Janus Shares Fall After Second-Quarter Profit Drops 32%
Janus Capital Group Inc. (JNS), owner of the Janus, Intech and Perkins funds, fell by the most in more than a month after second-quarter profit declined 32 percent.
The shares dropped 3.8 percent to $9.34 at 4:15 p.m. in New York, the most since June 20. Janus has climbed 9.6 percent this year, compared with a 29 percent gain by the Standard & Poor’s index of asset managers and custody banks.
Net income decreased to $15.8 million, or 8 cents a share, from $23.4 million, or 13 cents, a year earlier, the Denver-based firm said today in a statement. Earnings were reduced by 6 cents a share because of costs associated with the early retirement of debt and the decline in value of seed capital.
Investors withdrew a net $5.4 billion in the three months ended June 30, marking the company’s 16th consecutive quarter of client redemptions.
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