Janus Henderson (JHG) 1 Nov 232023 Q3 Earnings call transcript

My name is Lauren, and I will be your conference facilitator today. Thank you for standing by, and welcome to the Janus Henderson Group Third Quarter 2023 Results Briefing. [Operator Instructions].

In today's conference call, certain matters discussed may constitute forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements due to a number of factors, including, but not limited to, those described in the forward-looking statements and risk factors sections of the company's most recent Form 10-K and other more recent filings made with the SEC. obligation any no during statements assumes call. the Henderson to forward-looking update made Janus you. Thank

conference. my is Executive Mr. begin Janus it to Officer Henderson. your may you Now Dibadj, pleasure of Chief call Ali Dibadj,

Roger Janus it Welcome, everyone, and our run Dibadj, prepared Quarter thoughts you to start for CFO, Ali the over Roger Earnings I'm before joined today's on Henderson's call, your with details. today Call. I'll more joining XXXX I'm After Third we'll us remarks, thank to questions. on handing by Thompson. quarter through In some those take

challenging Turning X-, and unrest rising to Global ahead global and are the contributing Even stubborn volatile delivered majority certain higher-for-longer quarterly were downturn including results. due quarter, third yields with and during the benchmark a performance of inflationary with to on pressures the of Slide X. bond good in intra-rater to X- headwinds, the geopolitical quarter Janus outlook, remains XX-year as X-, solid environment basis. markets economic Henderson Investment assets market conditions. market a

Assets $XXX.X billion. under decreased management X% to

However, it X% beginning the the remained since year. of up

last flows range of to billion, Third we negative call. earnings better compared communicated results were quarter $X.X on quarter's the

the of the both As quarter, those our time but to factors gained retail expected share. our out I mature, third said as previous saw than institutional we play on net and negative. a be flows call, earnings pipeline in flows We we needed little continue better in to

could these flows create us the such pockets will about short flows I internal item few clients a long negatively and transition can firm as in our make spoke react. Transitions the other stronger with The impact term. for uncertainty how of term, but a that was

clients transitions the related investment experience in these third trust we internal efforts dedication the and distribution placed along pleased during and to not significant of have the outflows our us, with given teams, that I'm did quarter.

broader the at picture. flow Looking

Our almost flows are positive at XXXX. the still from from the billion $X.X $XX outflows of XXXX during billion improvement period year-to-date of a market same

We last year's flows annual billion. continue improvement $XX of to show great net on to be for pace total negative

line, diluted financial of nonoperating better and $X.XX, third top better remain EPS solid, delivered last quarter the adjusted expenses than benefits lower quarter XXXX. Our both results and of

and to moment. I'll Our business, which invest flexibility sheet both return financial provide and and the performance in about inorganically strong to in more us the balance to organically a cash continue shareholders, talk

made the X. Turning in to to want Slide business. briefly I being progress on touch

in of right the strategic execution our protect of phase which strengths grow give to clients We be fully win. us core the vision, where continue and consists amplify and our leveraged to our not diversify X businesses, pillars:

Intermediary investing growing U.S. Protect In protecting about the business talked we've in Growth, & and this importance supporting and channel. our have and been of previously

to clients be As a demographics we've group, which of pace first American brand in North of with aggregate, national our our Intermediary front compensation Intermediary progress on quarter Advisor North strategy of XXXX, you each know, for recruited have years. flows changes campaign, U.S. clients. and client in positive in reflecting Group now flows were over client third the In the are and allowing up in negative by in economy. up showing the upgraded have These in quarter into launched retirement the a align changing been X positive offset until of is selectively head The us increase engagements. their results. quality softening America channel, in flows with growth talent, and new Intermediary foot the a This time been

development and diversified importantly, amplify, market. we've our and talked our previously efforts. Under alternatives institutional important in this expansion about product we capturing are Very businesses market share and

example growth $X park of efforts product include suite active the the launch a an third to quarter. expansion successful serve in sciences In our helping to $X [indiscernible] restructured business the is development, grown which better of be during that successful future us. different Our appointments, from has flows we're needs completed We has Janus number specialization. annually more advised Henderson billion life more the to positive ETFs types, global fixed greater business, seeing is U.S. through AUM with in the and quarter. With aligned in vital year-to-date, which coverage XX% time. the strategy XXXX In us third come the of Institutional billion to this nearly the over active we've ETFs growth, over of institutional largest of their at majority consultants wins, over of the the a by end income to is the fifth of since is and now client provider of

the pillar, Under win. diversified clients right our us actively buy we partner look what continue give to to to diversify to

venture, building of our announced last that advantage Privacore and year-end in we of critically Janus by enhancing business joint client-focused new which expected pace at and allows and into of in behalf operational Fuel, As stable at our has mission being private realized the democratization remain accountability channel. We fully important out on of a Privacore, dollar reinvestment is XXXX. at strategic and processes take our track collaboration We're faster Henderson's culture and amount. augment quarter, Henderson. a a clients on to culture Janus with higher an than with values been initiatives our built example, retail the our we the alternatives with of market early looks the target a purpose. for upon This performance, as in

$XX run of $XX end to XXXX end to rate original cost by of of the million the compared million the efficiencies We by $XX million expect XXXX.

in been savings cost the this will reinvested business. of All be has or

costs to we as us. the the trading structure exchange, invest As Henderson growth York continue part earlier a delist with of Janus simplify in intent key and New allow on region as to APAC and and for Fuel Exchange, portion announced will the the move market we focus volume ASX Australia this shares reduce of XX% our significant sole to from today Growth, Stock of a on for the a

so. Our for want cash of and along enabled their to every improving to want there's balance and that to pursuit new through business results dedication and a M&A program completed generation, of authorize not our and where this for diversify as path improvement. strong does significant one share strategic work us allows stable Janus clients profile this flow our liquidity buyback XXXX. both. Wrapping us do colleagues Board progress stage, have million change still continue to at hard to thank the show we Henderson, real each sheet our I consistent with organic $XXX financial up April a to growth, desire want to to by be stress I and do opportunity our up, to At deliver to on my buyback

are results financial solid. Our

We flow, sheet. I'll are we through call balance now run the and the to generating new to financial cash Roger you strong results. turn have over a stable

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

compared now year to X- XX% remained Investment notably a beating all Turning majority of benchmark is versus periods. basis. Short-term to XX% equities, over fixed X-year only income improved continues and a strong. very performance year investment basis, the performance performance X-year ago. respective where of periods benchmark a The on of XX% improve beating compared AUM of X-year their ago, longer-term benchmark benchmark solid, versus the a with and on most to at time to versus X benchmarks AUM Slide assets In ahead benchmark on remain performance.

really different bucket as clients. In across fixed for into example in provide the An the income of and of stabilize us being diversification strength and improving capability, assets just of rates of time Our time performance quartile that longer X-, a X- majority over X-, periods. Investment Balance differentiated remains periods. to the XX-year interest products basis quartiles mentioned, to fixed multi-asset active income is balanced over vehicles with that to income X-year positions fixed Morningstar breadth compared the strategy, our XX% performance switch and Ali ETF to well bonds vast benchmark which movement underperforming by anticipated X the this is the XX%, and benefits XX-year in periods, competitively X in the top and continues and and over X- the point. AUM on be benchmark strong XX% but peers basis, its Morningstar top XX%, X-year ahead only regions. time the and

equities testament to X and performance, have result a of investment of into market our ability further deliver team quartile challenging extremely world-class the Looking discipline insights to X-year a top shows investment in in flows. a the these conditions. Slide basis, on company differentiated and XX% great AUM

we as of the reflects the the several mature quarter, with net and net gross in trend quarter, less mentioned, consistent a Ali the and half outflows continuation funding last were large year. in outflows As our pipeline improving demonstrates which first the XXXX. of billion $X.X institutional compared Year-to-date continue significantly sales inflows billion in to of retail to following messaging is net of $X.X the mandates

outflows U.S. with mortgage-backed challenging general client inflation X second net Slide The compared Henderson look weighing EMEA on meaningful improved in regions by Janus industry is Net across has ETF, outflows regions. Intermediary including to a higher CLO slightly EMEA positive AAA flow not at in strategies, and [indiscernible] to intermediary Turning outflows interest the for flows from billion the several Mid-Cap as quarterly a flows. type. security were ETF from environment rates, the U.S. unique, channel by to flows quarter. and growth. the $X.X supported flows positive, billion LATAM strong as a most and year-to-date experienced and our the for $X.X

previously, and our a and positive Protect under flows discussed quarter. Grow about Ali & initiative strategic that pleased this is As U.S. pillar, key Intermediary had spoken we're we we've

this were third of on line $XXX improved not anticipating that are large market our we year-to-date in following comments third and large quarter. billion period by the quarter. ago in half outflows $X we that first to year year, In the same inflows the flow Institutional net we in results the on a share. to Our have the million call, had fundings with the were compared over capturing

Our build pipeline, it a will and distribution team is working sustainable to time. take

quarter investors outflows compared prior in Finally, in challenging Despite in capability. the net direct X quarter were $XXX across billion quarter. and remains million. the $X.X third negative the flows channel, equities for includes supermarket The Equity breakeven all were inflows active encouraged to flows year-to-date. investment Slide share Net during for performance $XXX the self-directed by regions. improvement environment that captured positive net in along U.S. billion flows longer-term short-term the were to market the we're encouraged steady $X.X We're with outflows, the fixed by the quarter. performance income. go for fixed in to income investment solid equities taking our million, which

income outflows fixed Australian Other for our strategies fixed income to including credit, multi-sector Several strategies which to buy flows contributing contributed positive had were the billion in U.S. $XXX for fixed positive were strategies. Total and $XXX $X.X net quarter credit quarter. multi-asset ETFs, the respectively. alternative the and capabilities and million, flows, income of maintain flows million the

by income. basis U.S. due higher management AUM of fees on is to Moving our points. offset prior is partially margin the primarily points XX.X Adjusted compared shift. Slide management financials. adjusted was lower performance fee GAAP X% average quarter results. the increased third X the statement mix increase prior we on quarter fees. financial to for Net to the XX.X the The to were quarter compared explain Slide of on increased X, revenue And as

the in of in the the quarter, we fundings due quarter told half rate flat the low a the to decrease after to large quarter Last in first expected we institutional third second that be year. you the fee fee relatively

million, driven U.S. quarter by $XX fees of million. Third performance negative fund were performance mutual $XX.X fees negative

estimate $XX based negative for end This performance. we here fees performance on future million $XX negative negative remains sit our full on fees. performance year towards from be mutual investment As million. to unchanged dependent U.S. results the of will includes performance, roughly the the aggregate today, fund current million $XX of Clearly,

the X% quarter. prior the expenses. flat in amortization expenses the to expected Adjusted was mutual million, to existing down future appendix, quarter on on awards. largely compared mark-to-market compared quarter, $XXX due to in we've to of models. Continuing your third usual the grants prior the provided LTI fund the operating BTUs on were table In

Adjusted X% XX.X% with lower revenue prior adjusted operating quarter ratio expenses quarter expectations. expenses. primarily in quarter to $XXX.X third over third declined prior Adjusted the due increased line X% to operating The was the noncomp compared to to million the in income G&A quarter. comp

quarter adjusted improved Third XX%. margin operating to

the and up prior ago. quarter adjusted Finally, a from EPS year diluted both was same the quarter $X.XX,

for full expectations our year 'XX Updating operating on expenses.

will business. to As efficiently to strategically cost back Fuel the Ali in discipline forward. to but we maintain We're mentioned, we deliver business this $XX reinvest to our result, pleased cost operate into with now Growth million and ways expect savings our for seek going more continue

As the year expect a mid-XXs. expected statutory 'XX, our We've refining we're of of and the look liquidity The updated from also We've in our to the tax over profile. previous remains XX to end expected XX%. Skipping previous it to to be Slide noncompensation unchanged to range adjusted range digits. of now our growth adjusted compensation XX% expense prior mid-single we're percentage and approximately and approaching the XX% XX our at and rate the guidance. Slide ratio moving compared lowered

of as $XXX position, balance operating business resulting September, very share to sheet opportunities the cash be flow the investment mentioned these and as authorization of to returning continue $XXX remains by we of Cash capital and We've earlier, an good repurchase to maintained from approved shareholders. to of a approximately of the with strong generation. XXXX. needs completed up has capital XXth balance cash Our primarily and equivalents liquidity billion million, Along Ali increased the increase $X.X the April the new million lines, Board to strong.

to Our impair authorization year, to outlook where financial strong should reiterate buyback authorization buyback M&A balance and ability has allocation Ali's arise. reflects our stable sheet. improved this philosophy changed. and does not To our the execute compared we The the better that generation started opportunity flow comments cash a capital not

of of We November. of quarterly to the on shareholders diversify Board win. actively our us $X.XX dividend to right to clients partner to paid declared look to or per of continue dividend, be where continue has to XXth build the XXth return cash record to the also buy, share shareholders give a the We'll as and through November to

for With to open that, operator it turn questions. like to I'd the up it to back over Operator?

question Our of from first Instructions] [Operator from Bank Siegenthaler Craig comes America.

My first capital on management. question is

in both of So fresh buybacks and would the a lot prepared M&A higher. commentary on drive EPS remarks,

want the for #X you you in update focus, also think, terms And the term. that clear the private we on of an and an the announcement stock it get credit potential First, buy I can do over made near the Ali, the just focus? is M&A same in M&A to at back And commentary time. still strategic

for thanks Craig, questions. the

hierarchy capital from changed. our perspective, allocation First, in our a framework

So we kind of to have buckets think about. X

we The first one have is to cash that have on hand.

to for needs So And like one. in grow whether set business. recurring liquidity we invest both or piece anything been step look a are to delivered of obligations we're left, doing going back Roger or as start as funding, well, anticipated. which we've that, thing Board inorganically contractual is that because we things I next while it excess needs shareholders, thanks have aside to organically we're That's to doing be to results the cash basis approval. we if is as we of the kind reason seed payments, things. And we course, for think, mentioned we ago The The business, had we've better the technology, announcing doing than regulatory or of the other then return today, capital that.

business the now believe shareholders invest so cash able to appropriately. do the to are inorganically to we both in that and opportunity we And and and do have return organically

can do now. To stance both our doesn't So M&A we certainly think we that whatsoever. point, your change

be clients Our M&A us add. want stance adding capabilities continues to client-led, to that

one grow business brought market quite board, in nicely. little while. we that which over example, You continues the two, debt is for space saw Privacore the private the One to and us emerging on is do past

what to that So point, scope us there. is but acquiring. our want other that to are broader client-led behalf participate are It clients. of out as There's stuff we're in looking opportunities, areas we plenty out clients for a certainly certainly the we Private credit, of allows of to where well be of we're to us your and an want there is there on. plenty opportunities on area one have focused

Ali.

XX% is over your active lot performance benchmark peers year. follow-up, as equity AUMs Just being roughly a my X and stronger. of

we all see in there to either on some of I like and secular but are if side sales redemption client conversations cyclical equation? wanted know side you're improvement seeing the Now here, or an headwinds the the

Look, it's a great observation.

which teams Our good job process, an is performance. to are doing the being do delivering extraordinarily Janus at by investment disciplined Henderson, and sticking we here best what active

Obviously, that peaking across see the board. being in us. clients their that interested with interest talking entails You and

mentioned, improving that. you helps as at certainly, pretty And job performance So good we've a done that.

in performance the of of support. that that want, clear They performance we necessarily what us us. And right? continue service will client want that some and our thing is client very well say deliver Now clients and great a to isn't numbers, and both seen trust you've as trust in I some vacuum and comments the only really clients before service. deliver They to sales

that client And the increase has Intermediary the as well. as the in and both discussions as combination channel of channel seen a Institutional significant well the kind significant supporting of like consultant areas increase so -- in interactions

Jefferies. comes Fannon Our from question from next Dan

you bit the you're you on to as to levels need well on I What are with that was this of the willing regards you the as in to for cash balance hoping question, leverage about follow minimum you to the up just what first hold think to how sheet? reasons a on want put mentioned that environment?

Roger. Dan, it's

pick up me Let on that.

said, I a of think as profile capital. got Ali -- we've

some actually, know, our reg done has equivalents million they largely efficiencies driven work capital just QX are as business requirement, were structural the you is U.K. the actually in in about point, where your from And in and $XXX cash cash and to reduced over Our 'XX. up we've

number, single to cash the and that when stopped it balance, we a year Ali's where we now looking doing or significantly little was to before a bit is at with look strong M&A both and previously but dividend, that do isn't point, and there fuel us and that that the opportunities. a above buyback gives buyback So capital ago continue in a

continuing the just can about expense the I and we more efficiencies -- about talk then finding And more you've in as success some framework of of business out as coming to overall given but [indiscernible] next reduce operating for efficiently, costs the and think fixed the the the year and longer-term the said had expenses. maybe you Great. even given balancing invest reducing the are growth that growth, maybe for footprint further overtime. of rate business

to Yes. the want in We're Again, our those about well. business. let think then, we off we and investing as and areas on that, investing can Ali's we've been grow and perhaps been you chip me very that those kick in clear out. Ali, in areas, laid We've in

at and that's that, can than where bit further to and we've which less where is both that quicker $XX looking and positive difficult where to than with business, being Intermediary we we've laid see act. flow brand a a look U.S. a . That market little in great. we're invest. continue we'll our share that XXXX in and into that It's as how can $XX said, But out through said, Ali other do such that million where gains order to in balance is coming at and And this investment as we'll people in constantly million. well less. those do of continue areas. said or deciding that to we efficiencies constant We've got environment. as do One And to better invested we great to

full in today trying us not expect that you'd XXXX. and do again, guidance call. you in I'm find on add to those anything for expense Ali, the So efficiencies But balanced to offset year to investing business We'll remain to to investments. the should going give that?

investments. ROI Look, Maybe continue in to little we're be client-led Yes. bit. to our just a going driven and

aligned client of time, -- our focused a to be reoriented expenses on with on expenses. We focusing needs and reoriented again, ROI, portfolio it more portfolio We've period short our strategy. relatively have meeting really as of a think in much our about

on So foot we're we our feel now. front like right

market firm look pretty a a manner. You're in much we're relative seeing client-led very our certainly we and take to We the most our in reorient that believe ROI-driven our the stronger opportunities for peers in will gains continue building them and expenses share to to challenging board. environment, and across

comes Our Nigel Citigroup. from next Pittaway from question

Good morning Ali and Roger.

on the cost a I guidance, question Just if can.

like brought that down increase that you've increase. non-comp on XX% digit in bring the will fourth what looks done the X% to You even you in only mid-single costs, quarter a third and it to quarter but

are that you if increase significant sort So from? going so, a come in is the quarter? flagging of where fourth to And

spend QX, doing Yes. and QX. do Nigel, else you compared work Again, around annualizing some an expecting in QX. you're think than for pickup which to 'XX professional 'XX when like in seasonal year-on-year, should expect yes, looking a be be in are increase yes, there more I But brand we that pickup will is looking our things a to opposed anything at we as QX. we're

balance We'll Again, low and at the look We'll to we in balance bit guidance it now to do but digits in that, to the was but spend expect mid-single at we'd -- try the brought the and year for a from continue digits. continue we'll year of beginning that continue to now little efficiencies, think try of to double digits -- QX. single to I we more that. low beginning expect

more timing than that's else. anything So

the year-on-year, quarter in going well? was as about then one that it's low compression was opposite is same the to to comp way nonetheless. but right, -- guidance. Yes, that the to have fourth the to a that think on almost have And right also Is full you're that meet year that's ratio, that pretty

off We bit a mid-XXs, QX. is than higher. little of higher a we've in don't about QX always there. be part there's But bit expect too this of maybe quarter. to about a little there's little the a yes, far timing in XX bit Again, early that, talked The bit year --

quite improved investment performance, sort a finally, mean maybe the I is sort which know performance. on has key obviously, and et too durations, I Do to much cetera. willing on X-year of a that X-year performance. not that you And thought? has sort just a X-year as Or deteriorated and a look of bit. viewed X on at people or Okay. sort of are focus it of see But number just hurdle then as of often year

So to we on performance know We it strive all roughly drove cycle. significant perspective, ago X obviously from which COVID quite deliver a all a marketplace. years happened dislocation in the

teams remain in their processes. investment Our disciplined

the clients a time so Our make speaking, know argue that. look at way. generally look and They and that process at I'd people frames all judgment

Our question Ken next Worthington from comes from JPMorgan.

on about line like pipeline pipeline talk you to you you looks you And need is mature, pipeline to you time looks maturity? reach what what can today? a institutional us to the needing the think like When what update versus mature fully the pipeline that

It's question. a great

being XX the for institutional far so Imagine to of ago, that a replenished. delivered has So be billion and X positive pipeline, a to flows $X.X look, has year. months remember, in that number, business pick and

would So if something bigger you is the like is And be we pipeline to question cheeky it to your today. the is we'd obviously. forward, than answer to go like do, that that

Now longer these sales, from a perspective, cycle know. frame as time are you

now, as are perspective. years client depending as You far can X from on a there think these from needs sales what out about

wins significantly. gone significantly up levels. quite So these things of our activity they terms consultant Clearly, up the The news in take ramping time. have are that good is

distribution up for one has talking investors do our with done significantly we've strategic significantly as that institutional in client. who a of including Our better institutional are to for know, quite gone marketplace you and is pipeline, team, quite this our the initiatives and to now in invest discussions well adding

it environment. you, take certainly for a will on track stronger precise in the a answer and getting So I have don't tough right time. but we're

any Okay. taking how are be And ASX? the delisting, during this is market the executed? you're the when much listed on that will there and to transition? the delisting then kind shareholders How on cap of ASX And ASX of today steps Janus' protect from

So right the ASX X% about shareholders our is of now.

was it XX%, its You close at shareholders might remember certain a of of think of peak I XX% north point. to

So sole our we decision of Remember, do structure and focus reasons M&A focus simplify XX% clearly, our the to Exchange, for to regulatory is exchange, fuel significant that costs to reasons. shares to be our able quite reduce reasons, growth New come on and significantly. as down York other to Stock on that's to delist

point And us. clearly focal a for so that's

Roger, If directly you It's think to and that X% probably York that, There'll volume work through XX They'll us. reduce that's, ASX that on important it, want we're and XXX days there a of X% years. to in continue market a soon to growing an because details. market. X very clients growing been in We've ago. We in about roughly, or itself. call XX be jump Australia detail very some was calendar want I you XX days for be have It's to people better for more for I can roughly or Roger do with will to that dates. may as to convert that market. note listing, back can very vibrant well, on go us, well. which from investments that Exchange listing this has New Stock Ken as important a trading our in bearing no days

will we you to delisted of that Xth the that take were how see But time this the the essentially, facilities, probably end will saying the the of trading to of first mid There back a line is what sort happen. us that through facility, announced will a we process voluntary compulsory Ken, so facility X We Ali's XXX-day window is, quarter, December. today. which a and Yes, really, work. on published can is this become

pressure. protection, said, of you it's Ali terms over a small obviously like as investor don't any long time, In selling relatively amount but a period of

I'd be not cancellation. that transfer a can a shares, thing an of this say or so it's is transfer other The is automatic

Some people will hopefully move over to the NYSE.

delist hopefully, in will So period with well. is during linked to will And not delist, as then whilst move the the the buyback X% directly be the that over. of buyback we definitely the some market

in So we'll from that buying period be perspective. buyback a shares

process. through else. Happy the processed than But works. more that's detail take how anything in to anyone more it it So it's

John [Operator next Evercore. Instructions] question Dunn Our from comes from

the fund And It to kind might was about of you kind of U.S. a the be to that see looking from improvement in at great tailwind? more takes just anything that of we level being and should a Intermediary there? Maybe a talk drag little channel. could more being move the puts the

Sure.

channel. perspective. it with a progress strategic We Intermediary a And We in U.S. from there. the very focus the a things we've on few of pleased are done put lot

example, in as to well new internally world. the of organization we're Sky external bringing given brought people from people from as leader folks For the that Blue we've new supplement a in and

we for and clearly in a we And a delivered. part much which compensation clearly, people from to and So have course, that of your it. set of has the was KPIs, John, to new new very point, that very question business, earlier clients. put performance strategically in on metrics, get to deliver wanted what products clear was our We change to of out great

we've U.S. deliver suite income in quite quite a needs channel, about in well, of well the If that more clients to channel. our equity but you our the that been to think that can from of it's on channel in done come products. fixed as broadly, Intermediary business. Part that that side have successful on products we that set and over bear of the frankly, the securitized is We've innovation similar the done actually well. We've our time with that also more have in for of ETFs, brought

have been attractive that So things mid-cap quite growth as in channel. well like

of motivation a is a that and you about XX strategies about you are which in balanced the them U.S. inflowing broad has actually excellent X really But firm firm-wide about them the well. channel, it's from the as quite the income are efforts Actually, if of made that a a and back perspective, take and the fixed pretty for top broad-based. team fantastic step changes X in been rest So focus. from the think equities, there we of of in

mean, I income, trying process potential of and with you both in how for Institutional and for wave the -- get talk you're of that are the mentioned you you the but institutional in fixed Intermediary then channel front prepared can the coming distribution, And of fixed to getting investing demand channel? about in clients

absolutely. Yes,

be bring fixed income to Institutional a different brought maintain strategies form, to skill a forms bear less our forms. the franchise, that U.S. I well, on and whether the the securitized in Intermediary build clients be We the brought mentioned can to ETF comment Intermediary but in broad and the products some different parent have suite our can client particular, that have clients bring in certainly in the world. buy channel, the earlier. innovative to we to and of certainly We in fixed fixed to as set accounts channel Obviously, it otherwise. your Europe, storied franchise, or separate the credit be franchises, to multi-sector income base performance a Institutional have income great fixed Australian franchises U.K. like in income our

bring the by sale, solutions of products, those that's in obviously, clients are that combination to kind can a our solution nature. bespoke more fixed some some product also an Now product income we things but to speak, but so of that outcome-oriented we business based have, on also of

focus you that and is lot to the asset product-based our a income we some across or of interest investors as researchers as class. looking the fixed broad the to We're there's You among that our lot institutional as say, be in here focus board exactly have market couple our finding quite share well to a able and intellectual activity interest our as of solutions like outcome-based knowledge investors. and capital

from comes Potter. Barnard Marcus Bell from question final Our

the sort the question. of it on it bit the a the on points your CDI take comes partly following buyback I sheet doing seems interested of But Ken's to about from that time same the of that balance the coincidental strength resumption at Just the buyback. leading you're delisting.

is that use open manage Or a price of CDIs second NYSE it it I discount? help And discount going X complete up coincidence? are X just is question I So guess the is, are the really you to to question -- stock, if buyback between a is the does guess and linked? the the the

Thanks for question. the

of linked the and allows delist mentioned is not profile, others. at the view to And is earlier, and things we buy all. to think buyback course. the implement about We continue as in these business current us organically obviously holistically we to liquidity a our the So holistic both whether exclusively invest M&A, buyback partner that through with or

across view anything board. I Roger, the that that's So to have add? have if don't the we you know

delist The there some think will But a are discount, say, you the between said, absorb buyback fungible, X. they As the connected our the it not are capital. shares isn't and I as [indiscernible] equalize liquidity. I so

given So how doesn't happen work. that that CDIs just way the

York more Australian I a when of level sort markets was thinking open. New -- intraday on the

Stock on Yes, York Exchange. the the New buyback will done be

That Q&A for back I of the session. to the now over closing Ali will now is hand Dibadj end remarks.

employees stronger much, so another our clients, deliver Janus is commitment continues Great, and that everybody, stronger Thank for clients, demonstrates you listening. get a to hard, our Henderson worked Lauren. environment. shareholders. in who've very quarter for our This to very hopefully challenging their our

you and day. interest thank our good in for all firm, a So have your

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