Janus Henderson (JHG) 3 May 232023 Q1 Earnings call transcript

Good morning. My name is Candice, and I will be your conference call facilitator today. Thank you for standing by, and welcome to the Janus Henderson First Quarter 2023 Results Briefing. All lines have been placed on mute, during a presentation portion of the call to present any background noise. After the speakers’ remarks, there will be a question-and-answer period. time, follow-up be question. of initial to interest one and the questions limited will one In

the forward-looking In constitute of described results from in forward-looking conference, factors, statements. in today's certain limited Actual could matters including, but the differ to, the forward-looking due to statements discussed not may projected number the those materially assumes update made most and other XX-K forward-looking The factors in SEC. during Thank statements. the Form this risk to section you. recent of no Janus made statements Henderson recent any the filings obligation company's call. more

pleasure hand Chief Mr. my now is Ali Janus please to Dibadj, call Dibadj, It Officer Henderson. of to the ahead. over go Executive

quarter I'm thank us thoughts by for joining the joined Roger's Roger run those and questions following In strategic Henderson's After through our today it details. our CFO, take everyone against Roger first your initiatives. the provide call, update to you before prepared handing some Dibadj, earnings with remarks. Ali I'll start progress Thompson. we'll I'm Janus then And Welcome call. I'll today's to on comments, on over quarter XXXX a

X. Slide to Recession sector have backdrop, set are an to good of higher Even this remained Market volatile environment. with navigate. cautious banking banks pleased and market a worries, we have interest difficult rates, and results regional delivered contributed all conditions fears, particularly to increasing to sentiment Turning this market quarter. uncertain have market

result nascent inflows in billion our as some The Significant of into the is firm, confidence the flows and that on sophisticated world right billion consultants inflows. $X.X to in channels. and teams under of quarterly are institutional Assets channel FX most firm the management well work and improvements dedication from clients among in the X% track. due hard the the of across as the to markets, $XXX.X positive increased are net all

intermittent is hold, deliver while encouraged our quarter to trend. net expect make this said taking we And happen positive by indication I would Last earnings quarters that flows net which of as what would not a are to does the is inflows, one call, that plan we quarter. an neutral strategic

can a quarter-to-quarter results flow at yet. point not positive where we are consistently deliver We from

example, rebuild institutional which For takes pipeline, we to need our time.

manifested flows negatively. retail of of pockets unprofitable and this be the continue fuel organic work by growth, done encouraged of as which quarter, and to flow will our exit, Again, Our there talented we reason is look consistently. team there's efforts be negative, still and that result our long-term over there Janus to the be impact as to by our flows much growth Henderson deliver to AUM hard-working will for will be to part

next We flows the continue to positive one one over of quarters to expect two years. two to

It solid the clients on service discipline three-year XX% performance. like investment It's during their with our basis. investment ahead and is these in aggregate a and times our to clients of assets when insights, most. world-class Turning of differentiated need benchmark difficult

forward, going and a period is be but good to money We no and between key free and differentiating has alpha. companies, bad are the in generating where will the longer companies have-nots

and and investment outcomes income, investment our results what possible and financial our best their us are fixed around world-class This Net-net, the in it deliver multi-asset, world the equities, clients. good. to alternatives our more is well do for teams clients positions

to starting take hold. is strategy Our

become We balance sheet. have to have and consistent, strong to do a much and we stable work

run the over Roger to call details results. I'll of to now the you financial turn through

Thank you, thank again on Ali, the for today. and everyone us you joining to call

over benchmark their is assets Investment QX over prospective time performance. and least solid investment in at beating all X benchmarks two-thirds periods. Slide to with versus improved Turning performance of

above benchmark one-year one-year fixed has back the results, to with with basis strong pleased performance, go along to we're still While on includes work performance its the strategy a moving income which do. balanced long-term the

has performance income historically in improved be months XXXX, year XXXX. for tough three to first the by Fixed bonds one-year of impacted over the number but continues the

term performance time compared strong be one, XX%, five AUM the Investment to of remain over and quartiles in top competitively very and Importantly, peers periods strong. to the Morningstar longer two XX% XX% XX%, continues three, with XX-year the periods.

shows company flows. Slide X

result net mentioned, inflows some time. billion $XX last billion our of As best $X.X net This outflows compared to quarterly Ali in is quarter. were quite

with our pleased goal growth is we're over there deliver the time, organic results, consistent not to yet. Although, we're and

client declines whilst U.S. EMEA the Protect prior billion you Ali that Net in to a pillar strategy look We've quarter. channel about compared told will compared flows better quarter. a is key results detail that and in attributed U.S. & later. information more the significantly and to give intermediary intermediary the was for you for of Grow, at $XXX is some type. our million in The fourth X Slide outflows to $X.X the by Turning to improvement

several mid-cap and Equity strategies ETF, positive, the including mortgage-backed U.S. growth. AAA overseas quarter, CLO Global This security our ETF, were Income,

a we higher rates told are this off the in impacting of first with In sentiment inflows fourth performance of mid-cap the the results, risk interest growth, that to U.S. quarter XXXX. you previously flows quarter positive particularly return For and and the EMEA UK. was since strong, region,

into we from on and large to gross redemptions Recall The global into earnings a were X.X investors from a Australian from and I tell strategies you winning last had are sophisticated a new call, investor. sovereign into enhanced different institutional income in I billion. that fixed said reinsurer from that $X another large including mandates income fixed sales billion clients, came global $X.X across multi-sector Institutional business about. billion $X.X billion of net new number no inflows several range institutional of quarter's sovereign index

time. it Ali quarterly meaningful pipeline is pipeline, what take and the said, sustainable represent a the will Reiterating replenish team working of the a and late-stage portion fundings to build but

low all else the forward, going redemption to strong a gross equal. addition gross unusually higher the We’d In rate quarter anticipate included sales, redemptions.

in by outflows were net the Equity capability. channel, prior direct X $XXX $X.X the and self-directed quarter. the $X.X billion flows supermarket which net was in includes investors, to billion compared first for quarter the quarter outflows in of million. inflows Slide is Finally,

mentioned from $X alternatives into retail was This on offset our continued an institutional slide, the I lower by which approximately significantly As capability. diversified includes index billion part funding result our previous outflows strategies, enhanced equity channels. the from are of partially but

compared inflows quarter. Net billion billion to outflows of prior in were income fixed $X.X the for $X.X

regions. short-term to flows positive multi-sector and product to channels fixed able credits. global in income, institutional that that channel, strategies fixed challenging We breadth are of including investment credit multi-asset have capture encouraged Several the a contributed performance income, income U.S. buy-maintain fixed is across despite multiple and we the income, fixed in Australian flows

outflow Whilst back its part channels. performance numbers. outflows In securities and short-term and million had CLO net XXXX and the the ETF. flows Total income strategy our now million $XXX retail driven to multi-asset the of one to strong medium led said, the metric benchmark long-term ETFs performance, in due long-term were is remained channel, net fixed ETF positive in $XXX mortgage-backed the by year the intermediary above the AAA the by is for adding strong as very quarter within I balance very

the in strategy retail. were continental from UK net Finally, the European capability alternatives $XXX primarily and million, the outflows in absolute return

by to and Slide results. fees, X Slide we adjusted Net fees. the prior revenue fee fees higher the the large management is U.S. Adjusted on our lower GAAP decline blended quarter, compared the to rate. offset of quarter compared management is points, on statement the adjusted basis was The X at first Moving lower than were fee margin prior decreased institutional being to mix partially explain due resulting to primarily which the due performance financials. XX.X X% to quarter. which wins shift is income, for the lower financial seasonal from

in Compared period basis success net over In margin, strategy. stable the our rate the blended to year to declines same peers. net as we our a margin which margin fee point, ago, time impact to we fee increased counted but near-term, execute fee other X.X a a of management will institutional is anticipate continue fee at the the our

fees minimal fees. performance in subject AUM fund have First million quarter. of due first mutual we U.S. fees the of U.S. $XX quarter to Outside negative performance to funds, mutual are

quarter, approximately negative we includes performance million. fees million partially the the offset $XX fees UK estimate second trusts. aggregate negative For of mutual This investment $XX negative fund $X performance by U.S. driven to which by from are million primarily other fees, performance

be mutual year, dependent full This range $XX else estimate million million from performance range towards includes Clearly the all aggregate fund performance. negative Looking our current fees. result more negative fees million. $XX to the will negative U.S. of $XX we the performance equal, on negative of future roughly at could

compared payroll were X% expenses. quarter. LTI to you annual table appendix, to onto use your in largely taxes the the future the first from the in seasonal Continuing for the In up triggered usual due expenses in the we grants down the operating quarter on XX% prior million to prior quarter, Adjusted by Adjusted provided of $XXX models. quarter. amortization existed vestings expected was

G&A to primarily at adjusted payroll rate beginning and XX.X%. quarter of compared to partially at timing expenses. seasonally LTI annual the addition of was the operating is payroll cost quarter, performance first the comp the revenue in higher by taxes retirement expenses, due increase due of The marketing vestings our the on expenses fees. lower year, offset in in than ratio This taxes reset higher to due non-comp the to spend. X% contributions lower prior Adjusted is anticipated to quarter decreased non-compensation anticipated Lower to primarily

the expense ratio of Full operating range They have prior single to as expenses in realized Fuel year growth strategy. mid-XXs, provide compared adjusted non-compensation the of digits non-compensation costs of high than the quarter sooner as year, acceleration unchanged. business. our in reinvestment the are the to to we XXXX mid for which adjusted quarters temporary occurred percentage Lower the compensation expectations for Growth execute remaining significant non-compensation in are three suggests first year our remain savings

last business advertising opportunity increase, strategic marketing investment and we expenses supporting initiatives. U.S. and forward, anticipate quarter, non-compensation Going our our to we intermediary in areas including other reflecting of discussed

quarter. capitalized we line once amortizing previously the expect goes costs late second management system the the in Additionally, order project transformation related to the G&A our of through live project P&L

million $XXX first quarter. Moving was down the that XX% to quarter, adjusted income prior the over operating for

operating adjusted quarter XX.X%. margin First was

adjusted other coupled quarterly seed with from EPS The benefited income. Finally, EPS mark-to-market interest capital on diluted $X.XX. was investments and

look and Slide Slide over at moving Skipping and our X XX liquidity. to

during XXXX, end compensation. variable annual Our primarily of down remains from $XXX the strong from is March, volatility. as market of which balance very of were equivalents Cash of of million payment sheet and cash this the the period XX

our ago, cash typically first Compared X% cash this needs. maintain management position economic our purposeful cash to to and equivalents balance cash sheet The the are and conservative quarter year our flexibility seasonal approach to given period same reflecting environment. during order is lowest higher, uncertain capital in a

continue continue volatility We and to we strong to anticipate We’ll needs time, business in return investment quarterly XXth and the shares May a at XXXX. $X.XX Board has a buying do balance XX opportunities liquidity in back position ongoing a dividend shareholders. strong through paid to dividend May. and inorganically, the on Based of market via we will to and of share not organically business of on the at as in per the the have to with capital cash shareholders investing the be and the record this returning program declared of an opportunities accretive see shareholders the to capital

I’d turn you to over an to strategic on to Ali it progress. give back like our With that, update

importance the strategic update three On during against an Thanks, provide & Roger. some leveraged fully previously the Protect to intermediary made talked business. core and we our protecting pillars our on quarter Grow & In clients U.S. Amplify our the not give our the XX, and Grow, of of Slide where growing businesses, of right strengths Protect win. we’ve us Diversify progress about

we progress the flow the first intermediary business, As in Roger including U.S. quarter are results. encouraged early the by mentioned,

change you campaign of digital we and brand The launched brand Promoting local great will the past. we’ve heard it’s span brand some print, lot compelling the and done something the by I April, in flows. The brand story what out through other brand are but data we’re excited capture its the us funds that for national or a if In a There already difficult analyzed tells new matters. the is will campaign. potential. there, of relevant, to active of year end isn’t the seen a be have media. advertisements Janus that Henderson and and from a know national

Additional and wholesaler including of increasing data. progress upgrading the U.S. made in intermediary, use includes acquisition engagement, talent selectively and the client

coming business, businesses serve In some types, more about talked already to the restructuring helping needs and to Under new through appointments we’ve their aligned institutional Amplify, We’ve us specialization. we’ve greater before. coverage other client institutional funds XXXX. digit hedge be In compared joining months. been diversified about to our different in alternatives alternatives, and entering last double better made fourth percent and talked funds, This growth we enhanced includes diversified index translated to in AUM XXXX. of the are professionals pipeline multi-strategy strong quarter pipeline which to the a quarter

Diversify. turning Now to

look to partner. or actively build to continue buy, We

a and the strong pipeline have We creating current activity is opportunities. of environment

mindset investment partner. client be want disciplined said terms people we previously, We identifying As will build service. I’ve are buy, like-minded in culture, in or of who and to where

provide Growth. savings for the underpinning to Fuel strategy Finally, are our cost

our deliver We and the examples plans on cost have million savings U.S., launched to the This clients. brand aligning and are on and our the to selectively the the recently clients of I previously firm track better savings upgrading to coverage. $XX concrete back across business $XX behalf committed their million and of of talent communicated and the in client into adding reinvest the includes discussed campaign the

As accelerate quarters. Roger in mentioned, the these expenses coming will

flows, work business. is progress positive financial into Growth In while inflection results, strategy, performance, encouraging flow solid on for not still conclusion, results, and this to quarterly reinvest We good an net and the manifested delivered the much we to point of providing to Fuel execute including I’m proud have the yet quarter. back The our do. continue investment

linear. We achieving our and of executing days be path are consistent in the the early strategic plan will to results not

what to to be shareholders, controlling can deliver focus we employees other outcomes control stakeholders. our clients, Our all continues and for desired on our

call back to turn the your questions. me take the to Let operator over

Mike question from line first Thank the you. our [Operator of Instructions] comes So KBW. of Brown

Your line is go ahead. now open. Please

taking for you my questions. Thank Great.

from pipeline the So is Ali, how here. opportunity What progressing evolving expectations robust about seeing noted you conversations strategic the in It like you’re Can perspective this quite opportunities? a contextualize how seller Thank good, set there? curious activity that just you. you those of here? of And have thinking but M&A been sounds is what year? terms are you’re just

Thanks, Mike.

And of for much couple a opportunities of opportunity days. a I that’s So There your was yes, little there. seeing a the mentioned now high M&A think very out but quite point, to a more lot activity I there. certainly these is are lull, realistic, there that some bit becoming is quarters bit Expectations a little everybody, not out everywhere, we’re not ago.

build to going we’re that everything perhaps probably be we know a we’re we There’s at disciplined comes for for sure looking very our make things, don’t well. as client our almost to internally in be that what we sure the remember, just happens deliver to many isn’t But make what our as not And certainly plan. what we very, Now about. we It’s for through. shoulders sure at deciding make clients, we well. that important going are folks to deal external partner that with very, least in very led reason we M&A buy, or to deliver

say You’ve heard that me before.

We to and the make we win going diversify client be where led. really right sure to that that’s want have we to

It’s are something there. our what needs forward. what hopeful tough that out are, to timing, So client what robust happen. matches are bring it and our But will we’ll and we is so determine abilities something obviously that

Diversify. our equities business need to of But of improve It’s most M&A suggest set performance really that don’t we over need Amplify want It that. what’s to we a aside, That’s growth don’t is and M&A internally. we supporting in & Again, build of have to is businesses Now, don’t have we the I our but can Grow, really strategy to and We example our medium, around and don’t is certainly and Protect need Think exciting right? long-term. has terms short, grow. externally great important, U.S. this itself that where M&A we over as We want that get shown not. in time, trajectory. an strategy. M&A to that because good franchise be quarter

So and a we is core but M&A useful expand right strategy, set support seeing want grow, now. our and businesses of have to signs of tool a to great we you’re that of some

the industry. How the picking great. are you flows Janus Okay, and your gears up to how Clearly switching on And we’re just fair positioning side for about fixed the there. firm of you share opportunity that income outlook are industry thinking to seeing the win the flows? for

start and details. more for can I over Sure, Roger to pass I’ll

correct. conversation topic income with our Fixed of is You’re a big clients.

back perspective, are company have income. invest diversification, and reasons or One is insurance If there would two is three purely is always you historically been for really fixed one think regulatory in why three yield. charge for capital

a we investing. the for of number of drivers all one was years not Now know that of yield now,

it’s And it so and exciting. is now

an time high fixed performing, long-term a It’s measures the particularly business. performance us income for and exciting that very has medium over

are clients’ like and income is it developer another in like broad types plus board those JAAA be forms. income, multi-sector fixed whether form deliver asking about credit, whether bonds, even duration we core assets, areas flex multi-asset that in just a riskier be of across type it or ETF the CMBS, it us RMBS ETFs, JMBS, vanilla bond, short is of have in clients Our a products which our needs, on to suite or

deliver that on a our to very need relevant we to clients’ fixed-income strategy. in and in more much our becoming much clients to panoply of deliver So our we world is where have are positioned products

that. of to a it common demand the lot but clients, demand where we’re got don’t great more as their Ali seeing that doesn’t there’s thread many in to areas. be you a we’ve I is sort align products say, on add that on with news think Yes. from seem

Thank taking my Okay, you for questions. great.

you. Thank

Our next question Autonomous Davitt Research. comes of from the line of Patrick

line Your now is Please open. ahead. go

morning, then thought what not exactly rate think it’s you do much to you of lower are drove low and so on it we’ve being looking What comps. Ali, going again? so which Good the I confident comments from your abnormally was interesting, redemption worse everyone. some get seen why your

great Look, it’s question. a

from can we of clearly few see you and take solid and So a decide in that quarter. quarter the you a if ways. step disaggregate And a was flow back what it perspective, the drivers a

So repeatable. will be some things

Some be on everything things we we are for deliver our we don’t think until consistently clients. to will delivering need repeatable that

of as them, One much you is rates. lower mentioned, very outflow

to all quarter just look been work that been it all little doing interactions doing our a was well better. this have I we’ve bit see do from and great perspective the have been outflowing what improving work, can. we at hard of we’re can history Is clients. our you And that with hard and as to we our We as a because have business

clients I that. in serendipity a that perspective in to to to is but for sure, seeing. new also going could and as Waiting serendipity in doing that of terms business well, element from serendipity and think there’s what waiting has we’re what But bring. some terms that, the some some admit say ways of there’s and of you one inflows, in seeing strategy timing

is were clients pull they’ve of And say this came waiting on of who to I at are who that willing the if from the track strategy that quarter, waiting is in to on pull would decided the our waiting the benefits folks the some track. they’re and think some strategy see least I that trigger, to trigger. inflows

the go see So forward what look, suggests. we’ll

moment work a with We’re ago, I but one pleased suggesting our that we’re as that, creates trend, hard across quarter the a firm. not mentioned

have levels. the interactions We’re our pleased with clients, activity with the we

from We’re perspective. seeing markets some it’s of in take some time. market some improvement going But underlying the share to

and cool. quarter a question. between barbell little sensing bigger my bit opportunity that this coming passive bigger motion, a Australia’s right, All alts. a more Australia’s up then conversations and and a broader lot money Helpful. in but I’m with And more in becoming in over

And kind back you think in products that. in from the thing? Are other benefit be is of money same are positioned that you. hand, uniquely I on there So that think any to to take the books motion? large could that? Janus part seeing you at of then best Thank do you think AUM risk What positioned from

we some in are local that make are have some to money motion. business, We think our products share to that about to Patrick, income Australia motion. can yes, needs sustainable and of the are products advantage well both think as our money some our that speak, money Australian in of on we sure fair down want motion, others. We of about take that. of Think and some we deliver marketplace. we’re fixed and there that of have catered seeing certainly capture that do We getting of so in

from To as fair, clients we be perspective the Australia of we’re the areas that in of to those as products out going being on also outside clearly well. of lose to have getting There’s sophisticated that very investment to strength well Australia. we’re be where going exported skillsets an some given

We’re extremely net-net strong. that going for out Australia is is business other we But than think what we things of the to looking it folks on have. lose

market in our are continue clients’ region. that of money needs we motion, particularly deliver at We in on and our what see to do opportunity share

next comes the Daniel Fannon of Jefferies. of line Our question from

Your go line ahead. open. is Please

mandates these terms quarter, and overall but to lower and maybe you Thanks. of about the you that what fee, talk Good about framework morning. in some Wanted to comments AUM then around channel if exiting success given rate. regions strategies kind that fee in of And put relative about could some mentioned the coming unprofitable to on institutional from. the some how your what think that’s of also or this follow-up of

Dan. Thanks, Sure.

over mandates, a So profitable, as efficient whether discipline at speak. an be, and they’re and very always at we’ve whether carefully they different the should business they’re pieces first of looking ongoing so as to had culling, the sense different that on getting looking at the Janus of years. Look, of Henderson

Growth, creating the review fuel more I be to back focused of on think you’ve firm into we’re client. as with is across the more for We for to different before, the on disciplined mandates. from Fuel even invest to heard make us profitability even which and that, sure able that want ongoing efficiency

We to are it’s to going we’re out surgical, call as be something want but going deliberate, be to we insignificant. that’s not it

your correlation how To does strategies. also but it? depends much it It some rate point, fee have a to to service it costs on and might, of these functions

So call we want out mindful be all. just to that you that for of and

to to Just add that.

is As the you decline said, sorry. –

said, over again, see over you And will actually I’ll continued these Over full remind that point done. fee or today. As intermediary as normalize just And time is we due be this blend in to that growth year, year. is some is decline stabilize we rate products. to you, some to from up into our it products, lower business the X.X our where expect in success time are time, a sophisticated which last as we’d continued see fee institutional basis rate fundings from has a fee see clients in large expect the our of we of institutional

of flat the on you. improvement? you the then, Roger, I And beta performance here follow-up assuming as about guidance guide? from you clarification just think some is Or year full or the Thank Are assumptions Understood. performance is there for or a fees. guess,

relatively performance assume from we here. flat Yes,

but performance assumes will it’ll basically year, flat – performance. the so that be be during what yes So, again,

Understood. you. Thank

Thank you.

line Lynch. Merrill Our Bank Siegenthaler of comes next the question of of from Craig America

Your line is ahead. go open. now Please

have Congrats Like different flow I’m retail pipeline? looking build you’ve to institutional Ali. interacting you verticals? client And reallocated institutional product plan Can the which consultants you Good strong funds between tweaked funds with resources or on morning, developed also, channel? the you have Have you what the quarter. us relaunched pricing? is the for into are walk differently? through How you

the have Yes, of a Hey, and is most And Craig, last changed your part a tackle the institutional. thing is, from institutional answer we great strategic perspective. kind thanks big I’ll question certainly us way for The we question. of so first. of focus that

that quality the a channel didn’t bring take North in the quality in records track America. long-term disciplined investors. institutional They’re great we institutional of to have We just that institutional channel. a can set They’re products to performance, institutional manner, we particularly processes,

equities the like so, And to opportunity cycle and very sales in that strengths our U.S. and cycle on those And fixed the you in it’s U.S. on amplify know the overnight, while. this that a franchise, very a you’ve of of the an opportunity elsewhere quarter. that looks that Again, we’re one certainly around franchise opportunity. all seeing client focused about. our interesting turns income based world – seeing not development relationship through labor some But something the that takes of come excited seen fruits

more From a practical perspective, you’re exactly right.

you geez, the front clear the very extraordinarily client. of who almost the more this with people the strong get – been you know that course ended the who And a client. in regions. a know institutional, didn’t can in take a with doing institutional people relationships, thought for new of had institutions, team over could from that So reorganized didn’t while, you it past, these I people We up that to I a these in talent Say, have you direct reorganized I roughly business, mandate I’ll that products of we give of retail example. call winning quote we business, products. a brought year, have a who us

of structure had to institutional. is products that some conducive you lot an in more time organizational a So we’ve for our of bringing that seeing long are a very

and that or our I activity up word activity actually, are word something We clients starting continues. The levels getting our significantly You’re think and talked about our needs client’s that out in there seeing that. deliver quite and levels, partners that there. so, we we in sophisticated that is last is institutional. are getting institutional deliver out consultant have can The large that to among our quarter

are the far so energized very by team. what we’re we seeing from again, So

I declined you now? year. somewhat as just how it’s to And this my low. on you’re the I is dividend your is Ali. excess the build when side low follow-up, dividend to which know ability market think dividend, are stock but the And Thanks, buyback as last viewing opportunistically covering capital, and want coverage the you impacting do,

want one, start that Do me to Ali? you on

Sure.

Yep.

you and dividend Dividend well our is as I yield strong. So mean, full is say, covered.

capital or methodology unchanged. is dividend Our methodology our

is business use inorganically. to a the which then We have that in that capital working capital, shareholders. a it both hierarchy should we we’ll and of return of the need, regulatory we have organically have we needs not better and ensure that to we invest And

And successfully buyback few strong and last as over we’ve a you dividend both say, had years. the a

forward we terms happy with a needs dividend that as we I here what are about year. for investment And covered, in cash some the inorganically we Ali’s we’re the it in would stands. have investing seeing buyback the business. remains the very things put said, as obviously then not And looking as of today come volatility I given about, As in talking particularly and not that stand also return been manner. should be in terms those in this but of both in the say, dividend, for well to But organically opportunities markets, consistent

Roger. Thanks,

you. Thank

comes question the Our Citigroup. Pittaway of from of Nigel line next

Your is ahead. go Please now line open.

questions. my taking for Thanks Great.

at loss. that third does first high. a full Just the LTI what sort of obviously expecting Is round it usual for on you’re me particular that? strike and a expense saying be, year you’re expense, of any there about the first the about taxing it relatively of to hear what all, its reason quarter But is I having about

the some includes has QX if Both Nigel mark-to-market and obviously arisen. QX, market as

from assumes year appendix quarter. other is that yes, flat it markets number, calendarization given just But the you the of here. than first the that, So in we’ve full which

more $X was four So it – of in as quarter mark-to-market about the there’s million first well.

All right.

Okay. then said their just Thanks. above coming a have at previously number performance on back the of And to mean, previous just maybe that one funds do of high fees, you or I you questions watermarks.

of negative think allowing if from fees do fulcrum assessment should year much fees been as sort of view guidance you’re terms how it mean, do conservative So you that seems fees. think you we a that? the and over cons performance above, or you’ve you’ve for performance not of today I drag the sort in the is provided – – on that full

the UK. But And second most very – have in last in I there sort – what way. and saw tell second benchmark investment the second We fees terms of obviously through and we high particularly is you some performance happen. around in return that the where our of range strategy fees, performance. strong said, AUM or come at teams delivered I’ll very strong moment. CCAP late as the quarter can excellent But either performance performance half markets the in in absolute the of things yes, at significant things in quarter, can some in the go year water

little from relatively current a have answer quiet currently – QX. not we a a we’re would performance away relatively to anticipating low no, But come I QX be couple surprise. it’s assume quarter. based further that’s fees those So performance. a period, that on and in There’s performance and we’ll to fourth is months bit correct of in pleasant go, that in due the Obviously, fees the future quarters. it only think so update then Obviously some then

Okay. Thank you.

you. Thank

next of comes Stadnik question Morgan of Andrei from line Stanley. Our the

open. line ahead. Please Your is now go

firstly timing institutional flows? quarter? helping Did think you I Can early ask the of in to terms Just the impact? the about they for Thank the come in of management us late questions. around or taking base my

really. through the blended were They quarter,

Ali. Sorry,

to No, helps throughout them. I that the you. quarter. of don’t say the going They I if was were came several know thing. They same

about more January. was a probably earlier. – in probably – bit Probably there more little it There’s in thinking

– make that performance So impact fee quarter. does the through that that

were you. how fairly around a pipeline other my of you were you recent? discussion the year the them various how question And longer? in you long that in Thank was for? some Were they with Like talking they ended winning? long or up even half managers for Or were

in. come what’s It varies look you at when

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from Our the Alex question comes Sachs. of next of line Goldman Blostein

line go open. Your ahead. is Please now

for everybody. of morning, Good a question Ali, little Thanks. bit Great. a you. strategic

to all picture of you talk like, looks guys some we So kind the a what partner key that the months, sounds you are build I side to on areas picking buy, up. build you of areas but like to what of about activity about of likely rates XX are when about the you’re be were most in? the XX that to is in? think these buy can next think a partner, do And you’re it over if active looking But which kind when one talking buy

Sure. Thanks for question, the Alex.

all of course, foremost, is Protect diversified talked U.S. And the partner. talked strategy which a of our business piece, you’re our that about cetera. right, or in some we what about intermediary, to legs is buy, yes, we That’s the there’s institutional, So look, et then build first and and have. Grow the Amplify priority are about. We of the grow & improvements

and I $X.X billion emerging that. in it capital kind so to fruitful. the of of to particularly September. And close remember buy our I market is of what example looking with would partner do an combination relatively of build that the a team. areas or we argue And of a Look, build are debt $X was almost assets, to so we’re we on brought kind had speak. billion, them committed over zero then acquihire, board They

of So sort to the the do that’s we interesting the as And and could build. of thing type opportunities some example well. melds partner an there’s really that of buy

very partnership very, on have can world form I acumen, and which class are investment client to that clearly client could base we a think marry be we as interesting. our quite and that deliver phenomenal strengths a needs in well, our

it. Got

question you mandate strong Okay. composition today it on and can And pipeline? then institutional of a the quantify pipeline. clarification talking given help this unfunded about where fundings pipeline the the When stands you rebuilding institutional guys are quarter,

I talk Janus pipeline say actually many pipeline are the that, I that’s and clients. the don’t strategies at bringing we guess enthusiastic One all I So the question, What mentioned will the in in Henderson. as investment our are historically things. is there about the is, three about an answer team activity there there, levels that very to to and another we’re things best-in-class

that to debt, second be of in businesses we did in amount and or That in to certain as as a being emerging income. global said, quarter, there’s you time, ago, have, time international lot But it’s little alternatives going trigger mentioned saw you that. kind a waiting, of a as take it whether in interest, take market are saw. rebuild especially QX, I bit of fixed of clients it’s going pull as the who this And to

offer client a have base our there. to great We pallet real

So over time. we’re excited institutional about the continue to opportunity in

Thanks much. All great. very right,

Thank you.

line Our of of next from comes question Worthington JPMorgan. Ken the

Your now line is open. Please ahead. go

in improved for you first you’re seeing then you’re success Are the from marketing particular broaden if are fixed income why? doing platforms? what And so, perspective continue success of success, Thanks here Maybe morning. ETF sort having? Good you to questions. me, your and a business, having that particularly the on ETFs. taking And Hi. excuse

whether disproportionately flows. have platform our whether this others, in comes most really investment environment the unique here is for to side really down fixed that are say question, set around There’s to it short-term we duration securitized marriage world JMBS, environment. JAAA, Ken. of it in vanilla. Thanks an then that particularly a on the be needs, those driving the income What needs that And of no of for matching particular capabilities I’d particular, in that client the some of

partners our in a it's marriage so deliver platform we partnership U.S. intermediary great through particular. can And through that a

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and where second, is Education these U.S. yields So number through they types marketing, of in one, in we these are get are to brand more clients in invest it's of our to a a we from about of lot where right, we'll quite the and to the lot speak, to. I'll education. so an But so ETF uncertainty partners. environment opportunity The which are the and is, doing perspective, is broader it are education, mention intermediary again, a this us have which products, unique bring, to it where opportunity

first little is partners. Henderson recognition. past, into to being something from have, partners we Now either different institutional for get consultants little of remarks. to you point, bit intermediary as of a time bit to It's that again said, have have we data we And used marketing. we or great Janus kind decisions U.S. what going by found prepared made the the amount the more than spent a that's our in consideration and that advisers a has perspective earlier brand do more on in we heard set But of that or the

trying we're have to now. what we to with this of is, part view And gosh, marketing say do something

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to and data what actually service invest suggests – if consideration the brand base, would together. in set world-class we of data we that says does for the purpose have brighter We suggest. broader as in the future client matters get front our our want that folks, statement a becomes And

experiment. be doing this thing we're to fair of last as a an the is bit little And

to marketing get to some it, your products going we're behind have be the how by ROI We going marketing. benefited going what perspective use from use where to to a what we're a what to doing these are to we're of best of sense try analytics point it, brand is,

rather test to learn we're and in that going a iterate actually so going and sophisticated on manner forward. And

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a Yes, great it's question.

strong said quarter around wins institutional in of particularly said, fee clients. mandate we going as index. from this were we products, were very lower to some as enhanced So I say, was sophisticated there which areas

what persistency So pipeline broad through that build what building come we've is of is just out. the bit the has quarter. That's blend Ali's been is and said, That pipeline that talking a little this rate this product. the down I got quarter that we've fee a to been what's as brought what about

a our business liquid mix a index of business. an multi-strategy alternatives is enhanced – our business and alts So

from, and there was product fixed higher say, Lower I a things that in a clients is this business. of is sizable fee flows This area seen And pipeline. saw around an range very where P. and got client we've about are and the consultant index, quarter, a we've multi-strat and we've but coming the yes, institutional at enhanced range seeing from interest some a quarter, index that seen as in obviously previously. enhanced in lot of world and we Where income space we've But talked this of larger

lower So – our institutional it's rate? the than

it well, Ken. said Roger

priced the – after and have was or you using right price fee. business? to I just and that you're right – part hear mix. hear if that. as of the way really weren't maybe the But conversation an or they got the maybe take before is, you What and just like priced price the I you the mix before products win I the Is to strategy were high you adjustment. fee way could wondered beyond using was products the Yes. low are did

Absolutely Ken. not,

is a and more in understand at ebb, to no rate if on than up. little the there now rate rate over at. pressures in you're bit fee mix. time, than over Does you to quarter the different in be particular based that It's some all QX flow had trying mentioned, more, effect, No, ebb up were some the showed period at fee appreciate to a I of apples-to-apples channels that these between flow mix all. and longer that what should natural as new expect get fee continue drove you And the little fee will on So differential. mandates ebb fee we our lower time, and flat had look I this the flow going channels a so to bit to of of of I guess, speak, or quarter

your our So directly, very not to is pricing answer more question part get business. of to strategy

Awesome, thank you.

you. Thank

Deutsche comes line the Bank. question next from of Bedell of Our Brian

Your line is open. go Please ahead.

money from direct from of your the versus Great. of classes terms Thanks. other Maybe my your shifting but in effort? questions, switching different on Good channel you questions. success the other either set a morning. as see asset institutions, side, is the rather Thanks it of back also managers do or for them the institutional taking in you're and role consultants just marketing to

we side, on profitable lower of growth the should be of net some of the given unprofitable more you to those considering mandates. the institutional the sort intend traction of calling or this But guess, broadly, avenue and less that And of fee. as do thinking even then exit a sort the enhanced obviously is the AUM versus that in channel institutional I improved

Brian. the for question, Thanks

So client let three at. what's me disaggregate from that into what looking areas. is are our first, they base One and happening

this is of years kind past most the deliver I particularly view of passive through just think in now externally our were ride pure mandates XX one performance. the are based clients and the to important thinking wave, pretty easy good themes that right that

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be And Some likely then of years. which it the index alternative passive are most kind in behind. of realizing from water. have that product enhanced a we onto go been it for kind going market further, going not underlying fixed go-forward That's manifested is whether places the have has an it the through things then performance our of be even whether a who or called be that be equities, index, overlay folks in that and same we the is whether income, underlying a effectively, perspective like to in of a dipping other of number the it's toe business versus and successful very it's

first I just major topics, raise that one of very the that want So Brian. question, important to

consultant an that servicing and of Consultants. have concerted firm Head until earlier a question didn't the The at America little recently. didn't of North didn't we a effort second asked consultants. global thing Craig long-tenured as a answer have is well. a have to of We Head you mentioned We bit really consultants. We It's do. the relatively partnership

one. great a have We

with thing delivers important it because us. And is so for partnership our for It's clients. important consultants an results extremely better

those exactly focused labor do, that's turn that of relationships don't we overnight, fruits start out. play we're over so of and the already to But seeing And and a some time, they obviously. on, are that place

last best would Your to our by was the as it, through outflows flows of say a side were I going be would be be, like things. and see the trying brought not quarter. the ebbs question, as a pleased obviously, continue that Roger said flows, tell be to from for lower We're from will the pudding well. a but as question in rate run up one than it's And to perspective as tough the institutional time, time, our And earlier, as proof over watching in parse clients kind overnight, delivering terms go the if are historical I'd and to There it clients' we're in can. our forward of And on service will what to should us. again, level we outflow be needs. of more over rethink I what the for results and well.

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brand So asking investors would product a Janus as such gain may branding. of retail and be result would they Janus say that recognition the they of for

me let guess, those. I yes, tackle So,

So first, it's both.

for known however, typically broad very things. or to Most on importantly, many but we're their platform. a example, for to We a few be intermediary products have trusted U.S. many known partner. our intermediary have clients, they global clients. reach of don't We're

across in the broader beyond. it have investment we into number step two door good team that. success that have had acumen are that also to is three very great We focused and and for adviser something But on us and don't as known opens much could we very And the and base. as has product that's reach is the doing number to hopefully that

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a where we're a name. says, take everything, to seeing For know something measuring us have that do phone do and It actually test you let hey, the salesperson. absolutely learn up me understanding those that an of know of and who get meeting like I pick adviser and investor I that we better sees how recognize that, we're that received sounds one-on-one they or I respond or say, to or with me and e-mail

And in to institutional. and we fact, that we're do Brian, a think happen. out. seeing seeing examples intermediary think of We're play going are brand point, not that pure and Again, BXC at our certainly to people's in opportunity a We're we that to test we that, anecdotal There clear minds, that. continue the company of ROI. this reminder but can both there's create we're

thank very That encouraging. sounds Great, you. That’s great.

you. Thank

of line of Our next from CLSA. comes question Henning the Ed

open. now is go line Your Please ahead.

questions. you Thank my for taking

to positive you just business And for be your flows you did can did next Just you you flows the on think where of biggest the years? next you two say years? first over will two clarify, one, expect, the two expect quarters that, the just only over the to highlight headwinds one in

Sure.

whether showing we've we whether it we're an We've the Diversify, work that done in years. traction and that world-class market decisions that continue quarters and traction prove about traction, showing Grow, whether that to we hard given Protect before, next, that the hasn't et the Amplify expect we perspective, over positive of team, indication build guidance the make from one the yes, flows a to to believe be the that faster, that is & strategies whether doing the two strategies be played our be changed. to two be one show or that cetera, to talked strategic that would be So personnel we changes would it reorg a

one. had just we Now

we get know, of the this And you flowing one can including as as think It two really to all we still years. industry industry. quarters, to get one in two this students businesses consistently, over this next one positively takes to time, to

if is, it's ties rapidly you that second which Now, the for rate growth question, at not to growing this business. your industry a look

net major underlying headwind growth the rate to so this from And is the fair, be industry. perspective a flows in

a of flow take Ed. the industry asset net We to are but from perspective, at least the on management that the helps, overcoming Again, our time, side. we headwinds Hopefully self-created continue headwinds. face will active that

you income? the ETFs seeing or industry you Yes. And from see still you this actively rather do still outflows to in private potentially fixed classes or is? and and as how that in are Like expect headwind a managed outflows inflows equity money for into asset equities into broad

be and our do same Well, I Does going much believe be I money mentioned passive would active? as second over forward, been will won't wholesale the or go there's ago, certainly because an hope to has industry our and our a that a capital so. do clients' forward to not years from more perspective, methodology we clients of clients will clients suggest I i.e. delivering to have believe, the delivering XX clients' the haves differentiation performance Gosh, it as free, important. be shift past that from that clients nots,

us is have do beneficial with with which at futures nots. of indicator acutely brighter the I think us our that their that clients, client us. base. and They're of point haves view kind entrusting They're very entrusting that of usually question most sophisticated and to the leading looking are

Ed, a we've to that talked institutional. think to I lot add about

of were in had talked which actually probably that mid-cap XXXX, in of in of XXXX, the are cetera. the the a the to recover. beginning another the improvement growth, that over performance campaign, that significant biggest but XXXX But of little sure equity. last had time U.S. tough brand And intermediary of the in terms improvement et some bit the a we've business aware coming thing is flows U.S. make and some about improvements a take some to you fantastic talked had of intermediary the are about fantastic long-term to further that things numbers think year Ali's of I in

turnaround saw that in income. enterprise, in QX in business, which U.S. our growth But as in we mid-cap dramatic and equity saw improvements advisory is well overseas that we a happening global strategy as

strong seeing equity. are into we flows So some

helpful. see inflow, of But the Okay. just just industry to No, across that's on getting it, the they're trends? not outflows got and just go so for then Before you natural it's the drive going business back you've the where just gross years? do outflows? across couple that next to Is it

have externally Look, been not I to stem think looking trends, of are industry which tide fast growing overall the the business. we

comes Our the of Suisse. from Katz question next Bill line Credit of

line Your now ahead. go Please open. is

so afternoon, everyone. and Thank good morning much. Good you

moment initiatives to coming think spending as continue might next then that to or reposition back to would cycle? where pace that if you that? this your the expect you a complete terms three your fund platform Is Just are year? spending how so, And of you initiatives, expect expenses into year that you across through to would you in for something that

good a Thanks, it's so Yes, Bill. question.

in And are called low our to first to the in the of that's high increase been accelerate our think year. of because growth last which we quarters savings, business, be and $XX investing we've in realized particularly we've where we all, much still we've We've efficient summer QX. of $XX of looked in mid of where to realized that million initiatives. for bit fuel million QX clear of guidance been in means these that little and cost year-on-year to strategic single-digits stands more about hopefully as an said, ahead I we've QX. that's I've And in we'll the expenses, savings talked a that given our of what non-comp, I've

kicked in this Ali brand off campaign important said, As actually April.

broader through So question QX you'll I your see QX, are done. is, that acceleration think coming in then to we

to continue look We will through efficiency. to fund

and learning see – if to and continue said, – we're as see Ali this. So testing we through

So if success. seeing spend more are it's we money, looking because to we're

highs. a year, come where But things level know, this So can has all I then we're if as we inflationary to are probably Otherwise, other strong in think up dollar invest. out there – as there environment, success we continue the we're as good are. see that extremely investments at we're the well. we we It's making

So we're elsewhere, cost seeing some built all guidance. that into but that's acceleration

maybe you. Okay. And Thank yourself. one then, Ali, for

throughout times mentioned Just seasoning pipeline Q&A of that the couple the sort in nicely. of M&A call a the you

about of that sort you key of seizing about specific were how might If – of pipeline, then or existing be focus for thinking book excuse areas should your think that complement maybe maybe you we two line or what Thank to be? of sizing me. of portfolio to business, three you. And

Bill. Thanks, Sure.

on question hasn't before answer half I'll view M&A your of our the really back So changed. front the half.

view have in something, of deliver we with acquiring right, acumen. it. game what plan. We generally a overlap that It's our can good client things us have look buying very on means that that the to purpose clients want already doesn't service of things M&A client already and already good. a the We us that scale serve being our Our that is for client from don't clients necessarily investment world-class wants. with bigger that things just What is generally just size, to is that have

However, have, we is a build market can debt us The something to emerging that scale front. our clients a for and that case want us, it's don't great that test acquire something example of on we skill. if example from

on looking we're sets looking our can very to get and sake to to to we the we already strong not So bigger positive getting bigger for continue we bring are of of build clients improve. can foundation that very which off have, to bigger. very, get more skill the We're because

around you areas, it's few clearly diversify, are right giving clients the very think a rubric. where about us if Now the importantly, under to most private

clients. a having could and we perspective, for franchise this we credit, in very fixed But from So private credit. market for We're a us from different do our about and underlying environment fixed performance do what very they're example. are obviously, perspective, very, income what From a judicious income perspective. there private process people being seeing flavors, many good and take should a credit private given

in augment looking where the world our a lot of can at. that private clients What are we

buy tick business but pipes, are our into and who clients. our benefit business, the distribution So not to folks and partner to we extraordinarily speak, grow of fit would to the box, group strong want an so or a be looking robust really clear at on increasingly that. to And their with very grow their deliver just to

areas So possibilities, an other it's the we've example but of about are there right. one before, talked that of big

we participate for on ways unlikely, could. example, to equity world over pure could be into the in that are cycle growth that kind time, We there we go private. of But the side flip private of

creative around to internally. the you. ways and us. Thank buy But and the partner have We private is to focus right now, about well main built landscape other broader think as as for Bill

Thank you questions. the for taking

Thank you.

Our Dunn final line question of Evercore. of of John today comes from the

now Your go line ahead. is open. Please

maybe just other then well and ETFs, highlight? gone? launches outside for And there Thank how on have you. on one more would AAA MBS a Maybe maybe given launches Is quick an the you horizon outlook ETFs. any

Sure.

Let me period start a at you there. of over short On ETFs, within time. $X ETFs billion know, in of relatively as AUM

continued the very in expect area. and that there We with success success are pleased

really record but client-led. be be is, to on broken philosophy I'll Our again, a it's this, important

form in benefit pink a they wants So to deliver yellow, pink they if any or I investment set and have be if that be should it sometimes it of it utilized skill if to able wanted X of in Y, can the sets it form call in versus we want or we in our the clients, yellow. client if

we're particular, base. right filled just landscape is to it Have and No, skill are institutional. retail retail access that we ETFs on we focus similar the are some ETFs, can bringing the institutional the success securitized doing haven't what a one in suite retail right a we're can't filled bringing that otherwise. clients, that our around lot our the that ETF out those to of a seeing that level clients fixed we we're level to of but have that world, internally in and our the And to things of vehicles out, set In get from they of is the client lot out of have scope These broader that we products portionally environment, to fill income could suite? in get sets now. provide wrappers bringing that to products we're now, of we that institutional the our we

built. more launches would on I success has team anticipate the So that the here there, building

launches Will short new question, the to ETFs there the outside answer is yes. be otherwise of second your part

required capital can we're acumen base. and and we're have have to world. in QX the already going disciplined, great what diligent We believe, very our the wall very two effort at see innovative again, businesses expand We'll because deliver. what not new products. We be to that But we throwing to that's did drive already And investment we spaghetti happens. of continue we be client with and products the seeing do sticks the a foundation that I to and in processes bring to launch, new around already

to on that we'll needs will in our be we – the based be have. So foundation yes, delivering clients' there judicious already more

maybe Australia? Got intermediary, it. muted in pickup mentioned U.S. European more Asia of regionally, Can channel-wise retail. just maybe frame maybe just then you a in you a outside And little

is at we from there's massive for name hear our money I from I'd those growing us market which perspective we There's of there. but out this But motion deliver see that will game say over see point. We an in of relatively don't the time, again, to steady of for our opportunity, going in share that geopolitical are business, in clients in and of come a again, little we that be in amount very clients the think marketplace. looking bit desire a a to the regions. much marketplace. are, enormous of wait part

very Thanks much.

you. Thank

I'd As no time. conference there at Mr. back for Dibadj are remarks. the additional like to to closing this questions hand over waiting

Janus shareholders team and deliver stakeholders. who like extremely progress results is making we'll here our working Hopefully, to for other that Thanks Well, clients, hard, this. thank continue to deliver Henderson, suggest like changes very joining. much, Thanks everybody to strategy, our I'd with our our the this thanks, Candice. for quarter's over time, And aligned everybody.

and this Henderson ahead. the Ladies XXXX gentlemen, briefing. Have a Janus great day concludes first quarter results

disconnect now lines. your may You