Bond kingpin Bill Gross's new home, Janus Capital Group Inc.,
said its profit rose 25% as its revenue and assets under management
in the most-recent quarter grew compared with last year's
period.
Mr. Gross shocked the investment world in late September, when
he left Pacific Investment Management Co., the firm he co-founded
in 1971, for Janus to run a small bond fund that was started in
May.
Investors pulled $23.5 billion out of Mr. Gross's former fund,
Pimco's Total Return, after he left, while his new fund at Janus
experienced a small bump in inflows, according to data from
Morningstar Inc.
Janus hopes Mr. Gross's presence broadens its business in
several ways. Earlier this month, the company said it agreed to buy
VS Holdings Inc., which owns exchange-traded fund provider
VelocityShares LLC. The move sets up Mr. Gross to start his own ETF
at the firm.
The firm said it ended the third quarter with $174.4 billion in
total assets under management, compared with $177.7 billion in the
previous quarter and $166.7 million a year earlier. The decrease
from the June to the September quarters came from long-term net
outflows of $2.1 billion and net market depreciation of $1.2
billion.
Janus posted a profit of $40.9 million, or 22 cents a share, up
from $32.6 million, or 17 cents a share, a year earlier.
Total revenue rose 8.9% to $237 million.
Analysts had expected 22 cents a share in earnings and $239
million in revenue, according to Thomson Reuters.
Write to Michael Calia at michael.calia@wsj.com
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