- Solid long-term investment performance, with 65% and 66% of
assets under management (‘AUM’) outperforming relevant benchmarks
on a 3 and 5 year basis, respectively, as at 31 March 2020
- First quarter 2020 operating income of US$(332.4) million
includes goodwill and intangible asset impairment charges of
US$487.3 million. Adjusted operating income of US$164.5 million is
up 15% compared to the same period a year ago
- AUM of US$294.4 billion, down 21% compared to the prior
quarter, reflecting the impact of COVID-19 and net outflows.
Average AUM of US$352.7 billion is down 3% compared to the prior
quarter
- Completed US$31 million of share buybacks during the first
quarter
- Board declared quarterly dividend of US$0.36 per share
Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’)
published its first quarter 2020 results for the period ended 31
March 2020.
First quarter 2020 operating income was US$(332.4) million
compared to US$154.3 million in the fourth quarter 2019 and
US$124.5 million in the first quarter 2019. Adjusted operating
income, adjusted for the goodwill and intangible asset impairments
and one-time, acquisition and transaction related costs, of
US$164.5 million decreased 4% compared to US$171.0 million in the
fourth quarter 2019 and increased 15% compared to US$143.4 million
in the first quarter 2019.
First quarter 2020 diluted earnings (loss) per share was
US$(1.35) compared to US$0.59 in the fourth quarter 2019 and
US$0.48 in the first quarter 2019. Adjusted diluted earnings per
share of US$0.60 decreased 8% compared to US$0.65 in the fourth
quarter 2019 and increased 7% versus US$0.56 in the first quarter
2019.
First quarter 2020 includes goodwill and intangible asset
impairment charges of US$487.3 million.
Dick Weil, Chief Executive
Officer of Janus Henderson Group plc, stated:
“At Janus Henderson, our top priority has been looking after the
health and safety of our employees and their loved ones. In a short
time, we have successfully implemented business continuity plans
across all of our offices enabling us to continue to deliver for
our clients.
“As an active manager, we have an important role in helping our
clients navigate and make sense of volatile markets. We have seen
our teams across the firm collaborate more than ever through
relevant content, analysis and insights as we collectively work to
protect our clients in the near term while maintaining a clear
focus on delivering superior outcomes over the long term.
“This is supported by our financial foundation which remains
very strong with solid first quarter financial results, US$800
million of cash on the balance sheet and little debt. As you would
expect, we are managing our expenses carefully and the focus we
have had on cost discipline will also support our positioning
through this period. We continue to be a highly cash-generative
business, which supports the ongoing needs of the business whilst
returning cash to shareholders.
“I am proud of the effort and professionalism displayed by our
people during this difficult period, as well as the initiatives we
have undertaken to support our local communities and charity
partners. Our culture and values are particularly important at
times such as these, and I want to thank everyone at Janus
Henderson for their commitment and dedication to our clients and
each other.”
SUMMARY OF FINANCIAL RESULTS
(unaudited) (in US$ 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 ‘Reconciliation of non-GAAP financial information’ below for
additional information.
Three months ended
31 Mar
31 Dec
31 Mar
2020
2019
2019
GAAP
basis:
Revenue
554.9
601.2
519.3
Operating expenses
887.3
446.9
394.8
Operating income (loss)
(332.4)
154.3
124.5
Operating margin
(59.9)
%
25.7
%
24.0
%
Net income (loss) attributable to JHG
(247.0)
112.0
94.1
Diluted earnings (loss) per share
(1.35)
0.59
0.48
Adjusted
basis:
Revenue
442.7
463.1
417.4
Operating expenses
278.2
292.1
274.0
Operating income
164.5
171.0
143.4
Operating margin
37.2
%
36.9
%
34.4
%
Net income attributable to JHG
112.7
123.9
110.0
Diluted earnings per share
0.60
0.65
0.56
First quarter 2020 adjusted revenue of US$442.7 million
decreased from the fourth quarter 2019 result of US$463.1 million
due to lower average AUM, lower performance fees and partially
offset by a higher net management fee margin. First quarter 2020
adjusted operating income of US$164.5 million declined from
US$171.0 million in the fourth quarter 2019, primarily driven by
the impact of adverse market conditions.
DIVIDEND AND SHARE
BUYBACK
On 29 April 2020, the Board declared a first quarter dividend in
respect of the three months ended 31 March 2020 of US$0.36 per
share. Shareholders on the register on the record date of 11 May
2020 will be paid the dividend on 27 May 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 2020, JHG purchased approximately
2.1 million of its ordinary shares on the NYSE and its CHESS
Depositary Interests (CDIs) on the ASX in the first quarter, for a
total outlay of US$31.2 million.
Net tangible assets per
share
US$
31 Mar 2020
31 Dec 2019
Net tangible assets / (liabilities) per
ordinary share
2.35
1.68
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
31 Mar
31 Dec
31 Mar
2020
2019
2019
Opening AUM
374.8
356.1
328.5
Sales
21.4
18.7
15.6
Redemptions
(33.6)
(25.4)
(23.0)
Net sales / (redemptions)
(12.2)
(6.7)
(7.4)
Market / FX
(64.0)
25.4
36.2
Acquisitions / (disposals)
(4.2)
—
—
Closing AUM
294.4
374.8
357.3
Quarterly AUM and flows by
capability
Fixed
Quantitative
Equities
Income
Equities
Multi-Asset
Alternatives
Total
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
Sales
8.8
8.0
0.4
3.5
0.7
21.4
Redemptions
(15.7)
(11.4)
(2.4)
(2.5)
(1.6)
(33.6)
Net sales / (redemptions)
(6.9)
(3.4)
(2.0)
1.0
(0.9)
(12.2)
Market / FX
(43.2)
(6.1)
(8.6)
(5.3)
(0.8)
(64.0)
Acquisitions / (disposals)
(4.0)
—
—
(0.2)
—
(4.2)
AUM 31 Mar 2020
149.9
65.3
34.6
35.3
9.3
294.4
Average AUM
Three months ended
31 Mar
31 Dec
31 Mar
2020
2019
2019
Equities
189.3
194.5
182.8
Fixed Income
71.6
74.2
73.3
Quantitative Equities
42.0
44.8
48.3
Multi-Asset
39.4
37.8
32.1
Alternatives
10.4
11.1
13.5
Total
352.7
362.4
350.0
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark
(at 31 March 2020)
Capability
1 year
3 years
5 years
Equities
43
%
69
%
70
%
Fixed Income
48
%
55
%
61
%
Quantitative Equities
35
%
28
%
9
%
Multi-Asset
86
%
87
%
93
%
Alternatives
95
%
97
%
97
%
Total
50
%
65
%
66
%
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
6% of AUM as at 31 March 2020. Capabilities defined by Janus
Henderson.
% of mutual fund AUM in top 2
Morningstar quartiles (at 31 March 2020)
Capability
1 year
3 years
5 years
Equities
60
%
85
%
78
%
Fixed Income
75
%
82
%
70
%
Quantitative Equities
37
%
57
%
46
%
Multi-Asset
91
%
91
%
92
%
Alternatives
98
%
60
%
98
%
Total
69
%
84
%
79
%
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, 80%, 74%, 82%, 82% and
86% of total mutual fund AUM were in the top 2 Morningstar
quartiles for the 10-year periods ended 31 Mar 2019, 30 Jun 2019,
30 Sep 2019, 31 Dec 2019 and 31 Mar 20 respectively. For the 1-,
3-, 5- and 10-year periods ending 31 Mar 2020, 59%, 63%, 62% and
65% of the 202, 194, 182 and 145 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 Janus Henderson. © 2020
Morningstar, Inc. All Rights Reserved.
SECOND QUARTER 2020
RESULTS
Janus Henderson intends to publish its second quarter 2020
results on 29 July 2020.
FIRST QUARTER 2020 RESULTS
BRIEFING INFORMATION
Chief Executive Officer Dick Weil and Chief Financial Officer
Roger Thompson will present these results on 30 April 2020 on a
conference call and webcast to be held at 8am EDT, 1pm BST, 10pm
AEST.
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
9138065
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.
At 31 March 2020, Janus Henderson had approximately US$294
billion in assets under management, more than 2,000 employees, and
offices in 28 cities worldwide. Headquartered in London, the
company is listed on the New York Stock Exchange (NYSE) and the
Australian Securities Exchange (ASX).
FINANCIAL DISCLOSURES
Condensed consolidated statements
of comprehensive income (unaudited)
Three months ended
31 Mar
31 Dec
31 Mar
(in US$ millions, except per share data
or as noted)
2020
2019
2019
Revenue:
Management fees
439.6
457.8
441.9
Performance fees
14.6
18.3
(5.6)
Shareowner servicing fees
50.3
71.9
35.9
Other revenue
50.4
53.2
47.1
Total revenue
554.9
601.2
519.3
Operating expenses:
Employee compensation and benefits
155.6
163.1
145.0
Long-term incentive plans
33.6
44.5
48.4
Distribution expenses
112.2
138.1
101.9
Investment administration
11.7
13.8
11.8
Marketing
6.7
10.0
7.5
General, administrative and occupancy
65.2
60.3
65.2
Impairment of goodwill and intangible
assets
487.3
—
—
Depreciation and amortisation
15.0
17.1
15.0
Total operating expenses
887.3
446.9
394.8
Operating income (loss)
(332.4)
154.3
124.5
Interest expense
(3.3)
(3.3)
(4.1)
Investment gains (losses), net
(50.5)
12.1
13.3
Other non-operating income (expenses),
net
32.2
(5.8)
(3.9)
Income (loss) before taxes
(354.0)
157.3
129.8
Income tax benefit (provision)
68.8
(36.9)
(29.9)
Net income (loss)
(285.2)
120.4
99.9
Net loss (income) attributable to
noncontrolling interests
38.2
(8.4)
(5.8)
Net income (loss) attributable to
JHG
(247.0)
112.0
94.1
Less: allocation of earnings to
participating stock-based awards
—
(3.1)
(2.4)
Net income (loss) attributable to JHG
common shareholders
(247.0)
108.9
91.7
Basic weighted-average shares outstanding
(in millions)
182.4
183.6
191.8
Diluted weighted-average shares
outstanding (in millions)
182.4
184.1
192.5
Diluted earnings (loss) per share (in
US$)
(1.35)
0.59
0.48
Reconciliation of non-GAAP
financial information
In addition to financial results reported in accordance with
GAAP, we compute certain financial measures using non-GAAP
components, as defined by the SEC. These measures are not in
accordance with, or a substitute for, GAAP, and our financial
measures may be different from non-GAAP financial measures used by
other companies. We have provided a reconciliation of our non-GAAP
components to the most directly comparable GAAP components. The
following are reconciliations of US GAAP revenue, operating
expenses, operating income, net income attributable to JHG and
diluted earnings per share to adjusted revenue, adjusted operating
expenses, adjusted operating income, adjusted net income
attributable to JHG and adjusted diluted earnings per share.
Three months ended
31 Mar
31 Dec
31 Mar
(in US$ millions, except per share data
or as noted)
2020
2019
2019
Reconciliation of revenue to adjusted
revenue
Revenue
554.9
601.2
519.3
Management fees1
(44.1)
(48.0)
(49.6)
Shareowner servicing fees1
(41.1)
(62.7)
(27.2)
Other revenue1
(27.0)
(27.4)
(25.1)
Adjusted revenue
442.7
463.1
417.4
Reconciliation of operating expenses to
adjusted operating expenses
Operating expenses
887.3
446.9
394.8
Employee compensation and benefits2
(1.4)
(6.3)
(4.3)
Long-term incentive plans2
0.1
0.2
0.2
Distribution expenses1
(112.2)
(138.1)
(101.9)
General, administration and occupancy2
(1.9)
(3.2)
(7.4)
Impairment of goodwill and intangible
assets3
(487.3)
—
—
Depreciation and amortisation3
(6.4)
(7.4)
(7.4)
Adjusted operating expenses
278.2
292.1
274.0
Reconciliation of operating income to
adjusted operating income
Operating income (loss)
(332.4)
154.3
124.5
Employee compensation and benefits2
1.4
6.3
4.3
Long-term incentive plans2
(0.1)
(0.2)
(0.2)
General, administration and occupancy2
1.9
3.2
7.4
Impairment of goodwill and intangible
assets3
487.3
—
—
Depreciation and amortisation3
6.4
7.4
7.4
Adjusted operating income
164.5
171.0
143.4
Operating margin
(59.9)
%
25.7
%
24.0
%
Adjusted operating margin
37.2
%
36.9
%
34.4
%
Reconciliation of net income (loss)
attributable to JHG to adjusted net income attributable to
JHG
Net income (loss) attributable to JHG
(247.0)
112.0
94.1
Employee compensation and benefits2
1.4
6.3
4.3
Long-term incentive plans2
(0.1)
(0.2)
(0.2)
General, administration and occupancy2
1.9
3.2
7.4
Impairment of goodwill and intangible
assets3
487.3
—
—
Depreciation and amortisation3
6.4
7.4
7.4
Interest expense4
0.1
0.2
0.9
Other non-operating income (expenses),
net4
(25.9)
(1.9)
0.4
Income tax benefit (provision)5
(111.4)
(3.1)
(4.3)
Adjusted net income attributable to
JHG
112.7
123.9
110.0
Less: allocation of earnings to
participating stock-based awards
(3.2)
(3.4)
(2.8)
Adjusted net income attributable to JHG
common shareholders
109.5
120.5
107.2
Weighted-average diluted common shares
outstanding – diluted (two class) (in millions)
182.4
184.1
192.5
Diluted earnings (loss) per share (two
class) (in US$)
(1.35)
0.59
0.48
Adjusted diluted earnings per share
(two class) (in US$)
0.60
0.65
0.56
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. Adjustments for the three
months ended 31 March 2019 also include an impairment of sub-leased
office space. JHG management believes these costs are not
representative of our ongoing operations.
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.
Adjustments for the three months ended 31 March 2020, also include
impairment charges of our goodwill and certain mutual fund
investment management agreements and client relationships. JHG
management believes these non-cash and acquisition-related costs
are not representative of the ongoing operations of the Group.
4.
Adjustments for the three months ended 31
March 2020 primarily relate to the gain recognised on the disposal
of Geneva during the quarter. Other adjustments include contingent
consideration adjustments associated with prior acquisitions and
increased debt expense as a consequence of the fair value uplift on
debt due to acquisition accounting. JHG management believes these
costs are not representative of our ongoing operations.
5.
The tax impact of the adjustments is
calculated based on the applicable U.S. or foreign statutory tax
rate as it relates to each adjustment. Certain adjustments are
either not taxable or not tax-deductible.
Condensed consolidated balance
sheets (unaudited)
31 Mar
31 Dec
(in US$ millions)
2020
2019
Assets:
Cash and cash equivalents
732.5
733.9
Investment securities
250.6
253.5
Property, equipment and software, net
84.0
84.7
Intangible assets and goodwill, net
3,958.8
4,592.9
Assets of consolidated variable interest
entities
653.5
1,010.9
Other assets
964.5
945.8
Total assets
6,643.9
7,621.7
Liabilities, redeemable noncontrolling
interests and equity:
Long-term debt
315.5
316.2
Deferred tax liabilities, net
602.7
729.1
Liabilities of consolidated variable
interest entities
83.1
57.1
Other liabilities
785.2
935.2
Redeemable noncontrolling interests
464.0
677.9
Total equity
4,393.4
4,906.2
Total liabilities, redeemable
noncontrolling interests and equity
6,643.9
7,621.7
Condensed consolidated statements
of cash flows (unaudited)
Three months ended
31 Mar
31 Dec
31 Mar
(in US$ millions)
2020
2019
2019
Cash provided by (used for):
Operating activities
37.9
207.0
(34.7)
Investing activities
41.8
(364.7)
51.3
Financing activities
(46.0)
176.0
(198.3)
Effect of exchange rate changes
(28.0)
4.5
5.0
Net change during period
5.7
22.8
(176.7)
STATUTORY DISCLOSURES
Associates and joint
ventures
At 31 March 2020, 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‑Q 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 2019, 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 2019, Current Report on Form
8-K dated 29 April 2020, and in other filings or furnishings made
by the Company with the Securities and Exchange Commission from
time to time (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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version on businesswire.com: https://www.businesswire.com/news/home/20200430005058/en/
Investor enquiries: Jim Kurtz Investor Relations Manager
+1 (303) 336 4529 jim.kurtz@janushenderson.com Or Investor
Relations investor.relations@janushenderson.com
Media enquiries: Stephen Sobey Head of Media Relations
+44 (0) 20 7818 2523 stephen.sobey@janushenderson.com United
Kingdom: FTI Consulting Tom Blackwell + 44 (0) 20 3727 1051
tom.blackwell@FTIConsulting.com Asia Pacific: Honner Craig Morris +
61 2 8248 3757 craig@honner.com.au
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