- Strong investment performance, with 76% and 77% of assets under
management (‘AUM’) outperforming relevant benchmarks on a 3 and 5
year basis, respectively, as at 31 December 2019
- Fourth quarter 2019 operating income of US$154.3 million and
adjusted operating income of US$171.0 million
- AUM of US$374.8 billion, up 5% compared to the prior quarter,
as a result of strong markets and favourable FX partially offset by
net outflows
- Completed US$13 million of share buybacks during the fourth
quarter concluding the US$200 million share buyback programme
- Board declared quarterly dividend of US$0.36 per share and
approved additional authorisation of US$200 million of buybacks
through April 2021
Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’)
published its fourth quarter and full year 2019 results for the
period ended 31 December 2019.
Fourth quarter 2019 operating income was US$154.3 million
compared to US$143.6 million in the third quarter 2019 and US$150.0
million in the fourth quarter 2018. Adjusted operating income,
adjusted for one-time, acquisition and transaction related costs,
of US$171.0 million increased 7% compared to US$160.2 million in
the third quarter 2019 and increased 3% compared to US$145.3
million in the fourth quarter 2018.
Fourth quarter 2019 diluted earnings per share was US$0.59
compared to US$0.58 in the third quarter 2019 and US$0.54 in the
fourth quarter 2018. Adjusted diluted earnings per share of US$0.65
increased 2% compared to US$0.64 in the third quarter 2019 and
increased 10% versus US$0.59 in the fourth quarter 2018.
Dick Weil, Chief Executive
Officer of Janus Henderson Group plc, stated:
“2019 for Janus Henderson was a year marked by large outflows
but also excellent investment performance, growing momentum in our
retail businesses around the world and important progress towards
our strategic objectives. Our business is generating good cash flow
which was returned to shareholders through dividends and a US$200
million share buyback. Strong markets and our investment
performance have more than offset outflows resulting in AUM being
14% higher than a year ago, which creates a good starting point for
2020.
“I am optimistic about the outlook for the firm. With the talent
and leadership that we have added, and the strength of the existing
team, I believe the firm is well positioned. I remain confident
that our excellent investment performance, alongside our clear
strategy and strong financial position, will drive positive
outcomes for clients, shareholders and employees.”
SUMMARY OF FINANCIAL RESULTS
(unaudited) (in US$ 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 the
United States of America (‘US GAAP’ or ‘GAAP’). However, JHG
management evaluates the profitability of the Group and its ongoing
operations using additional non GAAP financial measures. Management
uses these performance measures to evaluate the business, and
adjusted values are consistent with internal management reporting.
See adjusted statements of income reconciliation for additional
information.
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
2019
2019
2018
2019
2018
GAAP
basis:
Revenue
601.2
536.0
545.1
2,192.4
2,306.4
Operating expenses
446.9
392.4
395.1
1,651.5
1,656.6
Operating income
154.3
143.6
150.0
540.9
649.8
Operating margin
25.7
%
26.8
%
27.5
%
24.7
%
28.2
%
Net income attributable to JHG
112.0
112.1
106.8
427.6
523.8
Diluted earnings per share
0.59
0.58
0.54
2.21
2.61
Adjusted
basis:
Revenue
463.1
433.2
442.7
1,748.1
1,859.7
Operating expenses
292.1
273.0
277.4
1,121.5
1,133.7
Operating income
171.0
160.2
165.3
626.6
726.0
Operating margin
36.9
%
37.0
%
37.3
%
35.8
%
39.0
%
Net income attributable to JHG
123.9
124.7
117.5
478.3
549.6
Diluted earnings per share
0.65
0.64
0.59
2.47
2.74
Fourth quarter 2019 adjusted revenue of US$463.1 million
increased from the third quarter 2019 result of US$433.2 million
due to higher average AUM and a higher net management fee margin,
and higher performance fees. Fourth quarter 2019 adjusted operating
income of US$171.0 million improved from US$160.2 million in the
third quarter 2019, primarily driven by positive market and
currency movements and higher performance fees.
DIVIDEND AND SHARE
BUYBACK
On 3 February 2020, the Board declared a fourth quarter dividend
in respect of the three months ended 31 December 2019 of US$0.36
per share. Shareholders on the register on the record date of 18
February 2020 will be paid the dividend on 5 March 2020. Janus
Henderson does not offer a dividend reinvestment plan.
As part of the US$200 million on-market buyback programme
approved by the Board in February 2019, JHG purchased approximately
0.5 million of its ordinary shares on the NYSE and its CHESS
Depositary Interests (CDIs) on the ASX in the fourth quarter, for a
total outlay of US$13 million.
Additionally, on 3 February 2020, and subject to formally
appointing a corporate broker, the Board approved JHG commencing a
new on-market buyback programme in 2020, on a date to be determined
and announced by JHG. The Group intends to spend up to US$200
million to buy its ordinary shares on the NYSE and its CDIs on the
ASX over 12 months. Further information regarding the proposed
on-market buyback programme will be announced immediately prior to
its finalisation and formal launch.
During the first quarter 2020, the firm will purchase shares on
market for the annual share grants associated with 2019 variable
compensation, which is not connected with the above Board approval.
As a firm policy, Janus Henderson does not issue new shares to
employees as part of its annual compensation practices.
Net tangible assets per share
US$
31 Dec 2019
31 Dec 2018
Net tangible assets / (liabilities) per
ordinary share
1.68
1.32
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.
Total Group comparative AUM and
flows
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
2019
2019
2018
2019
2018
Opening AUM
356.1
359.8
378.1
328.5
370.8
Sales
18.7
15.3
16.6
65.2
71.1
Redemptions
(25.4
)
(18.8
)
(25.0
)
(92.6
)
(89.2
)
Net sales / (redemptions)
(6.7
)
(3.5
)
(8.4
)
(27.4
)
(18.1
)
Market / FX
25.4
(0.2
)
(41.2
)
73.7
(24.2
)
Closing AUM
374.8
356.1
328.5
374.8
328.5
Quarterly AUM and flows by
capability
Fixed
Quantitative
Equities
Income
Equities
Multi-Asset
Alternatives
Total
AUM 31 Dec 2018
167.6
72.4
44.3
30.2
14.0
328.5
Sales
6.9
4.9
0.7
2.2
0.9
15.6
Redemptions
(9.8
)
(7.7
)
(1.7
)
(1.5
)
(2.3
)
(23.0
)
Net sales / (redemptions)
(2.9
)
(2.8
)
(1.0
)
0.7
(1.4
)
(7.4
)
Market / FX
24.1
2.9
6.3
2.5
0.4
36.2
AUM 31 Mar 2019
188.8
72.5
49.6
33.4
13.0
357.3
Sales
6.9
5.5
0.2
2.1
0.9
15.6
Redemptions
(12.9
)
(5.2
)
(4.3
)
(1.5
)
(1.5
)
(25.4
)
Net sales / (redemptions)
(6.0
)
0.3
(4.1
)
0.6
(0.6
)
(9.8
)
Market / FX
8.5
0.7
2.1
1.1
(0.1
)
12.3
AUM 30 Jun 2019
191.3
73.5
47.6
35.1
12.3
359.8
Sales
6.0
6.1
0.3
2.4
0.5
15.3
Redemptions
(8.0
)
(4.7
)
(2.7
)
(2.0
)
(1.4
)
(18.8
)
Net sales / (redemptions)
(2.0
)
1.4
(2.4
)
0.4
(0.9
)
(3.5
)
Market / FX
(1.1
)
0.1
0.4
0.8
(0.4
)
(0.2
)
AUM 30 Sep 2019
188.2
75.0
45.6
36.3
11.0
356.1
Sales
9.4
5.6
0.3
2.7
0.7
18.7
Redemptions
(10.7
)
(8.4
)
(3.6
)
(1.3
)
(1.4
)
(25.4
)
Net sales / (redemptions)
(1.3
)
(2.8
)
(3.3
)
1.4
(0.7
)
(6.7
)
Market / FX
17.1
2.6
2.9
2.1
0.7
25.4
AUM 31 Dec 2019
204.0
74.8
45.2
39.8
11.0
374.8
Average AUM
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
2019
2019
2018
2019
2018
Equities
194.5
189.5
179.5
189.4
190.7
Fixed Income
74.2
74.4
73.0
73.5
76.6
Quantitative Equities
44.8
47.0
47.6
47.1
50.3
Multi-Asset
37.8
35.8
32.2
35.0
32.5
Alternatives
11.1
11.5
15.5
12.1
17.6
Total
362.4
358.2
347.8
357.1
367.7
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (at 31
December 2019)
Capability
1 year
3 years
5 years
Equities
67
%
76
%
80
%
Fixed Income
82
%
84
%
92
%
Quantitative Equities
37
%
40
%
16
%
Multi-Asset
91
%
91
%
93
%
Alternatives
94
%
99
%
100
%
Total
69
%
76
%
77
%
Outperformance is measured based on composite performance gross
of fees vs primary benchmark, except where a strategy has no
benchmark index or corresponding composite in which case the most
relevant metric is used: (1) composite gross of fees vs zero for
absolute return strategies, (2) fund net of fees vs primary index
or (3) fund net of fees vs Morningstar peer group average or
median. Non-discretionary and separately managed account assets are
included with a corresponding composite where applicable.
Cash management vehicles, ETFs, Managed CDOs, Private Equity
funds and custom non-discretionary accounts with no corresponding
composite are excluded from the analysis. Excluded assets represent
5% of AUM as at 31 December 2019. Capabilities defined by Janus
Henderson.
% of mutual fund AUM in top 2
Morningstar quartiles (at 31 December 2019)
Capability
1 year
3 years
5 years
Equities
88
%
87
%
77
%
Fixed Income
70
%
55
%
56
%
Quantitative Equities
22
%
22
%
19
%
Multi-Asset
93
%
89
%
90
%
Alternatives
36
%
74
%
95
%
Total
83
%
82
%
76
%
Includes Janus Investment Fund, Janus Aspen Series and Clayton
Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin
based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs
and Australian Managed Investment Schemes. The top two Morningstar
quartiles represent funds in the top half of their category based
on total return. On an asset-weighted basis, 82%, 80%, 74%, 82% and
82% of total mutual fund AUM were in the top 2 Morningstar
quartiles for the 10-year periods ended 31 Dec 2018, 31 Mar 2019,
30 Jun 2019, 30 Sep 2019 and 31 Dec 2019, respectively. For the 1-,
3-, 5- and 10-year periods ending 31 Dec 2019, 64%, 56%, 59% and
62% of the 201, 195, 183 and 146 total mutual funds, respectively,
were in the top 2 Morningstar quartiles.
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
Dublin based; primary share class as defined by Morningstar for
other funds). Performance may vary by share class. Rankings may be
based, in part, on the performance of a predecessor fund or share
class and are calculated by Morningstar using a methodology that
differs from that used by Janus Henderson. Methodology differences
may have a material effect on the return and therefore the ranking.
When an expense waiver is in effect, it may have a material effect
on the total return, and therefore the ranking for the period.
ETFs and funds not ranked by Morningstar are excluded from the
analysis. Capabilities defined by JHG. © 2019 Morningstar, Inc. All
Rights Reserved.
FIRST QUARTER 2020
RESULTS
Janus Henderson intends to publish its first quarter 2020
results on 30 April 2020.
FOURTH QUARTER AND FULL YEAR 2019
RESULTS BRIEFING INFORMATION
Chief Executive Officer Dick Weil and Chief Financial Officer
Roger Thompson will present these results on 4 February 2020 on a
conference call and webcast to be held at 8am EST, 1pm GMT, 12am
AEDT (5 February).
Those wishing to participate should call:
United Kingdom
0800 358 6377 (toll free)
US & Canada
800 239 9838 (toll free)
Australia
1 800 573 793 (toll free)
All other countries
+1 323 794 2551 (this is not a
toll free number)
Conference ID
2506300
Access to the webcast and accompanying slides will be available
via the investor relations section of Janus Henderson’s website
(www.janushenderson.com/ir).
About Janus Henderson
Janus Henderson Group is a leading global active asset manager
dedicated to helping investors achieve long-term financial goals
through a broad range of investment solutions, including equities,
fixed income, quantitative equities, multi-asset and alternative
asset class strategies.
The firm has approximately US$375 billion in assets under
management (at 31 December 2019), more than 2,000 employees, and
offices in 28 cities worldwide. Headquartered in London, the
company is listed on the New York Stock Exchange (NYSE) and the
Australian Securities Exchange (ASX).
FINANCIAL DISCLOSURES
Condensed consolidated statements of
comprehensive income (unaudited)
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
(in US$ millions, except per share data
or as noted)
2019
2019
2018
2019
2018
Revenue:
Management fees
457.8
446.2
452.3
1,792.3
1,947.4
Performance fees
18.3
1.4
3.5
17.6
7.1
Shareowner servicing fees
71.9
39.3
37.0
185.4
154.2
Other revenue
53.2
49.1
52.3
197.1
197.7
Total revenue
601.2
536.0
545.1
2,192.4
2,306.4
Operating expenses:
Employee compensation and benefits
163.1
147.9
155.8
602.5
613.0
Long-term incentive plans
44.5
42.2
32.3
184.3
188.6
Distribution expenses
138.1
102.8
102.4
444.3
446.7
Investment administration
13.8
11.2
11.6
47.9
46.9
Marketing
10.0
5.5
12.8
31.1
37.9
General, administrative and occupancy
60.3
67.6
62.4
260.8
253.7
Depreciation and amortisation
17.1
15.2
17.8
80.6
69.8
Total operating expenses
446.9
392.4
395.1
1,651.5
1,656.6
Operating income
154.3
143.6
150.0
540.9
649.8
Interest expense
(3.3
)
(3.5
)
(4.0
)
(15.1
)
(15.7
)
Investment gains (losses), net
12.1
4.0
(15.3
)
34.2
(40.9
)
Other non-operating income (expenses),
net
(5.8
)
4.7
13.5
23.5
68.6
Income before taxes
157.3
148.8
144.2
583.5
661.8
Income tax provision
(36.9
)
(35.7
)
(43.4
)
(137.8
)
(162.2
)
Net income
120.4
113.1
100.8
445.7
499.6
Net loss (income) attributable to
noncontrolling interests
(8.4
)
(1.0
)
6.0
(18.1
)
24.2
Net income attributable to JHG
112.0
112.1
106.8
427.6
523.8
Less: allocation of earnings to
participating stock-based awards
(3.1
)
(3.1
)
(2.8
)
(11.7
)
(12.7
)
Net income attributable to JHG common
shareholders
108.9
109.0
104.0
415.9
511.1
Basic weighted-average shares outstanding
(in millions)
183.6
187.9
193.3
188.0
195.0
Diluted weighted-average shares
outstanding (in millions)
184.1
188.3
194.1
188.6
195.9
Diluted earnings per share (in
US$)
0.59
0.58
0.54
2.21
2.61
Adjusted statements of income
(unaudited)
The following are reconciliations of US GAAP revenue, operating
expenses, operating income, net income attributable to JHG and
diluted earnings per share to adjusted revenue, adjusted operating
expenses, adjusted operating income, adjusted net income
attributable to JHG and adjusted diluted earnings per share.
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
(in US$ millions, except per share data
or as noted)
2019
2019
2018
2019
2018
Reconciliation of revenue to adjusted
revenue
Revenue
601.2
536.0
545.1
2,192.4
2,306.4
Management fees1
(48.0
)
(45.6
)
(48.6
)
(189.6
)
(221.5
)
Shareowner servicing fees1
(62.7
)
(30.4
)
(27.9
)
(149.4
)
(117.1
)
Other revenue1
(27.4
)
(26.8
)
(25.9
)
(105.3
)
(108.1
)
Adjusted revenue
463.1
433.2
442.7
1,748.1
1,859.7
Reconciliation of operating expenses to
adjusted operating expenses
Operating expenses
446.9
392.4
395.1
1,651.5
1,656.6
Employee compensation and benefits2
(6.3
)
(5.4
)
(4.4
)
(19.1
)
(21.4
)
Long-term incentive plans2
0.2
0.2
0.2
0.8
(10.6
)
Distribution expenses1
(138.1
)
(102.8
)
(102.4
)
(444.3
)
(446.7
)
Investment administration2
—
—
—
—
(0.7
)
Marketing2
—
—
(0.1
)
—
—
General, administration and occupancy2
(3.2
)
(4.1
)
(1.9
)
(20.0
)
(6.8
)
Depreciation and amortisation3
(7.4
)
(7.3
)
(9.1
)
(47.4
)
(36.7
)
Adjusted operating expenses
292.1
273.0
277.4
1,121.5
1,133.7
Adjusted operating income
171.0
160.2
165.3
626.6
726.0
Operating margin
25.7
%
26.8
%
27.5
%
24.7
%
28.2
%
Adjusted operating margin
36.9
%
37.0
%
37.3
%
35.8
%
39.0
%
Reconciliation of net income
attributable to JHG to adjusted net income attributable to
JHG
Net income attributable to JHG
112.0
112.1
106.8
427.6
523.8
Employee compensation and benefits2
6.3
5.4
4.4
19.1
21.4
Long-term incentive plans2
(0.2
)
(0.2
)
(0.2
)
(0.8
)
10.6
Investment administration2
—
—
—
—
0.7
Marketing2
—
—
0.1
—
—
General, administration and occupancy2
3.2
4.1
1.9
20.0
6.8
Depreciation and amortisation3
7.4
7.3
9.1
47.4
36.7
Interest expense4
0.2
0.4
0.9
2.5
3.1
Investment gains (losses), net
—
(1.0
)
—
—
—
Other non-operating income (expenses),
net4
(1.9
)
(0.2
)
0.3
(24.3
)
(46.0
)
Income tax provision5
(3.1
)
(3.2
)
(5.8
)
(13.2
)
(7.5
)
Adjusted net income attributable to
JHG
123.9
124.7
117.5
478.3
549.6
Less: allocation of earnings to
participating stock-based awards
(3.4
)
(3.4
)
(3.2
)
(13.1
)
(13.4
)
Adjusted net income attributable to JHG
common shareholders
120.5
121.3
114.3
465.2
536.2
Weighted-average diluted common shares
outstanding – diluted (two class) (in millions)
184.1
188.3
194.1
188.6
195.9
Diluted earnings per share (two class)
(in US$)
0.59
0.58
0.54
2.21
2.61
Adjusted diluted earnings per share
(two class) (in US$)
0.65
0.64
0.59
2.47
2.74
________________
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 primarily represent
integration costs in relation to the Merger, including severance
costs, legal costs and consulting fees. JHG management believes
these costs do not represent the ongoing operations of the
Group.
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. The year ended 31 December 2019 also included a US$18
million impairment of certain mutual fund contracts. JHG management
believes these non-cash and acquisition-related costs do not
represent the ongoing operations of the Group.
4
2019 adjustments primarily
represent contingent consideration adjustments associated with
acquisitions prior to the Merger and increased debt expense as a
consequence of the fair value uplift on debt due to acquisition
accounting. JHG management believes these costs do not represent
the ongoing operations of the Group.
5
The tax impact of the adjustments
is calculated based on the US or foreign statutory tax rate as they
relate to each adjustment. Certain adjustments are either not
taxable or not tax-deductible.
Condensed consolidated balance sheets
(unaudited)
31 Dec
31 Dec
(in US$ millions)
2019
2018
Assets:
Cash and cash equivalents
733.9
880.4
Investment securities
253.5
291.8
Property, equipment and software, net
84.7
69.5
Intangible assets and goodwill, net
4,592.9
4,601.3
Assets of consolidated variable interest
entities
1,010.9
323.9
Other assets
945.8
745.0
Total assets
7,621.7
6,911.9
Liabilities, redeemable noncontrolling
interests and equity:
Long-term debt
316.2
319.1
Deferred tax liabilities, net
729.1
729.9
Liabilities of consolidated variable
interest entities
57.1
6.5
Other liabilities
935.2
859.5
Redeemable noncontrolling interests
677.9
136.1
Total equity
4,906.2
4,860.8
Total liabilities, redeemable
noncontrolling interests and equity
7,621.7
6,911.9
Condensed consolidated statements of
cash flows (unaudited)
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
(in US$ millions)
2019
2019
2018
2019
2018
Cash provided by (used for):
Operating activities
207.0
173.2
243.3
463.2
670.8
Investing activities
(364.7
)
(36.1
)
13.0
(389.3
)
100.9
Financing activities
176.0
(107.5
)
(127.8
)
(207.0
)
(616.8
)
Effect of exchange rate changes
4.5
13.1
(8.0
)
13.0
(32.5
)
Net change during period
22.8
42.7
120.5
(120.1
)
122.4
STATUTORY DISCLOSURES
Associates and joint
ventures
At 31 December 2019, the Group holds interests in the following
associates and joint ventures managed through shareholder
agreements with third party investors, accounted for under the
equity method:
- LongTail Alpha LLC. Ownership 20%
Basis of preparation
In the opinion of management of Janus Henderson Group plc, the
condensed consolidated financial statements contain all normal
recurring adjustments necessary to fairly present the financial
position, results of operations and cash flows of JHG in accordance
with US GAAP. Such financial statements have been prepared in
accordance with the instructions to Form 10-K pursuant to the rules
and regulations of the SEC. Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with GAAP have been condensed or omitted pursuant to
such rules and regulations. The financial statements should be read
in conjunction with the annual consolidated financial statements
and notes presented in Janus Henderson Group’s Annual Report on
Form 10‑K for the year ended 31 December 2018, on file with the SEC
(Commission file no. 001-38103). Events subsequent to the balance
sheet date have been evaluated for inclusion in the financial
statements through the issuance date and are included in the notes
to the condensed consolidated financial statements.
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 Janus Henderson Group plc that could differ
materially from the events that actually occur. The differences
could be caused by a number of factors including those factors
identified in Janus Henderson Group’s Annual Report on Form 10‑K
for the fiscal year ended 31 December 2018, on file with the
Securities and Exchange Commission (Commission file no. 001-38103),
including those that appear under headings such as ‘Risk Factors’
and ‘Management’s Discussion and Analysis of Financial Condition
and Results of Operations’. Many of these factors are beyond the
control of JHG and its management. Any forward-looking statements
contained in this document are as at the date on which such
statements were made. Janus Henderson Group assumes no duty to
update them, even if experience, unexpected events, or future
changes make it clear that any projected results expressed or
implied therein will not be realised.
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 Janus Henderson
Distributors.
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.
Janus Henderson, Janus, Henderson, Intech and Knowledge. Shared
are trademarks of Janus Henderson Group plc or one of its
subsidiaries. © Janus Henderson Group plc.
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Investor enquiries: Jim Kurtz Investor Relations Manager
+1 (303) 336 4529 jim.kurtz@janushenderson.com Or Investor
Relations investor.relations@janushenderson.com Media
enquiries: Sarah de Lagarde Director, Corporate Communications
+44 (0) 20 7818 2626 sarah.delagarde@janushenderson.com United
Kingdom: FTI Consulting Tom Blackwell + 44 (0) 20 3727 1051
tom.blackwell@FTIConsulting.com Asia Pacific: Honner Kieron
Stevenson + 61 2 8248 3747 kieron@honner.com.au
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