DENVER—Janus Capital Group says it will cut 110 positions after third-quarter earnings declined nearly 50 percent year-over-year and assets managed decreased by $31 billion in the quarter.
The cuts announced Thursday will cost the financial services company about $7 million in severance costs next quarter. The move is expected to save $15 million annually.
The cuts amount to about 9 percent of its 1,275 workers.
Assets Janus manages dropped from $191.8 billion on June 30 to $160.5 billion on Sept. 30. Asset value dropped $26.2 billion, and investors withdrew $1.1 billion from long-term funds and $4 billion from money market funds.
Janus’ third quarter earnings were $26 million or 16 cents a share, down from $50.8 million or 29 cents a share during the same quarter last year.
