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Rating:Janus Shrinks But Boosts Margins Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 20, 2011

Janus Shrinks But Boosts Margins

News summary by MFWire's editors

The third quarter was a rough one for Janus [see profile]. Yet the mutual fund firm upped its margin. Today the Denver-based mutual fund firm reported third quarter earnings of $0.15 per diluted share, down from $0.23 in Q2 2011 and up from $0.18 in Q3 2010. RTTNews reports that analysts polled by Thomson Reuters expected Janus to earn $0.17 per share.

Janus' profits suffered thanks to a painful Q3 in the equity markets. The S&P 500 lost 14.33 percent, and Janus' AUM fell 16.96 percent to $141.0 billion on September 30. Another $4.5 billion net flowed out of Janus' equity offerings, overwhelming $2.1 billion in net fixed income inflows. Yet Janus' operating margin rose to 31.3 percent in Q3 2011, from 23.4 percent in Q3 2010 and 31.0 percent in Q2 2011.

So why did Janus' margin still rise? The fund firm slashed quarterly costs by $19.5 million, from $182.2 million in Q2 to $162.7 million in Q3. Almost half of the cuts -- $8.7 million -- came from employee compensation and benefits. The rest came out of long-term incentive compensation ($1.3 million cut), marketing and advertising ($2.0 million), distribution ($4.1 million), depreciation and amortization ($0.3 million) and "general, administrative and occupancy" ($3.1 million). 

Edited by: Neil Anderson, Managing Editor

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