Janus Capital Group reported $165.5 billion of client assets under management as of March 31, up 3.6% from the prior quarter and up 49% from the year before.
According to Janus' earnings release for the latest quarter, market appreciation of $7.8 billion helped offset net outflows of $1.9 billion from the group's non-money market operations.
INTECH, the group's quantitative equity subsidiary, suffered net outflows of $4.3 billion for the quarter, up from outflows of $2.4 billion in the prior quarter and $500 million in the year-earlier quarter.
Like many other quant firms, INTECH's performance has struggled in recent years, with none of its strategies beating their benchmarks for the most recent 12-month period. However, the news release noted that INTECH's recent performance has improved, with 75% of its strategies outperforming their respective benchmarks for the past six months.
INTECH's outflows for the latest quarter more than offset net long-term inflows of $1.4 billion for Janus and $1 billion for Perkins Investment Management, the group's value equity boutique.
For the quarter, Janus Capital reported net income of $31.3 million, down 15% from the prior quarter, but a sharp improvement from the year-earlier quarter's $818 million loss, reflecting the $856.7 million charge for goodwill and intangible asset impairment the group reported for the first quarter of 2009.
Revenues came to $246.9 million, down 1.5% from the prior quarter, because of reduced separate account performance fees, but up 45% from the year-earlier quarter.
For the latest quarter, the group's operating margin was 27.3%, down from 30.2% for the prior quarter.