Janus Henderson followed in the footsteps of Jupiter Asset Management during the first quarter of the year, increasing its assets under management (AuM) despite ongoing outflows.
Net income also dropped to $94.1 million (€84.3 million), down from $165.2 million compared to last year.
AuM increased by 9% from the end of last year to $357.3 billion but were still down compared to the same period in 2018 when the firm closed the quarter with $371.9 billion in AuM.
“Overall investment performance for the quarter was strong, but we continue to face pockets of underperformance which are driving substantial net outflows,” said chief executive Dick Weil.
The London-based asset manager was unable to break its trend of redemptions. Investors pulled out $7.4 billion throughout the quarter, making it the sixth consecutive quarter of outflows.
Despite this, there are “encouraging results in several areas” of the business, according to Weil, “including momentum in the US retail channel”.
This momentum is primarily with the firm’s US equity strategies, growth in its multi-asset capability, and an improving environment in continental Europe, he said.
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