Denver-based Janus Capital Group Inc. posted higher fourth-quarter revenue, helped by an increase in investment management fees, while its profit remained largely steady.
The asset manager said its complex-wide assets totaled $192.3 billion as of Dec. 31, up from $185 billion as of Sept. 30, an increase that included net market appreciation of $7.2 billion and long-term net outflows of about $600 million.
The latest period also included net investment losses of $2.3 million, versus losses of $3 million a year earlier.
The asset manager, home to famed bond investor Bill Gross who joined the firm after departing Pacific Investment Management Co. in fall 2014, reported a profit of $46.6 million, or 25 cents a share, compared with $46.7 million, or 24 cents a share, a year earlier. The conmpany’s share count decreased 1.3 percent year over year.
Revenue increased 5.1 percent to $267.8 million from a year prior, while investment management fees rose 4.3 percent.
Analysts polled by Thomson Reuters expected a per-share profit of 24 cents and revenue of $270 million.
Total operating expenses increased 7.3 percent.
In November, The Wall Street Journal reported that George Soros’ Soros Fund Management pulled its $500 million investment from an account managed by Gross at Janus Capital because of poor returns, people familiar with the matter said.
