Here's more on declining earnings from Janus Capital Group
]. Earnings for the money manager took a hit in the second quarter, with profit down by 44 percent thanks to falls in both revenue and assets under management.
Net income for Janus fell to $23.4 million, or 13 cents a share, from $41.9 million, or 23 cents, the same quarter a year prior. Analysts surveyed by Bloomberg had expected earnings of 14 cents per share.
Meanwhile, revenue fell 22 percent to $206 million, while AUM fell by 7.1 percent to $155 billion from $171.6 billion a year ago.
So what accounts for what
is the firm's 12th quarter of redemptions?
"Janus is heavily skewed toward equity retail mutual funds and retail investors continue to avoid those types of products," Sandler O'Neill & Partners LP
analyst Michael Kim
The Wall Street Journal
did note Janus' efforts to improve its less-than-stellar investment performance and client outflows, such as by using a hedging program to protect its balance sheet from the market volatility of its "seeded" investment products.
Janus shares closed at $6.80 on Thursday.
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