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UPDATE 1-Janus Capital profit dips 8 percent on outflows, lower revenue
October 25, 2012 / 12:40 PM / 5 years ago

UPDATE 1-Janus Capital profit dips 8 percent on outflows, lower revenue

Oct 25 (Reuters) - Janus Capital Group Inc 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 Oct. 16, Dai-ichi owned about 9 percent of Janus, according to a securities filing.

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