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Chris Hughes

Janus Deal Has Two Faces

Co-CEOs need to agree that that one will take over, and soon.

Do as I say, not as I do. Asset managers love to decry mergers-of-equals with fudged governance. Yet that's the structure Janus Capital and Henderson chose for the $6 billion fund management tie-up they unveiled on Monday.

The deal is actually pretty smart -- if the awkward governance arrangements can be made temporary.