Janus Henderson Investors has decided to close its Australian equity investment operations.
"Over the past 18 months, the Australian equity investment desk has found it challenging to meaningfully grow and diversify assets under management and to develop long-term growth prospects," a Janus spokesman confirmed.
The spokesman said Janus Henderson remains "committed to the Australian market" — one of the firm's top five markets with A$41 billion ($30 billion) in bond, natural resources and alternatives strategies.
Of the firm's five-member equities team, three analysts will leave immediately. However, Lee Mickelburough, the head of Australian equities, and Andrew Sutherland, a portfolio manager, will remain through the end of February to liquidate in an orderly way the equity funds the team oversaw. Mr. Mickelburough couldn't immediately be reached for comment.
A pair of Australian equity funds for retail and institutional investors, with a combined A$180 million, will be closed, along with a high-conviction equity fund with A$18 million.
Likewise, segregated mandates with a combined AUM of A$292 million will be shut down.