Janus Capital Group reported a higher quarterly profit on rising stock prices but an outflow of assets due to the scandal over improper trading of mutual funds at the firm, Reuters reports.
The company's net income in the fourth quarter was $812.9 million, or $3.52 per diluted share, up from $45 million, or 20 cents per share a year ago.
Unlike other fund firms, Janus watched investors yank $3.85 billion from Janus Capital Group from its funds. According to AMG Data Services, investors pulled $2.528 billion in equity funds, $1.022 billion in money market funds and $295 million in taxable bond funds from Janus. Bob Adler, president of AMG added that another $9 million left municipal bonds.
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