NEW YORK (
Janus Capital Group
saw a slight increase in third quarter profits, though revenues fell as clients shifted their money elsewhere.
The Denver money manager earned $32.5 million, or 18 cents a share in the third quarter, compared to $30.2 million, or 17 cents a share, in the second quarter. In the third quarter of 2009, Janus earned $8.2 million, or five cents per share.
Despite the increase in earnings, Janus saw lower average assets under management of $155.2 billion in the quarter compared to the second quarter average of $160.2 billion. That accounted for lower revenues of $243.8 million, compared to $249.3 million in the second quarter, the company said.
Janus nonetheless ended the quarter with more assets than it had at the start, as $16.5 billion in market gains more than offset $2.9 billion in client outflows.
Citing the outflows, Ticonderoga Securities analyst Douglas Sipkin called the performance "mildly disappointing," in a brief note to clients Thursday.
"Long term performance remains strong, and our mathematical strategies in particular have demonstrated consistent improvement," stated Janus CEO Richard Weil in a press release. Weil -- who left bond giant
Pacific Investment Management Co.
to take the top job at Janus at the start of the year -- also cited "progress in our fixed income and global businesses."
Written by Dan Freed in New York
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