Victory Capital has withdrawn its $8.6bn bid for Janus Henderson, bringing an end to a drawn-out takeover battle and clearing the path for a rival deal led by hedge fund Trian Fund Management and General Catalyst, according to a report by Reuters.

Trian and General Catalyst increased their offer to $52 per share, valuing Janus at around $8bn and representing a premium to its unaffected share price. Janus Henderson’s board has backed the bid, stating it is the only proposal capable of being completed.

Client concerns were a key factor, with major distribution partners signalling reservations about maintaining relationships under a Victory-led structure.

The agreed transaction, backed by activist investor Nelson Peltz, is expected to close by mid-2026, subject to shareholder approval on 16 April.

The bidding war highlights ongoing consolidation across asset management, as firms seek scale amid fee pressure and the continued rise of passive investing. Goldman Sachs is advising Janus Henderson’s special committee.