Janus Capital Group Inc.’s third-quarter earnings missed expectations.
Net income for the quarter fell 6.9%, to $29.5 million, or 15 cents a share. Janus said the results, announced Thursday, “include a net expense of $9.5 million, which primarily stemmed from impairment charges associated with the loss of two subadvised accounts and certain litigation fees, partially offset by lower long-term compensation expense.”
Analysts had expected the Denver company to earn 16 cents a share, according to data from Thomson First Call.
Assets under management rose 13.6% from a year earlier, to $158.3 billion, but net fund flows sank to $200 million, from $2.1 billion a year earlier.
A number of other money managers’ earnings have missed estimates.
On Wednesday, T. Rowe Price said its third-quarter profit rose 10% from a year earlier, to $128 million, or 46 cents per diluted share. Analysts polled by Thomson First Call had expected earnings of 49 cents a share from the Baltimore investment manager. Revenue rose 16%, to $451 million, as the fees earned from its investment management business rose 17%, to $375.2 million.
