Janus Capital Group's assets under management slipped to $132.2 billion in the first quarter, from $139 billion at the end of 2004 and $145 billion a year ago. The first-quarter decline reflects long-term net outflows of $1.9 billion, market depreciation of $2.6 billion and money market net outflows of $2.3 billion, according to the company's 8-K filing. Investment management fees totaled $173.1 million in the first quarter, down from $199.2 million a year ago. GAAP net income was $19.6 million as of March 31, up from $18.2 million in the fourth quarter and a net loss of $22.1 million for the same period last year. First-quarter revenue fell to $216 million from $221.5 million in the previous quarter and $249.9 million a year ago.
"During a challenging market environment, we're encouraged by the progress we've made stabilizing flows and increasing gross sales," Steven Scheid, Janus chairman and CEO, said in the filing. "We're investing prudently in our business, particularly in our investment and distribution initiatives, while carefully managing our expenses."
The quarterly results do not reflect a previously disclosed $2.2 billion redemption by ING U.S. Financial Services that was expected to occur in March, but will now take place in April, according to the filing.