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Janus Henderson Group PLC JHG

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Morningstar’s Analysis

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Economic Moat




Weaker Equity Fund Performance and Outflows Impact Janus Henderson's 2Q; No Change to FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

There was little in narrow-moat Janus Henderson's second-quarter results that would alter our long-term view of the firm. We are leaving our USD 20 (AUD 29) per share fair value estimate in place. The firm closed out the June quarter with USD 336.7 billion in AUM, up 14.4% sequentially but down 6.4% on a year-over-year basis. Net outflows of USD 8.2 billion (indicative of an annualized organic AUM growth rate of negative 11.1%) were on par with our expectations for the quarter.

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Company Profile

Business Description

Janus Henderson Group provides investment management services to retail intermediary (46% of managed assets), self-directed (19%) and institutional (35%) clients under the Janus Henderson, Perkins and Intech banners. At the end of March 2020, fundamental equities (51%), quantitative equities (12%), fixed-income (22%), multi-asset (12%) and alternative (3%) investment platforms constituted the company's USD 294.4 billion in assets under management. Janus Henderson sources 55% of its managed assets from clients in North America, with customers from Europe, the Middle East, Africa and Latin America (31%) and the Asia-Pacific region (14%) accounting for the remainder. Headquartered in London, JHG is dual-listed on the New York Stock Exchange and the Australian Stock Exchange.

201 Bishopsgate
London, EC2M 3AE, Jersey
T +44 2078181818
Sector Financial Services
Industry Asset Management
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 2,300