Janus Henderson chief executive Ali Dibadj had his work cut out when he took over as chief executive three years ago.

The asset manager had spent several years living with the hangover created by the 2017 merger between Janus and Henderson. It was billed as a marriage of equals but led to a short-lived co-chief executive structure, years of persistent outflows and calls for change from Trian — one of the world’s most prominent activist investors.