Janus Henderson has posted its seventh consecutive quarter of outflows as the asset management firm’s woes continue.
The London-headquartered company reported net withdrawals of $9.8bn (£8bn) in the three months to the end of June, taking its outflow for the half-year to more than $17bn – close to its total for the whole of 2018.
The gloomy figures mark a continuation of a tough period for the asset manager, which has suffered a spate of client withdrawals since it was formed through a mega-merger in 2017.
Total assets under management ticked up one per cent over the period to just under $360bn as a result of positive market movements.
Net profit increased to $109.4m in the second quarter compared to the first three months of the year. However, this was a sharp drop from the $140.6m posted over the same period last year.
“Our investment performance and financial results in the second quarter and over longer periods are strong; however, the net flow result remains challenging,” said chief executive Dick Weil.
“Overall, we are seeing improving trends across many areas of our business, but the current concentration of outflows is masking much of this progress.”
Janus Henderson said it completed $75m of share buybacks over the quarter, with a further $94m authorised for buybacks over the year.
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