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Rating:Mutual Fund Admin Errors Cost Janus $13.6 Million Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, October 21, 2010

Mutual Fund Admin Errors Cost Janus $13.6 Million

Reported by Armie Margaret Lee

Janus Capital Group [see profile] reimbursed clients $13.6 million due to two "significant fund administrative errors." The firm made the revelation as part of its third quarter earnings report released Thursday morning.

The Denver-based firm chalked up net income of $32.5 million, or 18 cents per diluted share, up from $8.2 million, or 5 cents per diluted share in the year-ago period. The numbers exceeded expecations put forth by analysts. Those polled by Thomson Reuters I/B/E/S had predicted a profit of 16 cents a share.

Janus took an operating charge of 5 cents per share "for reimbursements to certain Janus mutual funds for two significant fund administrative errors."

The news release did not provide additional details on the mistake.

At the close of September, Janus had AUM of $160.8 billion, compared with $147.2 billion at the end of June and $151.8 billion at the end of Septmeber 2009. 

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