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Best known for its equity funds, Denver-based
Janus said late last month it hired Gross from the Pacific
Investment Management Co, or Pimco. The small fund Gross manages
has already drawn sharply higher inflows for September,
according to Morningstar data.
However, for the quarter ended Sept. 30, net deposits of about
$300 million to Janus bond products overall were not enough to
offset net withdrawals of $2.1 billion, excluding money market
funds.
The outflows and market declines drove down Janus' total assets
under management to $174.4 billion as of Sept. 30, from $177.7
billion as of June 30, the company said. Janus last reported
quarterly net deposits in 2009.
Still, total assets stood higher than on Sept. 30, 2013, when
Janus had $166.7 billion under management.
For the three months ended Sept 30, Janus reported net income of
$40.9 million, or 22 cents per share, compared with $32.6
million, or 17 cents a share, a year earlier.
The results met the average expectation of analysts surveyed by
Thomson Reuters I/B/E/S that Janus would earn 22 cents a share
in the most recent quarter.
In a note to investors, Sandler O'Neill analyst Michael Kim
wrote that he would maintain his "hold" rating on Janus shares
for now.
While Gross' arrival likely will drive up bond assets managed by
Janus, Kim wrote "the level and pace of incremental AUM (assets
under management) remains decidedly unclear."
(Reporting by Ross Kerber; Editing by Chizu Nomiyama and
Bernadette Baum)
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