As a follow-up to the posting on Janus (a.k.a. god of new beginnings), we were interested to learn today that Janus is increasing its stake in the subsidiary that developed its “modular portfolio construction” approach. According to Janus’ hometown business paper, The Denver Business Journal, the firm paid US$81 million for an additional 4% of Intech. That would value the firm at an impressive US$2 billion. Financial News reports that Intech is “the conduit for Janus’ push into the institutional market”. However, with 37% of Janus’ AUM from Intech, there are fears the great deity is becoming too reliant on mortals for its revenue.
Two billion is an impressive number. But what’s even more amazing are the reports indicating Janus paid with 37,000 satchels of bronze coins adorned with its head(s) – and declared vociferously, “Intech, you will join me in the Pantheon where you will reveal your mysterious ways!”