Andrew Formica resigning as co-CEO
Richard Weil was named CEO of Janus Henderson Group, the company announced late Tuesday.
He had been co-CEO with Andrew Formica, who resigned, Janus Henderson said in a news release. Mr. Formica will stay on as an adviser to Janus Henderson through the end of the year.
"Now that our integration plans are significantly progressed, our board has determined that the co-CEO structure has achieved its goals, and now is the appropriate time for Janus Henderson to be led once again by a sole CEO," Richard Gillingwater, Janus Henderson board chairman, said in a news release that also announced the firm's second-quarter results.
In the quarterly earnings release, Janus Henderson reported $370.1 billion in assets under management as of June 30, down 0.5% for the quarter but up 11.9% from a year earlier.
Net outflows of $2.7 billion in the second quarter were unchanged from the previous quarter but were up from $1 billion in the second quarter of 2017.
Revenue for the three months ended June 30 totaled $592.4 million, up 0.8% from the first quarter but 33.1% above the year-earlier quarter. Net income in the latest quarter totaled $140.6 million, down from $165.2 million in the first quarter but up from $41.7 million in the second quarter 2017.
Equities assets under management grew 1.4% for the quarter to $193.3 billion, and increased 11.5% for the year. Year-over-year figures are on a pro forma basis following the merger between Janus and Henderson last year.
Multiasset strategies saw assets grow 2.5% for the quarter to $32.6 billion, and increased 10.9% for the year.
Other strategies saw drops in assets under management for the quarter. Fixed-income assets fell 4.4% in the three months ended June 30, to $76.5 billion, and dropped 0.9% year-over-year; quantitative equity strategies AUM fell 0.6% to $50.1 billion for the quarter, but grew 7.7% for the year; and alternatives assets fell 7.4% to $17.6 billion for the quarter, and 4.3% for the year.