park Capital Advisors (V P C) [Member]    
Total nonredeemable noncontrolling interests 122.6 126.5
Triumph Capital Markets Holdco, LP (T C M) [Member]    
Total nonredeemable noncontrolling interests 8.6 0.0
Other [Member]    
Total nonredeemable noncontrolling interests $ 0.1 $ 0.1
v3.25.2
Note 11 - Long-Term Incentive Compensation (Details Textual) - Deferred Incentive Plan [Member]
 6 Months Ended
Jun. 30, 2025
Minimum [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 3 years
Maximum [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 5 years
v3.25.2
Note 11 - Long-Term Incentive Compensation - Award Activity (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Awards granted (in shares) 31.5 170.9
Restricted Stock [Member]    
Awards granted (in shares) 24.0 96.5
Mutual Fund Awards [Member]    
Awards granted (in shares) 7.5 74.4
v3.25.2
Note 12 - Retirement Benefit Plans - Actuarial Gains (Losses), Benefit Cost, Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest cost $ (8.7) $ (6.7) $ (16.5) $ (13.5)
Amortization of prior service cost (0.1) (0.1) (0.2) (0.2)
Amortization of net gain (0.6) (0.3) (1.1) (0.6)
Expected return on plan assets 8.7 6.5 16.4 13.4
Net periodic benefit cost $ (0.7) $ (0.6) $ (1.4) $ (0.9)
v3.25.2
Note 13 - Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Balance $ 4,826.5 $ 4,427.4 $ 4,718.1 $ 4,538.3
Total other comprehensive income 135.4 9.4 197.3 (35.8)
Less: other comprehensive income attributable to noncontrolling interests 24.2 0.4 33.6 (0.7)
Balance 4,899.9 4,474.8 4,899.9 4,474.8
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]        
Balance (336.0) (523.4) (387.9) (478.9)
Other comprehensive income 135.1 3.5 196.0 (20.1)
Reclassifications to net income(1) [1] (0.4) 5.5 0.0 (16.5)
Total other comprehensive income 134.7 9.0 196.0 (36.6)
Less: other comprehensive income attributable to noncontrolling interests (24.2) (0.4) (33.6) 0.7
Balance (225.5) (514.8) (225.5) (514.8)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]        
Balance (96.7) (84.3) (97.3) (84.7)
Other comprehensive income 0.0 0.0 0.0 0.0
Reclassifications to net income(1) [1] 0.7 0.4 1.3 0.8
Total other comprehensive income 0.7 0.4 1.3 0.8
Less: other comprehensive income attributable to noncontrolling interests 0.0 0.0 0.0 0.0
Balance (96.0) (83.9) (96.0) (83.9)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]        
Balance (432.7) (607.7) (485.2) (563.6)
Other comprehensive income 135.1 3.5 196.0 (20.1)
Reclassifications to net income(1) [1] 0.3 5.9 1.3 (15.7)
Total other comprehensive income 135.4 9.4 197.3 (35.8)
Less: other comprehensive income attributable to noncontrolling interests (24.2) (0.4) (33.6) 0.7
Balance $ (321.5) $ (598.7) $ (321.5) $ (598.7)
[1] Reclassifications to net income are primarily related to the release of accumulated foreign currency translation reserves during the period in which a JHG entity liquidated.
v3.25.2
Note 13 - Accumulated Other Comprehensive Loss - Schedule of Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total other comprehensive loss, pre tax $ 136.2 $ 9.5 $ 196.0 $ (38.5)
Total other comprehensive loss, tax (0.8) (0.1) 1.3 2.7
Total other comprehensive loss, net 135.4 9.4 197.3 (35.8)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]        
Total other comprehensive loss, pre tax 135.9 3.6 194.7 (22.8)
Total other comprehensive loss, tax (0.8) (0.1) 1.3 2.7
Total other comprehensive loss, net 135.1 3.5 196.0 (20.1)
Reclassification to Net Income [Member]        
Total other comprehensive loss, pre tax [1] 0.3 5.9 1.3 (15.7)
Total other comprehensive loss, tax [1] 0.0 0.0 0.0 0.0
Total other comprehensive loss, net [1] $ 0.3 $ 5.9 $ 1.3 $ (15.7)
[1] Reclassifications to net income are primarily related to the release of accumulated foreign currency translation reserves during the period in which a JHG entity liquidated.
v3.25.2
Note 14 - Earnings and Dividends Per Share (Details Textual)
 6 Months Ended
Jun. 30, 2025
$ / shares
Common Stock, Dividends, Per Share, Declared (in dollars per share) $ 0.4
v3.25.2
Note 14 - Earnings and Dividends Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net income attributable to JHG $ 149.9 $ 129.7 $ 270.6 $ 259.8
Allocation of earnings to participating stock-based awards (3.4) (3.2) (5.7) (5.6)
Net income attributable to JHG common shareholders $ 146.5 $ 126.5 $ 264.9 $ 254.2
Weighted-average common shares outstanding — basic (in shares) 153.9 155.6 153.9 156.5
Dilutive effect of nonparticipating stock-based awards (in shares) 0.5 0.2 0.5 0.2
Weighted-average common shares outstanding — diluted (in shares) 154.4 155.8 154.4 156.7
Basic (in dollars per share) $ 0.95 $ 0.81 $ 1.72 $ 1.62
Diluted (in dollars per share) $ 0.95 $ 0.81 $ 1.72 $ 1.62
v3.25.2
Note 14 - Earnings and Dividends Per Share - Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dividend per share (in dollars per share) $ 0.4  
Dividends paid $ 125.3 $ 125.8
O 2025 Q1 Dividends [Member]    
Dividend per share (in dollars per share) $ 0.39  
Dividends paid $ 61.5  
O 2025 Q2 Dividends [Member]    
Dividend per share (in dollars per share) $ 0.4  
Dividends paid $ 63.8  
v3.25.2
Note 15 - Segment Information (Details Textual)
 6 Months Ended
Jun. 30, 2025
Number of Operating Segments 1