Janus Capital's ( JNS) fourth-quarter earnings rose 28% over the third quarter, matching market expectations, as a rise in assets under management boosted revenues.

The Denver money manager's net income rose to $37.7 million, or 19 cents a diluted share, in the fourth quarter from $29.5 million, or 15 cents a diluted share, in the third quarter.

For all of 2006, net income rose to 413.6 million, or 66 cents a diluted share, from $87.8 million, or 40 cents a diluted share, in 2005.

Janus made its name chasing high-growth companies in the 1990s, but was hit hard when the tech bubble burst at the end of the decade and its funds sustained net withdrawals for several years. The company's reputation took a further hit when it ran afoul of regulators for allowing big clients to trade rapidly in and out of its funds, to the detriment of long-term shareholders.

But over the past couple of years it has expanded its offerings to include value and small-cap funds, two sectors that have performed particularly well.

Janus' assets under management rose to $167.7 billion in the fourth quarter from $158.3 million at the end of the third quarter. The company said $10.6 billion of that was attributable to market appreciation, which more than offset $500 million of outflows from money market funds and outflows of $700 million from its long-term stock and bond funds.

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