(Reuters) - Janus Capital Group Inc JNS.N said on Thursday its third-quarter profit fell 8 percent on lower revenue and continued outflows from its mutual funds.
The Denver-based asset manager reported net income of $25.1 million, or 14 cents per share, down from $27.4 million, or 15 cents per share, in the same period a year earlier.
Revenue fell to $209 million from $236.9 million a year earlier. The profit met the expectations of analysts that the company would earn 14 cents per share, according to Thomson Reuters I/B/E/S.
Shares in Janus have not recovered since the financial crisis amid performance concerns and a continued exodus of investor cash.
Withdrawals continued during the quarter, Janus said, with net outflows of $2 billion, excluding money funds. Market appreciation added $7.8 billion to its assets during the quarter. Total assets under management were $158.2 billion at the end of September, up from $152.4 billion three months earlier.
In August, Janus said Dai-ichi Life, Japan’s largest listed life insurer, would buy as much as 20 percent of the company eventually, giving it new resources. As of October 16, Dai-ichi owned about 9 percent of Janus, according to a securities filing.
Reporting by Ross Kerber; Editing by Bernadette Baum