BOSTON (Reuters) - Shares of Janus Capital Group Inc rose on Tuesday after the Denver asset manager reported reduced withdrawals of cash by investors.
Known for its equity funds, Janus has been under pressure in recent years as investors favored other products such as index funds. The company on Tuesday said total assets were $174.1 billion at March 31, up from $173.9 billion at the end of December and $163.8 billion a year earlier.
The increase during the first quarter reflected market gains of $1.9 billion, offset by net outflows of $1.7 billion, Janus said, excluding money funds. But the outflow figure was lower than the $6.2 billion of net withdrawals the company reported in its prior quarter ended December 31.
Janus shares rose 7.2 percent to $12.33.
For the quarter, Janus reported net income of $30.5 million, or $0.16 per share, up from $28.0 million, or $0.15 per share, in the same period a year earlier.
The net income figure was in line with expectations among analysts surveyed by Thomson Reuters I/B/E/S.
Reporting by Ross Kerber; Editing by Nick Zieminski