JANA becomes fully management owned

JANA CEO Georgina Dudley welcomed the “exciting new chapter for JANA as a wholly management owned business”, signalling continued growth for one of Australia’s largest and most influential investment consultants, which manages more than $1.3 trillion in funds under advice.

JANA re-acquired a majority share of the business from MLC Wealth in 2017, which retained a 45 per cent share. MLC Wealth was subsequently bought by Insignia Financial.

The change resulted in significant growth. In 2017, JANA had 85 staff and $350 billion in investments under advice, which has risen today to more than 140 staff and more than $1.3 trillion in investments under advice.

“Over the past five years we have seen the benefits of management ownership and how it has further aligned our focus with clients whilst allowing us to deliver exceptional investment results and significantly grow our funds under advice,” said Ms Dudley

“Full management ownership enables us to continue to build on that success and seize even more opportunities for our clients,” she said. “This is a significant next step in JANA’s evolution, enhancing both autonomy and alignment, and linking staff directly to the success of the business and our clients.”

“Moving to full equity ownership will continue to improve JANA’s ability to attract, retain and develop its people,” Ms Dudley said. Since the initial management buyout JANA has achieved an exceptionally low turnover of staff, well below industry averages .

“JANA is committed to investing in further growth and expanding its offerings”, she said, “as well as adopting new technology and sophisticated data analysis to meet the growing needs of the business and its clients, including those in the Not For Profit, Insurance and Wealth partnerships sectors.

Fiona Dunn, Chairperson of the JANA Board, said, “We are very excited to have Georgina lead JANA into its next phase as we continue to drive the best possible outcomes for our clients.”

Ms Dunn thanked Insignia Financial for its support, “The partnership between JANA, MLC and Insignia Financial over the past 20 years has seen significant success and growth. We thank them for all their contribution and commitment.”

Insignia Financial’s Chief Asset Management Officer, Garry Mulcahy, a JANA Board member, said the partnership, “had been productive for both Insignia Financial and JANA. This resetting of the commercial relationship is on strategy and aligned to Insignia Financial’s ongoing focus on simplification.”

JANA will continue to provide investment consulting services to Insignia Financial.

Mr Mulcahy and Insignia Financial’s other representative will step down from JANA’s Board and further non-executive Directors will be announced through a structured succession in 2023.

The buyout will not impact JANA’s existing client services or agreements. The transaction is due to be completed by 31 January 2023.