Janus Henderson Group plc Reports Second Quarter 2022 Results
Janus Henderson Group plc (JHG) reported its second quarter 2022 results, highlighting a 17% decrease in Assets Under Management (AUM) to US$299.7 billion. Despite facing net outflows of US$(7.8) billion, 50% of AUM outperformed benchmarks over the past year. Second quarter diluted EPS stood at US$0.56, down from US$0.79 a year earlier. Operating income was US$143.9 million, marking a 36% drop year-over-year. The company executed US$56 million in share buybacks and declared a dividend of US$0.39 per share. JHG aims for organic growth despite challenges.
- 50% of AUM outperforming benchmarks over one year.
- Quarterly diluted EPS of US$0.56, an increase from US$0.47 in Q1 2022.
- US$56 million in share buybacks executed in Q2 2022.
- Quarterly dividend declared at US$0.39 per share.
- AUM decreased by 17% to US$299.7 billion compared to Q1 2022.
- Net outflows of US$(7.8) billion due to sales slowdown and investment performance.
- Operating income of US$143.9 million, a 36% decline year-over-year.
- Revenue down 15% to US$1,175.5 million for the first half of 2022.
-
Solid long-term investment performance, with
50% ,60% ,65% , and76% of assets under management (‘AUM’) outperforming relevant benchmarks on a one-, three-, five-, and 10-year basis, respectively, as at30 June 2022 -
AUM decreased
17% toUS compared to the prior quarter, due to challenged global markets, US dollar appreciation, and net outflows$299.7 billion -
Net outflows of
US reflect a significant slowdown in intermediary gross sales and investment underperformance in key strategies$(7.8) billion -
Second quarter 2022 diluted EPS of
US , or$0.56 US on an adjusted basis$0.63 -
Completed
US of share buybacks during the second quarter 2022, and Board declared a quarterly dividend of$56 million US per share$0.39
Second quarter 2022 operating income was
Second quarter 2022 diluted earnings per share of
“I am very pleased to be part of the
“As this quarter illustrates, the difficult market environment, mixed investment performance in a few strategies, and loss of market share demonstrate that we have much work to do at
RESULTS FOR ANNOUNCEMENT TO THE MARKET
These results for announcement to the market include the interim information required to be provided to the
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)
The Group presents its financial results in US$ and in accordance with accounting principles generally accepted in
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Six months ended |
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30 Jun |
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30 Jun |
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|
|
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2022 |
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2021 |
|
|
% change |
|
GAAP basis: |
|
|
|
|
|
|
|||
Revenue |
|
1,175.5 |
|
1,382.4 |
|
(15 |
)% |
||
Operating expenses |
|
907.0 |
|
964.9 |
|
(6 |
)% |
||
Operating income |
|
268.5 |
|
417.5 |
|
(36 |
)% |
||
Operating margin |
|
22.8 |
% |
30.2 |
% |
(7.4 |
)ppt |
||
Net income attributable to JHG |
|
172.6 |
|
292.8 |
|
(41 |
)% |
||
Diluted earnings per share |
|
1.03 |
|
1.67 |
|
(38 |
)% |
||
|
|
|
|
|
|
|
|||
Adjusted basis: |
|
|
|
|
|
|
|||
Revenue |
|
905.9 |
|
1,120.2 |
|
(19 |
)% |
||
Operating expenses |
|
577.8 |
|
649.4 |
|
(11 |
)% |
||
Operating income |
|
328.1 |
|
470.8 |
|
(30 |
)% |
||
Operating margin |
|
36.2 |
% |
42.0 |
% |
(5.8 |
)ppt |
||
Net income attributable to JHG |
|
230.7 |
|
362.0 |
|
(36 |
)% |
||
Diluted earnings per share |
|
1.37 |
|
2.07 |
|
(34 |
)% |
||
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Three months ended |
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30 Jun |
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31 Mar |
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30 Jun |
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|
2022 |
|
|
2022 |
|
|
2021 |
|
GAAP basis: |
|
|
|
|
|
|
|||
Revenue |
|
555.5 |
|
620.0 |
|
738.4 |
|
||
Operating expenses |
|
411.6 |
|
495.4 |
|
513.4 |
|
||
Operating income |
|
143.9 |
|
124.6 |
|
225.0 |
|
||
Operating margin |
|
25.9 |
% |
20.1 |
% |
30.5 |
% |
||
Net income attributable to JHG |
|
93.9 |
|
78.7 |
|
137.3 |
|
||
Diluted earnings per share |
|
0.56 |
|
0.47 |
|
0.79 |
|
||
|
|
|
|
|
|
|
|||
Adjusted basis: |
|
|
|
|
|
|
|||
Revenue |
|
427.7 |
|
478.2 |
|
603.6 |
|
||
Operating expenses |
|
278.4 |
|
299.4 |
|
334.3 |
|
||
Operating income |
|
149.3 |
|
178.8 |
|
269.3 |
|
||
Operating margin |
|
34.9 |
% |
37.4 |
% |
44.6 |
% |
||
Net income attributable to JHG |
|
104.9 |
|
125.8 |
|
200.5 |
|
||
Diluted earnings per share |
|
0.63 |
|
0.75 |
|
1.16 |
|
DIVIDEND AND SHARE BUYBACK
On
As part of the
Net tangible assets per share
US$ |
|
|
|
|
Net tangible assets / (liabilities) per ordinary share |
|
3.82 |
|
3.56 |
Net tangible assets are defined by the ASX as being total assets less intangible assets less total liabilities ranking ahead of, or equally with, claims of ordinary shares.
AUM AND FLOWS (in US$ billions)
FX reflects movement in AUM resulting from changes in foreign currency rates as non-US$ denominated AUM is translated into US$. Redemptions include impact of client switches.
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Three months ended |
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30 Jun |
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31 Mar |
|
30 Jun |
|
|
2022 |
|
2022 |
|
2021 |
Opening AUM |
|
361.0 |
|
432.3 |
|
405.1 |
Sales |
|
16.4 |
|
17.9 |
|
18.4 |
Redemptions |
|
(24.2) |
|
(29.8) |
|
(20.9) |
Net sales / (redemptions) |
|
(7.8) |
|
(11.9) |
|
(2.5) |
Market / FX |
|
(53.5) |
|
(31.1) |
|
25.0 |
Reclassifications and disposals1 |
|
— |
|
(28.3) |
|
— |
Closing AUM |
|
299.7 |
|
361.0 |
|
427.6 |
1 |
Disposals relate to the sale of Intech, and reclassifications relate to a reclassification of existing funds from |
Quarterly AUM and flows by capability
|
|
|
|
|
|
|
|
|
|
Total excl |
|
|
|
|
|
|
|
|
Fixed |
|
|
|
|
|
Quantitative |
|
Quantitative |
|
|
|
|
Equities |
|
Income |
|
Multi-Asset |
|
Alternatives |
|
Equities |
|
Equities |
|
Total |
AUM |
|
240.1 |
|
80.5 |
|
53.2 |
|
10.4 |
|
384.2 |
|
43.4 |
|
427.6 |
Sales |
|
7.5 |
|
4.7 |
|
2.6 |
|
1.1 |
|
15.9 |
|
0.1 |
|
16.0 |
Redemptions |
|
(10.1) |
|
(4.0) |
|
(1.8) |
|
(0.8) |
|
(16.7) |
|
(4.5) |
|
(21.2) |
Net sales / (redemptions) |
|
(2.6) |
|
0.7 |
|
0.8 |
|
0.3 |
|
(0.8) |
|
(4.4) |
|
(5.2) |
Market / FX |
|
(1.3) |
|
(1.7) |
|
(0.1) |
|
(0.1) |
|
(3.2) |
|
0.1 |
|
(3.1) |
AUM |
|
236.2 |
|
79.5 |
|
53.9 |
|
10.6 |
|
380.2 |
|
39.1 |
|
419.3 |
Sales |
|
8.1 |
|
5.6 |
|
4.3 |
|
1.2 |
|
19.2 |
|
0.1 |
|
19.3 |
Redemptions |
|
(11.3) |
|
(5.5) |
|
(2.2) |
|
(1.2) |
|
(20.2) |
|
(4.3) |
|
(24.5) |
Net sales / (redemptions) |
|
(3.2) |
|
0.1 |
|
2.1 |
|
— |
|
(1.0) |
|
(4.2) |
|
(5.2) |
Market / FX |
|
11.3 |
|
— |
|
3.7 |
|
0.1 |
|
15.1 |
|
3.1 |
|
18.2 |
AUM |
|
244.3 |
|
79.6 |
|
59.7 |
|
10.7 |
|
394.3 |
|
38.0 |
|
432.3 |
Sales |
|
8.5 |
|
6.0 |
|
2.3 |
|
0.9 |
|
17.7 |
|
0.2 |
|
17.9 |
Redemptions |
|
(12.3) |
|
(6.0) |
|
(4.5) |
|
(1.1) |
|
(23.9) |
|
(5.9) |
|
(29.8) |
Net sales / (redemptions) |
|
(3.8) |
|
— |
|
(2.2) |
|
(0.2) |
|
(6.2) |
|
(5.7) |
|
(11.9) |
Market / FX |
|
(20.5) |
|
(4.1) |
|
(3.6) |
|
(0.2) |
|
(28.4) |
|
(2.7) |
|
(31.1) |
Reclassification and disposals1 |
|
1.3 |
|
— |
|
— |
|
— |
|
1.3 |
|
(29.6) |
|
(28.3) |
AUM |
|
221.3 |
|
75.5 |
|
53.9 |
|
10.3 |
|
361.0 |
|
— |
|
361.0 |
Sales |
|
5.5 |
|
4.9 |
|
1.6 |
|
4.4 |
|
16.4 |
|
— |
|
16.4 |
Redemptions |
|
(11.3) |
|
(8.2) |
|
(2.5) |
|
(2.2) |
|
(24.2) |
|
— |
|
(24.2) |
Net sales / (redemptions) |
|
(5.8) |
|
(3.3) |
|
(0.9) |
|
2.2 |
|
(7.8) |
|
— |
|
(7.8) |
Market / FX |
|
(38.5) |
|
(7.7) |
|
(6.5) |
|
(0.8) |
|
(53.5) |
|
— |
|
(53.5) |
AUM |
|
177.0 |
|
64.5 |
|
46.5 |
|
11.7 |
|
299.7 |
|
— |
|
299.7 |
1 |
Disposals relate to the sale of Intech, and reclassifications relate to a reclassification of existing funds from |
Average AUM by capability
|
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Three months ended |
||||
|
|
30 Jun |
|
31 Mar |
|
30 Jun |
|
|
2022 |
|
2022 |
|
2021 |
Equities |
|
197.0 |
|
222.9 |
|
235.3 |
Fixed Income |
|
68.8 |
|
77.5 |
|
80.7 |
Multi-Asset |
|
49.5 |
|
54.5 |
|
51.8 |
|
|
— |
|
31.2 |
|
42.9 |
Alternatives |
|
13.2 |
|
10.6 |
|
10.1 |
Total |
|
328.5 |
|
396.7 |
|
420.8 |
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (at
Capability |
|
1-year |
|
3-year |
|
5-year |
|
10-year |
|
Equities |
|
41 |
% |
43 |
% |
47 |
% |
63 |
% |
Fixed Income |
|
45 |
% |
79 |
% |
93 |
% |
99 |
% |
Multi-Asset |
|
93 |
% |
95 |
% |
95 |
% |
99 |
% |
Alternatives |
|
31 |
% |
100 |
% |
100 |
% |
100 |
% |
Total |
|
50 |
% |
60 |
% |
65 |
% |
76 |
% |
Cash management vehicles, ETF-enhanced beta strategies, Managed CDOs, Private Equity funds, and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Performance across all time periods excludes Intech, the sale of which was completed
% of mutual fund AUM in top 2 Morningstar quartiles (at
Capability |
|
1-year |
|
3-year |
|
5-year |
|
10-year |
|
Equities |
|
56 |
% |
52 |
% |
71 |
% |
88 |
% |
Fixed Income |
|
45 |
% |
68 |
% |
81 |
% |
84 |
% |
Multi-Asset |
|
98 |
% |
95 |
% |
92 |
% |
96 |
% |
Alternatives |
|
62 |
% |
95 |
% |
70 |
% |
100 |
% |
Total |
|
63 |
% |
64 |
% |
76 |
% |
90 |
% |
Includes
Analysis based on ‘primary’ share class (Class I Shares, Institutional Shares or share class with longest history for US Trusts; Class A Shares or share class with longest history for
ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by
THIRD QUARTER 2022 RESULTS
SECOND QUARTER 2022 RESULTS BRIEFING INFORMATION
Chief Executive Officer
Those wishing to participate should call:
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|
0808 189 6484 (toll free) |
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|
844 200 6205 (toll free) |
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02 7908 3093 (this is not toll free) |
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All other countries |
+1 929 526 1599 (this is not toll free) |
|
Conference ID |
823583 |
Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website (ir.janushenderson.com).
About
At
FINANCIAL DISCLOSURES
Condensed consolidated statements of comprehensive income (unaudited)
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Three months ended |
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30 Jun |
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31 Mar |
|
30 Jun |
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(in US$ millions, except per share data or as noted) |
|
2022 |
|
|
2022 |
|
|
2021 |
|
||
Revenue: |
|
|
|
|
|
|
|||||
Management fees |
|
453.6 |
|
|
514.0 |
|
|
544.1 |
|
||
Performance fees |
|
(3.4 |
) |
|
(8.4 |
) |
|
77.4 |
|
||
Shareowner servicing fees |
|
56.3 |
|
|
62.4 |
|
|
64.0 |
|
||
Other revenue |
|
49.0 |
|
|
52.0 |
|
|
52.9 |
|
||
Total revenue |
|
555.5 |
|
|
620.0 |
|
|
738.4 |
|
||
|
|
|
|
|
|
|
|||||
Operating expenses: |
|
|
|
|
|
|
|||||
Employee compensation and benefits |
|
145.0 |
|
|
164.6 |
|
|
192.4 |
|
||
Long-term incentive plans |
|
40.7 |
|
|
51.4 |
|
|
49.8 |
|
||
Distribution expenses |
|
127.8 |
|
|
141.8 |
|
|
134.8 |
|
||
Investment administration |
|
10.3 |
|
|
14.8 |
|
|
13.1 |
|
||
Marketing |
|
7.8 |
|
|
7.4 |
|
|
6.7 |
|
||
General, administrative and occupancy |
|
72.3 |
|
|
73.1 |
|
|
65.7 |
|
||
Impairment of goodwill and intangible assets |
|
— |
|
|
32.8 |
|
|
40.8 |
|
||
Depreciation and amortisation |
|
7.7 |
|
|
9.5 |
|
|
10.1 |
|
||
Total operating expenses |
|
411.6 |
|
|
495.4 |
|
|
513.4 |
|
||
|
|
|
|
|
|
|
|||||
Operating income |
|
143.9 |
|
|
124.6 |
|
|
225.0 |
|
||
|
|
|
|
|
|
|
|||||
Interest expense |
|
(3.2 |
) |
|
(3.2 |
) |
|
(3.2 |
) |
||
Investment gains (losses), net |
|
(109.4 |
) |
|
(32.2 |
) |
|
1.8 |
|
||
Other non-operating expenses, net |
|
(1.7 |
) |
|
(7.8 |
) |
|
(2.7 |
) |
||
Income before taxes |
|
29.6 |
|
|
81.4 |
|
|
220.9 |
|
||
Income tax provision |
|
(36.7 |
) |
|
(22.8 |
) |
|
(79.7 |
) |
||
Net income (loss) |
|
(7.1 |
) |
|
58.6 |
|
|
141.2 |
|
||
Net loss (income) attributable to noncontrolling interests |
|
101.0 |
|
|
20.1 |
|
|
(3.9 |
) |
||
Net income attributable to JHG |
|
93.9 |
|
|
78.7 |
|
|
137.3 |
|
||
Less: allocation of earnings to participating stock-based awards |
|
(2.9 |
) |
|
(2.0 |
) |
|
(3.9 |
) |
||
Net income attributable to JHG common shareholders |
|
91.0 |
|
|
76.7 |
|
|
133.4 |
|
||
|
|
|
|
|
|
|
|||||
Basic weighted-average shares outstanding (in millions) |
|
161.9 |
|
|
164.0 |
|
|
167.6 |
|
||
Diluted weighted-average shares outstanding (in millions) |
|
162.2 |
|
|
164.5 |
|
|
168.1 |
|
||
|
|
|
|
|
|
|
|||||
Diluted earnings per share (in US$) |
|
0.56 |
|
|
0.47 |
|
|
0.79 |
|
Reconciliation of non-GAAP financial information
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the
|
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|||||
|
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Three months ended |
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|||||||
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|
30 Jun |
|
31 Mar |
|
30 Jun |
|
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(in US$ millions, except per share data or as noted) |
|
2022 |
|
2022 |
|
2021 |
|
|||
Reconciliation of revenue to adjusted revenue |
|
|
|
|
|
|||||
Revenue |
|
555.5 |
|
620.0 |
|
738.4 |
|
|
||
Management fees1 |
|
(50.9 |
) |
(57.0 |
) |
(49.6 |
) |
|
||
Shareowner servicing fees1 |
|
(46.9 |
) |
(52.2 |
) |
(53.1 |
) |
|
||
Other revenue1 |
|
(30.0 |
) |
(32.6 |
) |
(32.1 |
) |
|
||
Adjusted revenue |
|
427.7 |
|
478.2 |
|
603.6 |
|
|
||
|
|
|
|
|
|
|||||
Reconciliation of operating expenses to adjusted operating expenses |
|
|||||||||
Operating expenses |
|
411.6 |
|
495.4 |
|
513.4 |
|
|
||
Long-term incentive plans2 |
|
(3.6 |
) |
(13.0 |
) |
0.1 |
|
|
||
Distribution expenses1 |
|
(127.8 |
) |
(141.8 |
) |
(134.8 |
) |
|
||
General, administration and occupancy2 |
|
(1.1 |
) |
(6.5 |
) |
(1.7 |
) |
|
||
Impairment of goodwill and intangible assets3 |
|
— |
|
(32.8 |
) |
(40.8 |
) |
|
||
Depreciation and amortisation3 |
|
(0.7 |
) |
(1.9 |
) |
(1.9 |
) |
|
||
Adjusted operating expenses |
|
278.4 |
|
299.4 |
|
334.3 |
|
|
||
|
|
|
|
|
|
|||||
Adjusted operating income |
|
149.3 |
|
178.8 |
|
269.3 |
|
|
||
|
|
|
|
|
|
|||||
Operating margin |
|
25.9 |
|
% | 20.1 |
|
% | 30.5 |
|
% |
Adjusted operating margin |
|
34.9 |
|
% | 37.4 |
|
% | 44.6 |
|
% |
|
|
|
|
|
|
|||||
Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG |
||||||||||
Net income attributable to JHG |
|
93.9 |
|
78.7 |
|
137.3 |
|
|
||
Long-term incentive plans2 |
|
3.6 |
|
13.0 |
|
(0.1 |
) |
|
||
General, administration and occupancy2 |
|
1.1 |
|
6.5 |
|
1.7 |
|
|
||
Impairment of goodwill and intangible assets3 |
|
— |
|
32.8 |
|
40.8 |
|
|
||
Depreciation and amortisation3 |
|
0.7 |
|
1.9 |
|
1.9 |
|
|
||
Other non-operating income (expense), net4 |
|
5.3 |
|
7.5 |
|
(1.7 |
) |
|
||
Income tax benefit (provision)5 |
|
0.3 |
|
(14.6 |
) |
20.6 |
|
|
||
Adjusted net income attributable to JHG |
|
104.9 |
|
125.8 |
|
200.5 |
|
|
||
Less: allocation of earnings to participating stock-based awards |
|
(3.3 |
) |
(3.2 |
) |
(5.7 |
) |
|
||
Adjusted net income attributable to JHG common shareholders |
|
101.6 |
|
122.6 |
|
194.8 |
|
|
||
|
|
|
|
|
|
|||||
Weighted-average diluted common shares outstanding – diluted (two class) (in millions) |
|
162.2 |
|
164.5 |
|
168.1 |
|
|
||
Diluted earnings per share (two class) (in US$) |
|
0.56 |
|
0.47 |
|
0.79 |
|
|
||
Adjusted diluted earnings per share (two class) (in US$) |
|
0.63 |
|
0.75 |
|
1.16 |
|
|
1 |
JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue. |
||
2 |
Adjustments for the three months ended |
||
3 |
Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. In addition, the adjustment for the three months ended |
||
4 |
Adjustments primarily represent contingent consideration adjustments associated with prior acquisitions. In addition, the adjustment for the three months ended |
||
5 |
The tax impact of the adjustments is calculated based on the applicable US or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable or not tax-deductible. |
Condensed consolidated balance sheets (unaudited)
|
|
|
|
|
|
|
30 Jun |
|
31 Dec |
(in US$ millions) |
|
2022 |
|
2021 |
Assets: |
|
|
|
|
Cash and cash equivalents |
|
863.1 |
|
1,107.3 |
Investment securities |
|
250.2 |
|
451.4 |
Property, equipment and software, net |
|
52.6 |
|
63.3 |
Intangible assets and goodwill, net |
|
3,715.4 |
|
3,917.0 |
Assets of consolidated variable interest entities |
|
1,093.3 |
|
264.3 |
Other assets |
|
925.0 |
|
924.2 |
Total assets |
|
6,899.6 |
|
6,727.5 |
|
|
|
|
|
Liabilities, redeemable noncontrolling interests and equity: |
|
|
|
|
Long-term debt |
|
308.9 |
|
310.4 |
Deferred tax liabilities, net |
|
606.2 |
|
619.2 |
Liabilities of consolidated variable interest entities |
|
14.6 |
|
2.6 |
Other liabilities |
|
700.8 |
|
968.7 |
Redeemable noncontrolling interests |
|
921.1 |
|
163.4 |
Total equity |
|
4,348.0 |
|
4,663.2 |
Total liabilities, redeemable noncontrolling interests and equity |
|
6,899.6 |
|
6,727.5 |
Condensed consolidated statements of cash flows (unaudited)
|
|
|
|
|
|
|
|||
|
|
Three months ended |
|||||||
|
|
30 Jun |
|
31 Mar |
|
30 Jun |
|||
(in US$ millions) |
|
2022 |
|
2022 |
|
2021 |
|||
Cash provided by (used for): |
|
|
|
|
|
|
|||
Operating activities |
|
162.9 |
|
|
(57.5 |
) |
|
269.0 |
|
Investing activities |
|
76.1 |
|
|
(16.9 |
) |
|
(66.3 |
) |
Financing activities |
|
(135.9 |
) |
|
(214.8 |
) |
|
(62.0 |
) |
Effect of exchange rate changes |
|
(42.8 |
) |
|
(16.0 |
) |
|
— |
|
Net change during period |
|
60.3 |
|
|
(305.2 |
) |
|
140.7 |
|
STATUTORY DISCLOSURES
Associates and joint ventures
At
-
LongTail Alpha LLC ownership20%
Basis of preparation
In the opinion of management of
Corporate governance principles and recommendations
In the opinion of the Directors, the financial records of the Group have been properly maintained, and the Condensed Consolidated Financial Statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the Group. This opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.
This document includes statements concerning potential future events involving
Annualised, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.
The information, statements, and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.
Not all products or services are available in all jurisdictions.
Mutual funds in the US are distributed by
Please consider the charges, risks, expenses, and investment objectives carefully before investing. For a US fund prospectus or, if available, a summary prospectus containing this and other information, please contact your investment professional or call 800.668.0434. Read it carefully before you invest or send money.
©
View source version on businesswire.com: https://www.businesswire.com/news/home/20220728005163/en/
Investor enquiries:
Co-Head Investor Relations (US)
+1 303 336 4529
jim.kurtz@janushenderson.com
Co-Head Investor Relations (Non-US)
+44 (0)20 7818 2905
melanie.horton@janushenderson.com
Or
Investor Relations
investor.relations@janushenderson.com
Media enquiries:
Head of Media Relations
+44 (0)20 7818 2523
stephen.sobey@janushenderson.com
Director, Media Relations & Corp Comms
+1 720 364 0708
sarah.johnson@janushenderson.com
+44 (0)7950 671 948
latika.shah@edelmansmithfield.com
+44 (0)7786 022 022
andrew.wilde@edelmansmithfield.com
+61 2 8248 3757
craig@honner.com.au
Source:
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