By Svea Herbst-Bayliss

BOSTON (Reuters] – Trian Fund Management LP proposes to shake up Janus Henderson Group’s board. The activist investment company now holds a 15.43% stake in the asset management company (NYSE:), according to a Tuesday regulatory filing.

Trian is run by Nelson Peltz and Edward Garden. Peter May filed that they are in talks with management and the board about operational and strategic changes that might help increase the share price.

According to the filing, “Those discussions have led the Reporting Persons to propose changes in the Board composition including the addition independent directors who are not associated with Reporting Persons.”

Janus Henderson representatives and Trian were not available for comment immediately.

Trian is a long-standing advocate for consolidation in asset management. In fact, it revealed a 10% share in Janus Henderson last year and a 10% stake Invesco asset manager. Trian’s stake in Janus Henderson has been increased and it purchased more shares between Oct. 5 and Nov. 16 2021 for its current 15.43% share.

Janus Henderson, a part of the asset management industry consolidation wave when it was formed in 2017, through a merger between Janus Capital Investors and Henderson Global Investors. There are 10 members of the company’s board.

Janus Henderson manages $419 Billion in assets, compared to the approximately $10 Trillion in assets managed by BlackRock (NYSE :), the largest asset manager in the sector. The stock has increased 70% over the past 12 months to $46.30, closing Tuesday at $46.30.

Trian was previously a shareholder in an asset manager Legg Mason (NYSE:), where Peltz was a member of the board prior to Franklin Templeton’s acquisition. Trian, which is well-known for pushing operational changes, such as sales or mergers, often avoids the spotlight and tries not to get in touch with management.