저자: DickWeil/Nick · 외국인
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Janus Henderson CEO Dick Weil 인터뷰 요약 (2018년 8월, 블룸버그). 결론: 패시브 펀드 확산 속에서도 액티브 운용의 장기 초과수익을 강조하며, 단기 유출 문제는 있으나 회사 전략은 유지한다는 입장. 경영 체제: 합병 통합이 예상보다 빨리 끝나 Weil이 단독 CEO가 됨. 이전 CEO 이중 구조는 과도기용이었다고 설명. 실적·유출: 연초 이후 JHD 주가 약 24% 하락. 유럽 주식 펀드 부진으로 유출이 가장 큼. 단기 실적 부진이나 장기 기록은 유지된다고 주장. 빌 그로스 문제: 운용자산 약 25억 달러 규모 펀드가 2014년 10월 이후 마이너스 수익. 전체 3,700억 달러 중 비중이 작아 회사 전체 영향은 제한적이라고 평가. 장기 40년 실적을 근거로 회복 기대. 패시브 vs 액티브: 패시브가 마케팅에서 앞서 있어 메시지 강화 필요. 변동성이 커지면 액티브에 유리한 환경이 된다고 봄. 단기 결과는 가볍게 보지 않겠다는 입장. 런던 본사: 브렉시트 이후에도 런던 본사 유지. 강경 브렉시트 리스크는 있으나 가능성은 낮다고 봄. 파운드 환율에 리스크 반영. 성장 전략: 5대 핵심 시장(영국, 유럽, 미국, 호주, 일본) 집중. 아시아(일본 제외) 및 일부 중남미 확장 계획, 아시아 책임자 채용 중. 퀀트 전략: 단기 부진은 있으나 수십 년 기록과 비용 효율을 근거로 전략 유지. 유출입: 미국 자문가 시장과 일부 기관 시장에서 성과. 영업이익률 40% 유지, 재무 건전성 강조, 주가는 저평가됐다고 봄. 은행 파트너십: 대형 은행·유통사가 파트너 수를 줄이는 추세에서 합병 규모가 경쟁력이 된다고 봄. 테슬라: 출연자 Nick은 머스크 비공개 전환 제안이 이해되지 않는다고 언급. 구체적 방향 전망은 없음.
다듬은 글
why the move now to make you sole CEO and what's your primary objective Thank You Vani I think we've signaled well to the market when we installed our new company through the merger of legacy Janus and Henderson that our CEO CEO structure was appropriate for the transition but was not probably a forever management structure it was an accommodation to the fact that we had special needs through a merger to bring the relationships in the history from both sides together into a successful integration and I think we were clear that we said when we feel that we've got that integration well along then it would be to the board to make a new decision about what's the appropriate go forward leadership structure and and they've done that the good news is it happened a little faster than than we might have expected which is really a reflection of all the great work of people done on our team driving the integration faster than we might have hoped well you do have your work cut out for you JHD down about 24% in the year so far and obviously you know lower fee passive fund companies are doing a little bit better in this kind of environment what's the plan for areas at Janus Henderson where outflows have been particularly strong well we've been suffering a little bit and outflows in one of our traditional strengths our European equity managers have had a difficult period of performance which is against a really long term record of excellence and so we're not really a head in the bucket over it but it's it's affecting our short-term flows and European equity funds which is the largest single area of outflows we're facing we have a broad and diverse company with excellent managers but that diversity means at any given time you're going to be seeing some that are struggling more than others and that's certainly true but managing European equities is a historic and great strength of this firm and we're confident we'll come back around on it but it's fair to say we're going through a disappointing period talking about disappointing periods and long terms records of of excellence I want to turn briefly if we made to Bill Gross you said that you're sticking by him you said this is a short-term some bad decision-making but how long can you stomach the outflows from his particular fund how long until it taints the rest of Janice Henderson well look you know bill manages I think it last count about two and a half billion dollars for us we have about three hundred and seventy billion dollars overall so it isn't a question of flows in his area tainting the overall picture it's it's a smaller part of the overall picture from the from the flow standpoint but certainly we care about those clients and we care about his business Bill's been one of the world's great investors for forty years and I think the sort of underperformance that he's seeing now is is challenging and disappointing to him more than any of us but certainly to all of us where we're not where we need to be but if you look across his 40-year record that's the anomalous period and I think you know in time he'll he'll come back round the unconstraint fund has since october 2014 delivered negative total returns is he still your paint and Manning is he still that strong quarterback for the rest of the market oh sure Bill's a terrific investor and and a terrific strong player but as we've said look he's going through a really tough and disappointing time and they're you know he's working incredibly hard to earn that back but that won't happen overnight he's gone through a really difficult period and it'll take some time to dig his way out and of course you brought him from pemko you had a long track record together 15 years you were at PIMCO so you saw his fantastic returns and his great years firsthand as did we all and these things go in waves now as for waves right now we're in a wave of sort of the popularity of passive funds at what point do the fund companies get too big that they lose that advantage and it's back to advantage active fund companies like yours yeah it's a great question and please keep asking it you know and the question is what really is going to drive that pendulum swing in terms of performance we have an awful lot of our company that is outperforming passive Netta fees we have a lot of investment teams doing a terrific job of delivering great performance not all of them to be sure but a great many and so that isn't the only piece I think the other piece of the puzzle is we have to get better at messaging passive is clearly one the marketing battle to a great extent and we have to fight back a little bit more effectively I think that people have a sort of an unrealistic expectation of active and passive and over time when you need to do a better job of educating them that we have a really good chance of outperforming passive Netta fees certainly at my company the active process that we operate across the broad spectrum of our assets it has generally over long periods of time outperformed and and we need to continue to do that but we need to also get better at explaining that to clients and messaging that more broadly from an industry and brand point of view because as clear as an industry passive has has been winning the marketing battles dick you you said on the earnings call that you have to deliver excellent risk adjusted returns how do you do that in a market that just keeps going higher when you see the end of this bull market for equities and when do your manager is see something else happening some catalyst that gives you you know more to deal with more to benefit from well I think volatility has been higher this year than in previous years and it's really relative volatility that creates the rich opportunity set for our active management to succeed and so I think the environment is improving and probably will continue to improve for active management outperforming passive and so we look forward to that there isn't a shortcut in our business you know we have to be consistent we have to be excellent we have to do a great job at sharing our knowledge with our clients so that they feel like the the relationship is valuable beyond just the investment returns and there isn't a shortcut to take we've got to do that and do it every day at the same time we're really confident if we continue to do that well we will demonstrate significant value over passive and we will have a really important place as a partner with our clients in their invest so I know there's this sense somewhere in the world that passive is going to eat everything I think that's theoretically impossible it will swing as a pendulum does and there'll be abs and flows to it but so long as we do a great job as active managers we're very confident that we can withstand the competitive pressures of passive and prove our value with our clients it's interesting that you mentioned the potential the outflows you're seeing from European equities dick you just come over to rebase yourself in London London remains the headquarters throughout the brexit transition that we currently see in the UK what does that say about your intention on scaling in Europe and why London remains your home well London is a really special City it is the financial capital of the world and we're really pleased to be headquartered here and there's no plans to change that you know I don't anticipate that brexit is going to change that either I think the most likely output outcome of brexit is will play brinksmanship here for a while and then hopefully cooler heads will prevail and we'll get probably an elongated transition period and a more thoughtful and rational outcome to the brexit process that's certainly not guaranteed and there are risks to that and you see that risk expressed in the in the Sterling exchange rate but I think that's the much more likely case and certainly I don't think we see anything on the horizon that will affect our commitment to London as the headquarters because London has this really amazing place in the financial landscape of the world and what about that for your geographical focus and indeed your asset focus where do you see opportunities at the moment for Janis Henderson to scale and is it you despite the outflows and equities in Europe Europe a key area where should we be looking at you to expand so we have five key markets that were already as significant and strong and we have the UK Europe the US Australia and Japan and so job number one is to continue to do a really good job in those five key markets and that's we can't succeed unless we do that we also have significant additional growth opportunities primarily in Asia X Japan and hopefully a little bit in in Central America but we are in the marketplace now looking for a new head of our Asia X Japan business and the team there coupled with what will hopefully be a great new hire will help us develop our strategy and and push that business along and clearly that's a place that will be looking to expand and and make more more progress one of your strategy is take the quant strategy has been dragging a little bit as well what do you see for that strategy in the near term I think we have a number of different quant strategies and certainly not all of them are dragging but I suspect you're referring to our mathematical a quant strategy in tech run out of Princeton New Jersey and in Palm Beach Florida they've had a very difficult second half of 2016 they were bounded very strongly since that point and then most recently had a pretty tough June these things will come and go if you extrapolate off very short term returns I think you can end up sort of developing all sorts of destructive habits and patterns we don't focus on the short term too much they have a multi-decade history of delivering returns in a really strong risk adjusted way for their clients and we think what they do is very valuable it's transparent its its cost effective and it's differentiated from what a lot of other folks manage in the marketplace so I don't think there's anything significant to change there I think patients in support of that team is what's required where are you seeing major flows in flows I should say what strategies and what geographies are you excited about right now well we've been doing well in the u.s.
advisor market inequities in and that's a really tough market and we've been very pleased with the progress and momentum in that market we've seen increased opportunities in some institutional markets around the world we've seen increases in the u.s. institutional market and some parts of Europe and the Middle East and so we have a number of things that are that are moving forward well and that we're excited about and of course we're we're not happy with where our net flows are but we are quite pleased that we're able to continue to have a 40 percent margin and we're able to continue to use the financial discipline that we have to deliver a really strong balance sheet strong free cash flow generation for our owners so I think that's probably underappreciated right now in our stock price and we're looking forward to seeing that come back on that no dick it feels like all of the major banks not just in the US but in Europe too and in Asia are trying to get the the wealthy right the the the wealth management arms are really growing as volatility is down and you know trading units are suffering a little bit how are you managing to make sure that the banks don't steal all of your you know your dollars and your inflows right well you know what we're trying to do is be a really good strategic partner for the banks and not just the banks but the other sort of folks who cover that last mile to the end customer and so that's our business model and what we have to be great at and one of the keys to that is the way we try and use knowledge shared so what we try and do is take the amazing amount of knowledge that we have here internally and share it effectively with those clients so that not only do we give them the right investment products and the right returns in the right risk framework but we also give them a broader relationship that helps them be better at their own jobs and we believe that that can position as well to succeed as a partner for them in the long term also our merger I think was an important element to that there's a scale effect to this the banks and the big global distributors can't afford to have too many partners in what they do they've learned through the Madoff experience and others that they have to have really trustworthy partners who they know well who they trust who they diligence because when there's a problem with somebody that they brought into their network that's a huge problem for them from their client perspective and regulatory perspective so they're shrinking the number of partners that they do business with and it's important for us to be in that smaller crowd and so I think in that way it's really important to have the strength that the merger brought to us that better positions us to partner with these banks Nick I've got to ask you as a leader a massive asset manager an asset manager that has holdings in Tesla I wanted to get your feel on what's been happening in terms of the way in which you know musk has believed in the business and the way in which we've been hearing about it potentially going private and what's been spoken about on the floors in which you work right well I don't really understand the idea of of what was suggested in the potential for them to go private I mean that's obviously an incredibly large valuation to take in and and somehow take into the private market I think there was also the suggestion that the current shareholders would stay that's a combination of financial engineering that I don't really understand what is being suggested so I can't really speak to that beyond the fact that I like I think a great many others are confused by what what's motivating that suggestion why it was communicated in the way that it was communicated and what it really means I just can't interpret it it it doesn't make sense to me
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