Hedge fund Trian Fund Management has raised objections to a revised takeover proposal from Victory Capital for Janus Henderson, intensifying a competitive bidding process for the firm, according to a report by Reuters.

Janus Henderson had previously rejected Victory’s earlier $8.6bn cash-and-stock offer, favouring instead a $7.4bn all-cash agreement with Trian and General Catalyst. However, Victory has since improved its terms, increasing the cash component of its proposal to $40 per share alongside 0.25 of its own stock, replacing an earlier mix of $30 in cash and a larger equity portion.

Despite the higher headline value, Trian has questioned the viability of Victory’s bid, citing execution risks including potential employee attrition. The firm said it remains confident in completing its agreed transaction with General Catalyst within a relatively short timeframe and emphasised the certainty of its all-cash offer in a volatile market backdrop.

Analysts suggest proxy advisory firms may favour Victory’s enhanced proposal given the valuation gap, adding pressure on Trian’s deal. The situation highlights a broader consolidation trend across the asset management industry, as firms seek scale to remain competitive and manage costs.

Trian – founded by Nelson Peltz and currently Janus Henderson’s largest shareholder with a 20.7% stake – has been engaged with the company for several years, culminating in the agreed take-private deal announced in December.

Market participants note that Victory may be able to justify a higher bid due to potential cost synergies, while Trian is prioritising deal certainty.