(Reuters) - Asset manager Janus Capital Group JNS.N reported a 24 percent rise in first-quarter profit due to lower expenses a charge taken a year ago.
For the three months that ended March 31, the Denver company’s net income rose to $28 million, or 15 cents per share, from $22.6 million, or 12 cents per share, a year earlier. One driver was a $7.2 million charge Janus took in the year-ago quarter for early extinguishment of debt.
The latest quarter’s per-share result was in line with analyst estimates according to Thomson Reuters I/B/E/S.
Total assets under management rose to $163.8 billion at March 31, from $156.8 billion three months earlier. During the quarter, market appreciation added $11 billion to the company’s assets, offset by net outflows of $3.9 billion excluding money funds.
Janus also approved a 17 percent increase in its quarterly dividend to 7 cents per share.
Reporting by Ross Kerber in Boston and Ashutosh Pandey in Bangalore; Editing by Supriya Kurane and Maureen Bavdek