Janus Capital Group on Thursday reported assets under management of $152.4 billion for the quarter ended June 30, down 7.1% from three months earlier and 10% less than a year ago.
Net income at Janus, owner of the Janus, INTECH and Perkins funds, decreased to $23.4 million, or 13 cents a share, from $41.9 million, or 23 cents, a year earlier, Janus said Thursday in a statement.
Clients pulled $4 billion from the firm in the quarter, and market losses dragged assets down by $7.6 billion as the MSCI ACWI index declined 6.4%.
Janus' withdrawals included $2 billion from Janus-branded products, $2.5 billion from its quantitative investing unit INTECH and $500 million from its Perkins unit, which specializes in value stocks.
Janus' fixed-income products attracted $1.1 billion in deposits. Bond-focused products account for about 11% of Janus' assets.
The company has also suffered from a policy that adjusts fees lower or higher based on fund performance over trailing periods of 12 to 36 months. That reduced earnings by $21.9 million in the quarter.