Deciphering what Nelson Peltz is up to with his big moves in the investment management space

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Trian Fund management recently took a stake in both Invesco and Janus Henderson Group, raising the possibility of another merger in the asset management industry.

. In their 13D language on Janus, they state that they have had a conversation with Janus's Non-Executive Chairman, Richard Gillingwater, and intends to engage in discussions with the board and/or management of the company regarding many topics including encouraging them to explore, certain strategic combinations with one or more companies in the asset management industry .

Depending on how this turns out, it will be viewed as either an experienced activist using creativity and all of its tools to fully maximize returns for its investors, or a strategic, short term activist engineering attempt to try to boost returns coming into the fourth quarter of a down year. Trian's engagement with Janus does not really scream long term, thoughtful engagement.

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