Janus Capital Group, the Denver- based fund manager named after the two-faced Roman god, declined the most in four months after saying clients pulled money from its unit that uses mathematical models.
Janus fell as much as 11 percent in New York Stock Exchange composite trading after reporting net outflows of $2.5 billion from the unit. Intech, run by Robert Garvy, relies on quantitative analysis to choose investments for institutions.
None of Intech’s investment strategies beat its benchmark for the year ended Sept. 30, Janus said.
“Intech has incredibly high margins, so if Intech continues losing assets they are losing that margin support,” D.J. Neiman, an analyst with William Blair & Co. in Chicago, said in a telephone interview. “People were generally looking for a better flow quarter.”
Janus dropped 99 cents, or 6.3 percent, to close Thursday at $14.76.
The stock has risen 84 percent this year, compared with a 27 percent gain for Standard & Poor’s 15-member index of asset managers and custody banks.
Investors withdrew $600 million from Janus in the three months ended Sept. 30 after depositing $2.3 billion with the firm in the previous quarter. Its Intech unit had inflows of $1.1 billion and outflows of $3.6 billion.
