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Rating:Janus' Earnings, AUM Drop Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 28, 2005

Janus' Earnings, AUM Drop

by: Theresa Sim

Janus Capital's second quarter earnings were in line with analysts' expectations, but were dismal, nonetheless. Net income for the Denver-based firm was $25.7 million, or $0.12 per diluted share

Assets under management dropped by one percent, to $130.3 billion from $131.8 billion in the first quarter. Janus attributed the drop in long-term net flows of $2.1 billion largely to the previously disclosed ING pullout -- which hit AUM by $2.0 billion in the second quarter.

Retail assets under management in totaled $43.9 billion, down $1.1 billion from the first quarter. Janus' Global Advisors group also suffered net outflows, bringing assets under management to $49.6 billion. Institutional had positive net inflows of $3.2 billion, upping total assets under management in that channel to $36.8 billion.

The largest outflow of assets under management by investment strategy was in growth/blend, which experienced $6.3 billion in outflows in the second quarter.

Fees from investment management were $167.3 million for the second quarter, down 3.4 percent from the first quarter.

"The modest increase in our adjusted investment management operating margin is good news, but we clearly aren't where we need to be," said chairman and chief executive officer Steve Scheid.  

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