Mr. Dibadj, you’ve been leading Janus Henderson since summer 2022. What were your initial priorities?

It’s been an intense but highly productive three years. We laid a strategic foundation based on three core principles: First, we protect and grow our core business. Second, we amplify our capabilities—through vehicles like active ETFs, for example. Third, we diversify only where we can deliver real added value, such as in private markets.

The key is that this strategy wasn’t developed in an ivory tower. We involved leaders from across the organization—investments, distribution, operations, legal, etc.. The guiding questions were simple yet powerful: What do our clients need, and where can we deliver better than anyone else?

What is Janus Henderson’s strategic identity today? 

We see ourselves as a high-conviction active asset manager. Our DNA is deeply rooted in fundamental research. We aim to know companies better than the people who work there. That mindset has guided us for over 90 years—and it’s the backbone of everything we do.

You mentioned active ETFs. What’s behind that move?

We saw strong demand for some of our strategies—especially in fixed income—in ETF format. U.S. RIAs led the way, followed by wealth institutions like Morgan Stanley. Today, we manage over $30 billion in active fixed income ETFs, five of which each will exceed $1 billion in assets.

«We’re seeing consolidation in Swiss private banking, which raises the bar for asset managers.»

With our acquisition of European ETF specialist Tabula, we’re scaling this business in Europe, the Middle East, Asia, and Latin America. Switzerland is very much part of our expansion plan—we aim to become a leading provider of active fixed income ETFs in this market as well.

What role does Switzerland play for Janus Henderson?

Switzerland is a priority market for us—not only because of its size, but because global decision-makers are based here. Executives at major banks and insurers think and act globally. If we succeed in Switzerland, it amplifies our reputation worldwide. 

We’re seeing consolidation in Swiss private banking, which raises the bar for asset managers. That plays to our strengths. Our clients don’t want off-the-shelf solutions—they want bespoke strategies tailored to their specific needs.

How do you differentiate in the increasingly competitive private markets space?

By staying away from the mainstream. We don’t do generic U.S. buyouts or commoditized direct lending. Instead, we focus on differentiated strategies like asset-backed lending with Victory Park Capital or private credit in the Middle East with NBK, where we see a clear market gap—underserved mid-sized companies and cautious large investors.

«Our five corporate values are not just slogans.»

This is highly relevant for Swiss wealth managers seeking distinctiveness and true diversification. Many large institutions started with traditional private equity or private credit and are now looking for unique approaches. That’s where our specialized strategies come in. 

Janus Henderson is known for its client focus. How do you embed that in the company culture? 

Our five corporate values are not just slogans—they shape performance reviews, compensation, and leadership development. The first value is: “Clients come first. Always.”

We measure whether employees live these values through surveys, feedback loops, and KPIs. We also make client needs visible internally—for example, through videos featuring client-facing teams. That helps developers or legal staff understand how their work contributes to client success.

Where does Switzerland fit into your growth strategy?

It’s absolutely central. Switzerland is one of the most sophisticated and also most promising markets. In our experience, success here has a halo effect. Our goal is to become the preferred partner for wealth managers, institutional clients, and insurers in Switzerland.

«Revenue and margin growth matter more than scale alone.»

Our expertise in thematic equity funds—especially in healthcare and technology—has given us a strong starting point. The next step is to grow our ETF platform and expand our private markets and broader fixed income offerings.

What specific goals have you set?

We operate along three dimensions: clients, financials, and organization. On the client side, it’s all about performance and service. Between 60% and 80% of our AUM consistently outperforms benchmarks. 

Financially, we aim to grow from our current ~$380 billion AUM—but in a targeted way: quality over quantity. Revenue and margin growth matter more than scale alone.

Organizationally, we’re focused on evolving our culture—with integrity, diversity, operational excellence, and real client centricity at the core. Our internal mantra is “Do-to-Say Ratio 1:1.” We do what we say—and hold ourselves accountable.

Ali Dibadj joined Janus Henderson in 2022 from AllianceBernstein. Prior to his asset management career, he was a consultant at McKinsey.