Janus assets recover from first quarter loss
Assets under management at Janus Capital Group climbed by $4.2bn (€2.7bn) in the second quarter to recover from the losses of the previous quarter, as the investment manager's earnings exceeded expectations on the back of inflows and its funds' performance.
Janus finished the quarter with assets under management of $191.8bn, compared with $187.6bn at the end of the first quarter.
The increase was due to investors sending net inflows of $5bn to its funds, an eight-year record, and a decline of $400m each from market depreciation and new outflows from money market accounts.
Still, the increase in assets represents only a slight increase from where Janus started the year. At the end of last year, it had $190.6bn in assets, which declined nearly $4bn in the first quarter of this year.
Earnings for the second quarter climbed 36% from the same period last year, from $48.8m to $66.3m.
In a conference call, Janus executives credited the performance of its funds with driving its earnings and assets growth.
More than three-quarters of Janus mutual funds were in the top half of performance in their category for the last one, three and five years, said the company. And 79% of its mutual funds now have a 4- or 5-star rating from researcher Morningstar Rating.
Janus chief executive Gary Black said: “In the midst of a turbulent market, we’re pleased that our continued strong performance and investments in distribution led to our best quarterly flows in nearly eight years.”
The results come two weeks after Janus announced it had purchased an additional 50% interest in US value manager Perkins, Wolf, McDonnell and Company for $90m in cash.
The deal will bring its stake in Perkins to 80%, as the asset management industry has experienced increasing mergers and acquisitions activity this year.
Black said: “Perkins has been a key strategic partner for Janus and we have great confidence in its ability as a value manager.”
del.icio.us
Digg
Newsvine
reddit
StumbleUpon
