M&A and Corporate Finance

Victory Capital announced an acquisition offer for Janus Henderson on February 26, 2026, as asset managers face intensifying pressure from fee compression and passive strategy competition. The deal highlights industry consolidation driven by scale requirements, with smaller managers struggling to generate sustainable distributions—Westwood Holdings' December 2025 payout came entirely from returned capital rather than investment income.

Major pharmaceutical companies are reconfiguring their corporate structures and financial outlooks simultaneously, with Johnson & Johnson pursuing aggressive acquisitions, Roche updating forward guidance amid leadership changes, and mid-tier players like Orion projecting revenue growth through royalty streams. The wave of portfolio activity signals a sector-wide shift toward strategic optimization rather than simple consolidation.