Janus Capital Group Inc. has completed the acquisition of VS Holdings Inc., the parent company of VelocityShares LLC.
VelocityShares is a provider of institutionally focused exchange-traded products (ETPs), including ETFs, that offer volatility management solutions.
VelocityShares will be a wholly owned subsidiary of Janus Capital Group and will continue operating out of its Darien, Connecticut office.
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The announcement of plans for the acquisition was made only a couple of weeks after the firm hired Bill Gross, formerly of PIMCO. On Oct, 13 Janus said it had entered into an agreement to acquire VelocityShares for an upfront cash consideration of $30 million. Janus said in its announcement on the closing of the deal that there would be an "additional contingent cash consideration if certain revenue targets are achieved over a four-year period," although no details were provided.
At the end of September, VelocityShares had raised approximately $2 billion in assets across 21 investment products. The firm was founded in 2009.
It has been thought that Janus might be considering an entry into ETFs since 2010. That was when the company filed an application to offer stock and bond ETFs.
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