Shares in Janus Capital drop after the firm reports dip in assets under management

Janus Capital reported higher second-quarter net income and revenue on Thursday, helped by an increase in fees for managing investments. But the amount of money Janus manages slipped from earlier in the year.

The news sent Janus's stock down 4 percent.

The Denver-based company reported net income of $43.1 million for the three months ending in June, up from $35.1 million a year ago.

Revenue climbed to $271.9 million in the period, thanks mainly to an increase in investment management fees. Janus posted revenue of $231.2 million a year ago.

Investors' followed Bill Gross, the legendary bond investor, when he left Pacific Investment Management Co. for Janus last year. But the flow of new money has slowed. Janus reported $189.5 billion in assets under management at the end of June. That's up from $177.7 billion a year ago, but down slightly from $189.7 billion at the end of March.

Janus's stock fell 62 cents, or 4 percent, to $16.67 on Thursday. Shares in Janus Capital Group Inc. have gained 3 percent since the beginning of the year and 33 percent over the last 12 months.


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