Transaction Type

Financial Services


Tabula Investment Management


Janus Henderson Group plc


Tabula Investment Management | Janus Henderson Group plc

Cavendish is pleased to announce that it has advised on the sale of European ETF provider, Tabula Investment Management, to Janus Henderson Group plc (NYSE: JHG). The transaction is expected to complete in the second quarter of 2024 subject to usual closing conditions, including regulatory approvals.

Established in 2018, Tabula is the leading independent ETF provider in Europe, with an existing focus on fixed income and sustainable investment solutions. Tabula has built an institutional-grade investment management and ETF business with over $500MM in assets under management and funds listed across ten European exchanges, serving clients across 15 countries.

The transaction, in which Cavendish acted as the advisers to Tabula, showcases Cavendish’s expertise within the European ETF market, a sector which is undergoing a significant transformation, growing considerably and mirroring trends observed in the US market where active management is increasingly being incorporated into the ETF wrapper. This shift represents a growth opportunity for asset managers looking to broaden the ways in which clients access their investment capabilities and capitalise on evolving client preferences in the European market.

The deal builds on Janus Henderson’s extremely successful active fixed income ETF proposition in the US, where it is the fourth largest provider of active fixed income ETFs by assets under management. Partnering with Tabula enables Janus Henderson to respond to client demand globally for its investment strategies to include a UCITS ETF wrapper which is the most ubiquitous ETF structure outside of the US.

Aside from Tabula Capital, the active liquid credit arm of the business which is not part of the sale, Janus Henderson will retain all existing Tabula products and will utilise the platform to launch a range of new active products.

The lead adviser on the transaction was Ben Goldring, Financial Services Partner at Cavendish, assisted by Marc Milmo and James Folger.

Ben Goldring, Partner & Head of Financial Services at Cavendish, commented: “We are proud to have advised on this deal and it has been a pleasure working with Michael John Lytle, Stefan Garcia, Jason Smith, Zeeshan Kanji, and the whole team at Tabula which has established a very effective independent ETF business through offering differentiated fixed income ETFs. I look forward to seeing them continue their growth journey alongside Janus Henderson.”


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Key Contacts

Ben Goldring

Partner & Head of Financial Services

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James Folger

Associate Director

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Lloyd Evans

Senior Analyst

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