Janus-Henderson Deal: Do Growth Forecasts Add Up?

Not everyone seems to think the merger between Janus Capital Group ( JNS ) and Henderson Global add up. Jefferies analyst Daniel Fannon has downgraded the U.S. asset manager to a Hold from a Buy on the heels of yesterday’s announcement of the $6 billion merger . Arguing that the corporate marriage makes strategic sense, Fannon’s call is largely based on valuation. But he does caution that growth for the combined company will “remain difficult given current industry trends.”