Nelson Peltz's Trian fund ignited a bidding war for Janus Henderson, ultimately losing to Trian and General Catalyst's improved $8bn cash offer against Victory Capital's $8.6bn cash-and-share bid. This intense fight underscores a broader $25bn wave of asset manager consolidation sweeping the industry. Fund houses are racing to scale globally to combat fee pressure from ETFs and active/passive competition, while private equity targets transatlantic assets with growth potential.

The sector faces mounting costs and volatility, forcing consolidation as scale becomes crucial for survival. Advisers predict even more deals as midsized firms seek safety in numbers or risk obsolescence. The trend is most pronounced in Europe, where $19bn in deals already dwarf 2025's total, and in the US, where deal activity has surged to nearly a third of last year's count.

Firms are pursuing bolt-ons into private markets for higher margins, pressuring smaller stocks-and-bonds managers to combine or fall behind. Peltz's Victory Capital, despite retreating from Janus, vows to pursue global transactions to boost competitiveness through size and product expansion.