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 The flows mark a long-awaited milestone for Janus and Chief
Executive Officer Richard Weil. Since arriving in 2010 from Pacific
Investment Management Co, Gross' old firm, Weil has struggled to
reverse a long run of net withdrawals of customer cash.
Denver-based Janus reported net income of $46.7 million, or 24 cents
per share, compared with $38.3 million, or 21 cents per share, a
year earlier.
Analysts surveyed by Thomson Reuters I/B/E/S on average had expected
a profit of 20 cents per share.
Shares of Janus are up 47 percent since its surprise Sept. 26
announcement of its hiring of Gross from Pimco. After his arrival,
investors added an estimated $1.3 billion to his Janus Global
Unconstrained Bond Fund during the fourth quarter, according to
Morningstar Inc.
Janus said its total assets under management were $183.1 billion at
Dec. 31, up from $174.4 billion on Sept. 30 and $173.9 billion at
the end of 2013. The increase during the fourth quarter reflected
market gains of $6.8 billion and $2 billion in net deposits from
investors.
The inflow figure included $2.8 billion added to the company's bond
funds, offset by about $800 million in net withdrawals from its
stock funds.
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Sandler O'Neill analyst Michael Kim said he was encouraged by the
company's flow picture, including money that went to bond products
not overseen by Gross. Weil has introduced new products as its stock
funds fell out of favor and even before hiring Gross, who remains
based in California, was building up bond operations under Gibson
Smith in Denver.
"Bill’s arrival has certainly generated incremental flows," Kim said
via e-mail, "but trends across JNS’s fundamental equities strategies
and fixed income business (away from Bill) continue to improve as
well."
(Reporting by Ross Kerber; Editing by Lisa Von Ahn)
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