Janus Capital Group on Tuesday reported assets under management of $164 billion for the quarter ended March 31, up 9.7% from the previous quarter, but down by 5.5% from the year-earlier quarter, according to the company's first-quarter earnings release.
The quarter in increase was driven primarily by market appreciation of $18.3 billion, the earnings release said.
Janus continued to suffer from outflows in the latest quarter, with the company reporting net outflows of $2.5 billion in long-term assets.
The quant equity division, INTECH, reported $1.8 billion in net outflows in the first quarter. Fundamental equity had long-term net outflows of $1.9 billion. Fixed income had net inflows of $1.2 billion.
Janus' net income for the first quarter was $26.7 million, down 36.7% from the previous quarter and down almost 40% from the first quarter of 2011.
Revenue for the first quarter totaled $218.4 million, up 1.3% from the previous quarter but down 18% from the year-earlier quarter.
Janus fully implemented mutual fund performance fees by the end of the first quarter. Weak performing funds resulted in a $19 million reduction in first-quarter revenue compared to $9.2 million in the fourth quarter. financial statements show.
The performance fees ”more than offset” an improved financial picture in the first quarter, Janus CEO Richard Weil told analysts during an earnings call on Tuesday morning.
