This year, Janus Henderson Investors celebrated its 90th anniversary, taking the opportunity to reflect internally on its values and what differentiates it from competitors. In this retrospective, Martina Álvarez, Head of Sales for Iberia, brought the conversation to the Spanish market, stating, “I am very proud of the results the Spanish industry is achieving.”
Álvarez cited Inverco data, highlighting that the Spanish investment fund market has tripled in size over the past decade (including both domestic and international fund managers), becoming the fastest-growing market in the Eurozone. She also noted that “the business is now extremely mature,” with clients showing more rational behavior thanks to advancements in financial education, such as refraining from making withdrawals during market downturns.
Despite this progress, with over €1 trillion still held in deposits, Álvarez sees a significant opportunity for the industry. She remarked, “Now is the time to move that money into funds,” especially as the impending cycle of interest rate cuts is likely to diminish the appeal of money market funds.
Janus Henderson’s assets under management (AUM) in Spain are now approaching €4 billion, a milestone Álvarez believes will soon be reached. She emphasized the increased presence of Janus Henderson’s products in more institutions and with more funds, reflecting a strong appreciation by Spanish entities for active, independent management.
When asked about the firm’s goals for 2025, Álvarez provided a straightforward response: “Reaching more places.”
One avenue involves pursuing mergers and acquisitions (M&A) “when it makes sense.” For instance, Janus Henderson has expressed a strong desire to expand its presence in the illiquid assets sector. This year, it acquired Victory Capital, a private credit firm, and NDK, an infrastructure platform focused on emerging markets, as part of this effort.
Another major strategic focus for 2025 is the firm’s active ETF segment, where Janus Henderson is already the fourth-largest provider in the U.S. According to Álvarez, the business receives $1 billion per month in inflows in the U.S. alone. The goal is to pioneer the expansion of this product line in Europe.
At the Madrid Knowledge Exchange event held in September, Nick Cherney, Janus Henderson’s Head of Innovation, projected that assets under management in Europe’s active ETFs market, currently at $50 billion, could grow to $1 trillion by 2030. This growth will be driven by tokenization and increasing client demand.
