<SEC-DOCUMENT>0001104659-24-128462.txt : 20250326
<SEC-HEADER>0001104659-24-128462.hdr.sgml : 20250326
<ACCEPTANCE-DATETIME>20241213163509
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-128462
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JANUS HENDERSON GROUP PLC
		CENTRAL INDEX KEY:			0001274173
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			Y9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		201 BISHOPSGATE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2M 3AE
		BUSINESS PHONE:		442078181818

	MAIL ADDRESS:	
		STREET 1:		201 BISHOPSGATE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2M 3AE

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HENDERSON GROUP PLC
		DATE OF NAME CHANGE:	20050511

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HHG PLC
		DATE OF NAME CHANGE:	20031223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Janus Henderson US (Holdings) Inc.
		CENTRAL INDEX KEY:			0002043380
		ORGANIZATION NAME:           	
		EIN:				431804048
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		151 DETROIT STREET
		CITY:			DENVER
		STATE:			CO
		ZIP:			80206
		BUSINESS PHONE:		13033364529

	MAIL ADDRESS:	
		STREET 1:		151 DETROIT STREET
		CITY:			DENVER
		STATE:			CO
		ZIP:			80206
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Janus Henderson Group plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">201 Bishopsgate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">London, United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EC2M3AE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Janus Henderson US (Holdings) Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">151 Detroit Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Denver, CO 80206</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">December 13, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance<BR>
Office of Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">Attn:</TD><TD>Robert Arzonetti</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Susan Block</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">Re:</TD><TD><B>Janus Henderson Group plc</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Janus Henderson US (Holdings) Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Registration Statement on Form&nbsp;S-4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Filed November&nbsp;18, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>File No.&nbsp;333-283305</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of Janus Henderson US (Holdings) Inc.
(the &ldquo;<B><I>Company</I></B>&rdquo;), we are submitting this letter to the U.S. Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;)
via EDGAR in response to the comment letter from the staff (the &ldquo;<B><I>Staff</I></B>&rdquo;) of the Division of Corporation Finance,
dated December&nbsp;2, 2024 (the &ldquo;<B><I>Comment Letter</I></B>&rdquo;), regarding Janus Henderson US (Holdings) Inc.&rsquo;s Registration
Statement on Form&nbsp;S-4 filed with the SEC on November&nbsp;18, 2024, File No.&nbsp;333-283305 (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the comments set forth in the Comment
Letter, the Company has revised the Registration Statement and simultaneously is filing Amendment No.&nbsp;1 to the Registration Statement
(&ldquo;<B><I>Amendment No.&nbsp;1</I></B>&rdquo;) with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 13, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The headings and paragraph numbers in this letter
correspond to those contained in the Comment Letter and, to facilitate the Staff&rsquo;s review, we have reproduced the text of the Staff&rsquo;s
comments in bold and italics below. Capitalized terms used but not defined herein have the meanings given to them in Amendment No.&nbsp;1.
All references to page&nbsp;numbers and captions (unless otherwise stated) correspond to the page&nbsp;numbers and captions in Amendment
No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Registration Statement on Form&nbsp;S-4</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><B><I>We note that you appear to be registering the exchange notes in reliance on our position enunciated in Exxon Capital Holdings
Corp., SEC No-Action Letter (April&nbsp;13, 1988). See also Morgan Stanley&nbsp;&amp; Co. Inc., SEC No-Action Letter (June&nbsp;5, 1991)
and Shearman&nbsp;&amp; Sterling, SEC No-Action Letter (July&nbsp;2, 1993). However, the prospectus does not appear to contain all of
the representations required by the no-action letters. Specifically, you must represent that you have not entered into any arrangement
or understanding with any person who will receive exchange securities in the exchange offer to distribute those securities following completion
of the offer, and that you are not aware of any person that will participate in the exchange offer with a view to distribute the exchange
securities. Please revise your prospectus accordingly. Alternatively, you may provide us with a supplemental letter that includes these
representations. Refer to Compliance and Disclosure Interpretations, Securities Act Forms, Question and Answer 125.13, available on our
website, at www.sec.gov.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Response</U></FONT>:
In response to the Staff&rsquo;s comment, the Company has filed simultaneously herewith as correspondence in connection with the Registration
Statement a supplemental letter stating that the Company is registering the exchange notes in reliance on the Staff&rsquo;s position enunciated
in Exxon Capital Holdings Corp., SEC No-Action Letter (April&nbsp;13, 1988), Morgan Stanley&nbsp;&amp; Co. Inc., SEC No-Action Letter
(June&nbsp;5, 1991) and Shearman&nbsp;&amp; Sterling, SEC No-Action Letter (July&nbsp;2, 1993). The supplemental letter includes the representations
contained in the Morgan Stanley and Shearman&nbsp;&amp; Sterling no-action letters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><B><I>Please also provide the representations that the issuer will include in the transmittal letter an acknowledgement to be executed
by each person participating in the exchange offer that such participant does not intend to engage in a distribution of the exchange securities.
In addition, the issuer will include in the transmittal letter an acknowledgement for each person that is a broker-dealer exchanging securities
it acquired for its own account as a result of market-making activities or other trading activities that such broker-dealer will satisfy
any prospectus delivery requirements in connection with any resale of Exchange Securities received pursuant to the Exchange Offer. The
transmittal letter may also include a statement to the effect that by so acknowledging and by delivering a prospectus, a broker-dealer
will not be deemed to admit that it is an &ldquo;underwriter&rdquo; within the meaning of the Securities Act. Refer to Compliance and
Disclosure Interpretations, Securities Act Forms, Question and Answer 125.13. Please also include the form of Transmittal Letter as an
exhibit to the registration statement.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 13, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Response</U></FONT>:
In response to the Staff&rsquo;s comment, the Company has filed simultaneously herewith as correspondence in connection with the Registration
Statement a supplemental letter providing the representations that the issuer will include in the prospectus (a)&nbsp;an acknowledgement
that such participant does not intend to engage in a distribution of the exchange securities and (b)&nbsp;an acknowledgement for each
person that is a broker-dealer exchanging securities acquired for its own account as a result of market-making activities or other trading
activities, that such person will satisfy any prospectus delivery requirements in connection with any resale of such exchange securities,
and a statement to the effect that by so acknowledging and by delivering a prospectus, such broker-dealer will not be deemed to admit
that it is an &ldquo;underwriter&rdquo; within the meaning of the Securities Act. The Company refers you to page&nbsp;4, page&nbsp;22
and pages&nbsp;25-26 of the Registration Statement for such acknowledgements. Consequently, the Company does not believe that a form of
Transmittal Letter is required to be filed in connection with the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>United States Federal Income Tax Consideration, page&nbsp;46</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><B><I>We note your disclosure that there will be no U.S. federal income tax consequences to a holder who exchanges an Outstanding
Note for a New Note pursuant to the Exchange Offer. As such, please file a tax opinion that supports this statement. Refer to Section&nbsp;III.A.
of Staff Legal Bulletin No.&nbsp;19, available on our website. If counsel will be filing a short form opinion, please ensure that the
short-form opinion and the tax disclosure in the prospectus both clearly state that the disclosure in the tax consequences section of
the prospectus is the opinion of the named counsel. Refer to Section&nbsp;III.B.2. of Staff Legal Bulletin No.&nbsp;19.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Response</U></FONT>:
In response to the Staff&rsquo;s comment, the Company has deleted the tax disclosure previously included on page&nbsp;46 of the Registration
Statement because the Company believes that the U.S. federal income tax consequences to a holder who exchanges an Outstanding Note for
a New Note pursuant to the Exchange Offer are not material to the Company or to the holders of Outstanding Notes or New Notes. Consequently,
the Company does not believe that an opinion with respect to the treatment of the exchange of Outstanding Notes for Note Notes pursuant
to the Exchange Offer is required pursuant to Staff Legal Bulletin No.&nbsp;19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 13, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please direct any questions or comments regarding
the foregoing to me at (212) 735-2439 or Laura.Kaufmann@skadden.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Laura Kaufmann Belkhayat</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Laura Kaufmann Belkhayat</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in">cc:</TD><TD>Michelle Rosenberg, President</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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