Now that Nelson Peltz has won a surprise bidding war for Janus Henderson Group Plc, the activist investor can start to revamp the $493 billion asset manager he has circled for years.

A bidding war for Janus Henderson Group Plc broke out Thursday as Victory Capital Holdings Inc. offered to buy the money manager for $57.04 a share, in a move that topped a previous offer from Nelson Peltz’s Trian Fund Management.

Vanguard Group Chief Executive Officer Salim Ramji is putting his imprint on the world’s second-largest asset manager by siphoning talent from Wall Street firms to fill key roles.

For more than two decades, US money managers have looked on enviously as Vanguard Group reaped the benefits of a unique structure that grafted the advantages of an ETF onto its biggest mutual funds.

Blackstone Inc., Vanguard Group and Wellington Management Co are launching a fund that will invest in public equities, bonds and private markets, as part of their effort to expand private-market offerings to retail clients.

Fidelity Investments has raised $250 million for its first fund dedicated to venture capital investments, pushing the firm further into private assets.

BlackRock Inc. Chief Executive Officer Larry Fink said infrastructure is a major component to help stimulate growth in every economy and there’s enough capital in the private sector to fund investment.

A wide variety of asset managers need to look at investing in private markets if they want to avoid wipe-out, while revamping their entire strategies to ride the wave, according to Bain & Co.

Janus Henderson Group Plc’s new boss has a plan to revive the struggling money manager, whose clients have yanked about $130 billion since 2017.