Janus Henderson (JHG) 2 May 242024 Q1 Earnings call transcript

Good morning. My name is Brika, and I will be your conference facilitator today. Thank you for standing by, and welcome to the Janus Henderson First Quarter 2024 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 section in 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

my is Executive Janus it to Officer Henderson. Now pleasure of Chief introduce Ali Dibadj,

your Dibadj, may Mr. begin So you conference.

handing strategic XXXX joining and everyone, on First the Ali CFO, by thank initiatives it will Roger. our progress Roger's on I'm update earlier I'll for announced Roger comments, allow deliver tremendous call, before believe a Earnings Welcome, with X us over Thompson. some I'm value clients Call. thoughts Today's provide you including today Janus for to After today to we Henderson's we transactions our joined our on Dibadj, Quarter I'll that quarter start shareholders. and us

following questions remarks. And take those then your prepared we'll

X. the were record Turning uncertain backdrop Europe quarter, inflation Eastern the Global the first U.S. returns environment, in rate returns, in touched with and S&P East. and -- investor XXX for equity stickier geopolitical Middle strong in market market including conflicts these the a strong the higher where expectations for is longer increasing Despite to highs. Slide

of and by The client investment team, enabled to as our provided a finance results. other strong teams legal, generation and world-class quarterly IT set markets, exceptional deliver productivity teams service us and teams equity by the of the as well alpha provided often a importantly our operation overlooked, our and regulatory good risk,

basis. assets resulting X-, respective a investment at Indeed, benchmarks to off of XX-year very X- in performance is beating and X-, in start a least XX% good XXXX, on

years. AUM billion, which figure to management under in the is $XXX.X Assets highest to X% quarterly X increased

results the quarter. if institutional impacted The in billion, with recall, redemptions expectations. while in reflect few higher where we by intermediary QX, we EMEA intermediary net negative first in First fee this you flows quarter focus year, a net were particularly larger $X channel, improvement decided would flows in our line flow were

financial by XXXX. productivity coupled in markets, plus compared of a first our with delivered at and remained Our all EPS adjusted an increased Janus $X.XX, resulted results of by teams teams, performance the investment to management our increase XX% quarter our solid. diluted Positive expense Henderson

and sheet the financial both inorganically us and organically financial results the invest Our cash In performance balance to to continues strong flexibility summary, and provide business, return performance to strong. shareholders. are in investment and

do key momentum our have business still areas We of to and flow to consistent. have much in become work

the talk and stable strong about later a sheet, in have execute more and continue presentation. We which to strategy we I'll balance our

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

call. again and Thank you, for on us investment Ali, and X thank on joining performance. today's Starting everyone you to Slide

the In by its benchmark driven time and a of strategies. which on across X-year the and majority equities, balanced is the the this vast international U.S. in growth, Global capability, basis moved multi-asset was now alpha remained periods. versus periods. over respective As multi-asset numbers, up strong benchmark equity time with our primarily long-term to beating X-year improved by at the Ali mentioned, all solid investment to number AUM report benchmarks capabilities. In their XX% the primarily all concentrated Alpha ahead its above quarter, and bucket of the of is prior back driven pleased we're improvement XX% in to XX% least the strategy, performance compared assets Backing benchmark that

fixed of who income, higher our delivers to quartile the X-, time over clients is now XX-year X- ballast against for strategy on want more many focal which as being and the We see peers top risk, Performance want a yield. point Morningstar X-, strong the take in but periods. balanced also of

movement into positions benefits versus We across regions different fall us differentiated and the to as performance income diversification rates of breadth our performance income believe vehicles fixed remains anticipated strong. clients. interest income provide and fixed Elsewhere, and products benchmark well potentially fixed bonds for

with X-, of competitively investment time continues be to and least at periods. over peers XX% X-, X- the to AUM performance XX-year X in compared Overall, strong Morningstar the quartiles top

company including gross by U.S. ETFs, the of Income, active quarter a for The net into quarter. $X first Sciences outflows consecutive was flows billion several by Fund. XX% fee Innovation year-over-year. supported Slide for total third for the quarter, increase the positive and the is Multisector Life were positive sales which Net X X by were Global flows Slide the type. channel strategies, intermediary channel shows intermediary most inflows net in the for Biotech client quarter, higher flows billion Hedge $X with of

previously, spoken Grow and by share. initiative quarter intermediary pleased a strategic the the pillar. about our that As is and We're market for gaining results we're under key we've U.S. Protect

During a also the hybrid, Forum with and partnership the expanded announced public Fund, Estate the of reach to sales Fund quarter, Innovation the market Hedge we Real Forum the strategic a Investment Biotech and Group Investment Henderson products our of since XXXX. Janus MBS managed inevitable has an access estate structure. to investor-friendly in partnership differentiated real which lead to in distribution commercial inception provide private fund will clients its This the

the American EMEA segment. Latin and Moving intermediary to

our outflows expanding improved significantly compared are efforts. to prior quarter. strategic Net We the

Intermediary EMEA which Europe the also the positive. index X driven large were Within strategy. and outflows include were net global redemptions and $X.X of strategy both billion commodities high-yield global delivered region billion, positive primarily flows by $X.X in Latin enhanced flows in region, in the Asia the Continental billion for America $X.X Institutional quarter. and the were

is the talked flows discussions self-directed the capability. the client the were includes time. $XXX interactions We maturation of in channel need supermarket which compared better is $X.X and the and suggest distribution indicators pipeline and X pipeline. replenish and a more Slide prior in about investors with quarter Net billion We're the with to publicly direct leading pleased for team taking our is by sustainable outflows work the million quarter. to the doing,

had the billion billion in the EMEA strategies and U.S. intermediary channel, the $X.X in from core Net billion, channels. fixed $XXX million. Equity institutional multisector fourth to were contributed to income negative quarter. income inflows strategies buying primarily the came maintain income were improving improvement positive in flows both credit, and were including region credits. flows and plus Several The negative for contributing Other which $X.X flows ETFs, positive in fixed income fixed the quarter. the positive of intermediary the flows fixed $X.X

the redemption And billion were the driven were multi-asset for outflows inflows I including in net outflows $XXX the by mentioned. strategy. net offsetting capability million. of commodities net the index enhanced institutional global channel, And these outflows fee the $X.X alternatives were that lower Total capability just institutional finally, the in global high-yield redemption

the our income. GAAP is to X Slide statement on Moving financials. of U.S.

accumulated Before currency adjusted moving liquidation this to translation the a nonoperating removed several due to quarter on entities. noncash gains to adjusted financial from results. results, related release JHG This is GAAP of item the of results amount foreign included

will also likely to entity structure, there be accumulated be results. additional but currency similarly, which nonoperating, our simplify noncash in we of As be adjusted excluded legal losses foreign and will continue reserves will be translation quarters, releases will future from

good are XX%, the to EPS first up to investment compared to to quarter, fees fourth average primarily and lower adjusted in year due Continuing and XX% respectively, performance operating relevantly, compared performance. significant financial Adjusted quarter due quarter. the are operating results results. ago, income the leverage realized and higher annual primarily the AUM, prior the More to a Slide and X operating

stable average at higher level and Net result decreased Adjusted of detail. assets each the performance fund X% offset over the the primarily a fees, higher at fees. year, to or XX% prior the to basis Looking which increased due primarily XX.X X partially compared prior adjusted quarters. as points fees. lower quarter, management revenue revenue performance U.S. margin prior were mutual fee with seasonal was above improving of by Adjusted management

differentiating management This pressures in to a good many the competitors is position considering a result industry. asset and experienced the compared fee

competitively decrease fee pressures, is our not quarter, fee business. higher seeing peers, do compared rate While many on we capabilities were versus in resilient Continuing of our Adjusted we're continued $XXX in expenses prior success, slight mix those we're the to the immune given our see differentiator of intermediary first reflecting the discipline. a where to fee million, quarter that expenses. expense particularly a operating to

the we seasonal taxes quarter. of in by up quarter, payroll existing the triggered you the vesting grants XX% Adjusted to for provided the the to future prior newer appendix, use amortization table the usual was LTI largely In due annual expected to compared on models.

contributions. The ratio taxes XX.X% payroll of beginning taxes year The down vesting seasonally annual first to higher in due reset last first rate comp the payroll the quarter was higher at quarter to and adjusted of is at the first of primarily is revenue year. in which retirement LTI XX.X%, the quarter on from

adjusted lower the non-comp to is Adjusted to timing to ratio opportunity expectation non-compensation XXXX of expenses, still quarter, expenses we compensation of areas G&A Our in anticipate given investment-supporting for costs non-compensation the result digits prior of XX% suggests XX% growth year, due in unchanged. primarily due the expenses non-compensation compared costs X of expect our the compared our expenses. in high range remaining to quarter our prior mid- of we to the adjusted year XX% of to business. of single annual Lower-than-anticipated significant remains a acceleration decreased an which non-compensation the increase quarters to as operating

to compared it over to the period earlier, As quarter, while year decreased I ago XX% same income million. $XXX said XX% a adjusted operating the increased prior

Our in demonstrating adjusted XX%, leverage increase a operating first the of business. ago, quarter margin basis our an from XXX was year points

quarter Adjusted but XX% quarter, from EPS the first XXXX. diluted prior the down up on was $X.XX, XX% of

operating seed quarter slightly rate. our below and the diluted sheet benefits active JHG higher balance line of management on reflects the strong EPS generation our of First portion income tax from lower adjusted and a primarily book, alpha

Skipping at profile. over our to liquidity XX look X, moving I'm Slide to to Slide

strong. lower payment the equivalents March, year, Our of Cash the of and primarily the which XXst from $XXX annual as variable is of capital compensation. cash end the of position million were remains from

position ago, cash needs. is The to X% given Compared our year lowest a cash period equivalents typically are same first and quarter cash seasonal the higher. our cash

X.X the for dividend $XX During quarter, and million. funded quarterly we repurchased shares our million

million of March, there was $X existing in April. XXst under buyback remaining the was As which completed the authorization, of

in declared dividend excess of immediately an cash of to as to XXth return May. where compelling has capital of either on inorganically a shareholders XXth business. This return our the or paid organically The look per capital with Board isn't to to allocation May shareholders of there framework. of share more $X.XX be is investments the record consistent We'll

say so. flow $XXX do April with million in liquidity not change pursue XXXX. balance do moment. up this has the to our buyback The share pleased business us stable enabled cash and that of improving to diversify Board stage, we've program new earlier I'm and further and to buyback today allows financial to the M&A a to by a Finally, program our completed to authorize where strong sheet, results desire our as will a be generation, to along discuss that announced clients both demonstrated us At through about by our acquisitions want Ali does profile

We've at shareholders. reduced dividend. shares excess the quarterly consistently And reflects. to Finally, since to return Slide by outstanding a data maintained been capital XX almost disciplined historical our XX%. have healthy in as looks of shareholders returning We've capital XXXX,

Our financial and cash our stable outlook, generation return of and capital strong reflects our positive balance flow sheet. our

clients further not stable to to give our or M&A, impair buy, should arise, We the build partner to that believe right and buybacks where look to we'll win. continue our us actively execute do dividends to and ability diversify opportunities

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

Roger. Thanks,

diversify to our XX. give amplify businesses, not us clients our Turning the where grow to And fully strengths, of our reminder protect X pillars win. of and a and core Slide leveraged right strategic

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team, we the diversify we've and including slides, announced and amplify few Privacore I'll made transactions our exciting Wealth Investment acquisition and with next highlight their Tabula efforts an in today, progress investments on Management Capital. the to the of update Capital and private business the NBK a partnership the strategic of earlier acquisition X NBK Over

to our products its on I in with managers private with to its update quarter Privacore the Slide alternatives democratization Wealth venture, told progress was architecture premier in partner and billion XX the clients. is made Management to currently platform. Privacore wealth Moving clients alternative asset product. manager investment substantial open alternative trusted joint institutional deliver to distribution Privacore an quality partnering Capital through almost has market Capital, last first its of alternative a mission private and distribute to a $XXX you that in

to partner technology investment about order a firm, in to with is second represent their a well-known efforts. firm them Privacore in fundraising

Privacore addition, billion statements alternative new has that X in manager and alternatives globally more working $XX is for In filed with an assets with funds. registration than oversees Privacore

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Turning Slide to XX.

which NBK NBK capital billion investment leading Capital enter space. a a private the markets, Partners, private Africa. have is Janus East including allows Kuwait emerging In their emerging addition investment NBK across pending record strong manager Groups, capital announced strategic of commitments and and classes to They North asset in alternative National markets to Tabula, to track private capital we of the secured and of XX-year built Capital investment acquisition Middle Bank also an performance. team, with in Wealth, the date $X.X multiple partnership Henderson

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help outcomes define achieve focus to clients deliver employees shareholders, our results desired all is forward, unwaveringly superior and and Looking our and our to for financial stakeholders. clients,

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

[Operator Instructions]

question America. is the from line first The Bank Siegenthaler of of from Craig

total my which is, think when earnouts? question congrats was in a question Tabula just remind on they how NBK X couple weeks cost strategically? potential valuation did So including on And is finance those capital ago. how like future payments deals. then first, much partnership in you deploying the us them, about How actually, the firm my you of any and But and

broader the views it I'm with allows well go very Privacore deals. to for way diversify help and think in very them our pass happy us the I'll our value start skate Roger as will are as about to the both as these client-led appointing It excited economics us given and Look, and which we and to deliver detail. protect amplify to shareholders we puck and continue enormous grow. to We more. through go to to business to can they allows -- more through in where is a going us of Roger clients

Yes.

aren't terms to going expect all financial But and would and forward. they're upfront the be disclosed. cash relatively transactions So small cash

factored buyback, fully about when for example, thought Craig. we into calculations that's So our

do off addition to off we do deals, launches certainly probably these some Tabular of as to opportunities the well. capital So year, bit -- in of or increase back a other the some transaction also ETF this back see some and launches expect the little we to the ETF

buyback from last. like in little just the buyback. things than look terms in a probably this a on carrying So more forward But we as year cash is factored just of perspective bit the buyback well, the preempting our question. when that's all Actually,

Therefore, the the And buyback is the do that mean we We doesn't all back year entire whilst necessarily also the for will comp. to take is that for employee accretive. it. approval fully year, stock buy

the sort capital that more concludes the but happy of take later. to question, of hopefully, part So cash

next question Worthington from JPMorgan. with Your comes Ken

is well This Cho as on on for myself deal Michael the Ken. announcement. Congrats

about into opportunity Just space. thinking you EM longer mean incremental NBK Janus? NBK, And sizing potentially supports here. talked to opportunity thinking adequately? private capabilities capital are the term, market you about how one for on through But I Janus' just you how are follow to clearly Ali, that entry that up address clearly,

we We're the here. on that really And Yes. we foundational growing that a Thanks market is energized we about strengths it question, rapidly pretty we for while have us see allows entry build again, diversify. the as Michael. opportunity early into some

So have remember, business. we equity emerging market the

logic building the And this an emerging region. is private banking business formation, an at on corporation this market longer of that high understand demand, actioned we and in real the have the among time, is term in growth have likely faster, we the region now, for we the be isn't We really emerging But emerging where outside public same broadly the that see debt capability, acquisition top the clients, our and recently. And demand the and behind markets formation. the market very, household with we've will sophisticated. more very both system

hearing experience nexus, NBK and really fantastic the So and deliver clients we're locally value that a and think globally, a with for region, in a investing from and that combination team, partnership and XX both NBK that, great will years alike. we fantastic found Wealth average what fit and shareholders clients, cultural of with great we

And Great. for question just you, then, Ali. bigger-picture

those right Alliance fixed pulling experience. with picture how mean, I that had Equitable a Janus the income now. that same Janus together feel capability, been some time as with prior relationship thinking pieces? think and alternatives with the you about just of just and and for that here bigger your curious see structure thought value do how do of Alliance, AXA past around and some But around of years you You've about your couple the given Janus you're big right for you

includes for of the as clients rebuilding the in on companies. know, deliver can And are We seeing obviously like the our of believe insurance our we of delivering we're at We Henderson, have all our arrows pipeline kind quivers channel sorts. the very focused Janus that you clients. in many improvements we you side, needs on for client of sets that as mentioned, enormous intermediary institutional currently are which,

things pipeline side things, private. insurance And the one X deal. on more certainly need they just side. private imagine things that the to We mentioned other bit see many on obviously, that there's half, from have segment. well, more need could is in and business a like those our side as insurance as credit maybe also side needs Fixed of well. doing than companies income continue But half we of on that about And little we the the

So very look, with core protecting your that for and are our We diversify sure business on and opportunities insurance of look we to well. then that to pleased deliver we're including amplify to point, sorts, for growing. companies clients client as all needs and

We Fannon now have Dan Jefferies. with

on follow some about the to guys replenishing wanted I institutional up been you some backlog. for comments have saying time

you for get hiring doing time curious So internally. underneath I believe changes on you've also a little more what proactively what and reasonable some that a color was I enhance some is been that, And to doing channel. to think hoping that. period you're

minus, positive year having that world while. institutional the getting the the a our is need replenish after pipeline of We course, This quite clients, of year. your consultant a from feedback of takes positive right. often. Yes, frame. and But to flow actually would lead we is time that has stuff of we're about you the time told $X thanks. I'm leading which things view. obviously, about very, indicators a move of bit lot pace type activity world activity little quite actually talked and activity. positive. plus lots XX-month XX- institutional or last billion pleased level very the to the with pace of Dan, at That's the these are probably an still We right, consultants, recollection we're so is There

also what being about take we note would AUM mindful that on. we're I quite

think all all created not you equally. realize certainly that I investors we realize, realize, AUM is

shareholders to we're search delivering clients value So of low-calorie delivering value in very our about to so-called and AUM. not and our mindful

The So indicators are of we're being that. leading very quite positive. mindful

terms You mentioned in people. of

against You're very regionally, that in already to investing off that starting and much manner fruitful in same make sure organizational We're businesses, structure out pair bit they a the see changing people we're that. clients little some results our i.e., institutional their of more to run we correct. the and

I helpful. was And could upon then you Great. hoping ETF your vision for That's franchise. the expand

You focused next active on this the certain announcement with footprint couple fixed a road out what obviously the on to you more term? to today, within anticipate equities? mainly as have franchise of products look-alike last coming months existing the was just is the you success income you XX of of your fixed Or years, products, get have little do on the over your but bit is think ETF I income of longer what the a for vision hoping map market

Thanks Sure. question. the for

off and Tabula with as me start we Let expand maybe discussion. can jump-up point that a then

time kind frame the shift You time trends. the lot of to start we're seeing a of the same

those side ETF grew get trends. the take of XX%. advantage literally, the market about I active fair, right? to XX%. base, Small and mind into Tabula about be mean, us marketplace to allows some growing of But So that you, on

form see in actually well. as Asia to in in We're interest growing starting ETF America and UCIT the Latin

that. seeing we're So

the fits it is with ago, under NBK and prong that going, doing puck well. I this Amplify skating pillar. where as to Privacore As are we And like we're a strategic mentioned is second the

And we're client-led. deliver so the being the amplifying skill to we're way to we that Again, have client needs. a vehicle-agnostic sets always in

question your great question, have question the set -- great taking to is a answer little investors, we the So have, we earlier bit earlier, incredible this sets service to which Michael's acumen investment that of folks. which is client that starts we're hopefully skill

And in now putting clients. it a we're our different deliver wrapper, to for right,

different different in We doing have mindset. who our to that We needs, are purchasing cloning ETF the are think a not characteristics. prone look folks for

And so differently. we're things doing slightly

the as example securitized is exactly exactly U.S., platform it, income of side to this. fixed come on described the you the Now an

as form fantastic Latin performance again, then we Europe as well Tabula factor, enormous a that being and this about could Asia that digest vehicle-agnostic, in investment think team, put that through We and example, had great about America with a with clients that thought process. for Take it and a think product success.

Two be it fixed other One income. have note. only is pieces to not does to

other do think have They in equities. equities classes, fact, and In in including be that. we active, there's asset things we active imagine but doing could all that ETF will to do potential

active, We're Now have other created in say with, across that to strong Again, an many, folks very investment may Hopefully, that mindful a ETF very, for very is the it full that because the ETF last franchises of fee you thing investment, as different and team rate is that picture. we of very a compared AUM the because very, that's the different, is form is in not I'd fee very that familiar factor delivering actually. on all that many these is this gives very, be quiver. We're rate of attractive equally. thing again, some right? most arrows

Evercore We now ISI. with have Dunn John

great improve. It was to Europe America intermediary see and Latin

bring talked think transporting how results of have more do guys better markets. life overseas? to about sustainable the practices And U.S. some making? you specific you you're to are that You little Can shifts those a like

go way, challenging of U.S. we sustainable results that has growing second, have business continued the expertise in the that growing now market share, a too, believe, we for is of areas taking market playing even changes, question. just out it's hats growing by it's active done intermediary them the kind thanks we equities, growing. the again much the about successes business into And talked off is had phenomenal sustainability and which U.S. to and in intermediary you're experiences Recall, to not in delivered, and from we're and share suggests job which the most John, and U.S. the and there. That Yes, markets a team like to that I'll modifying, very the in world. the they're to that right. some business. are of bringing make sure modifying And did to are business, that very rest point, we things what of that customized, in but right, fundamentally, your

board business, upgrading investing internally the people So bringing that. things investing or the internally, new with like in on in in business, people promoting people

more We much are carefully. at looking data

have it, before. We're of them our more that which little sales cut, now, which share to market of not have branding force each an as push for there's give pull imagine, and We to well. amplification as the data to again, bit push you'd spending folks make a basis, a sales on sure didn't global way every our marketing element element a on we of

course, on we're focused differentiated and structures of KPIs growth more delivering that much comp clients' on needs. that KPIs, have focused are And very that on are extraordinarily focused

continue, in pleased that investors is couple very, with team. what That's sake client that Now that to obviously, well. the you're seeing early we for that we're And EMEA, very as and from investment progress Latin sake and stronger. with America want performance

of I could If couple bit that, to a add John.

of I positive it a actually, flows. think Europe. we're in in broad the other positive things, what in in also of is pretty it's We're Asia a positive also about we're intermediary LatAm and European talking terms improvement in -- We're flows. core Continental

the sciences. and the market. still to life broad got backs excited U.K. also outstanding That quarters coming of global We're taking brought call is positive. We're we've a some that's and with moved and share market negative We've Asia, equity positive outflows. reorganized that a leadership -- in the Ali the said a we've And range thematics, in But things in about performance products. share, biotech tech U.S. there. We're on We've it's LatAm X a in market. done we've in tough equity, broad losing like in We're is up European flow tough but in still in European at positive U.K. continent, earlier, and in, definitely relatively the The U.K. new but there. market the not as probably

positive and Europe So before to pleasing see continental and one positive party, this quarter the do, joining last quarter. but U.S. more the to Europe really

pleased we're the direction with of travel. So

then And you In past 'XX? a Got to have fund it. you seen for the balance great cycles, past, what that the how like back to that strategy? it's interest do quickly And return is contributor. think look good been a In performance.

we risk. the not want on way. like sure really It's the big you certainly. they're effectively our client I'm become of better but base is want you we better know maybe John. a I'm bit feel go We this, look, are glad take all focus saying, little to balance the and But a to base. client And effectively saying, cautiously, things more raised strategy,

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[Operator Instructions]

next the Morgan question Cyprys have from We Stanley. from Michael

to sourcing take both this Or drive origination about the markets steps you'll about could need to the the the in ask hoping over you meaningfully I here I deal. plugging And Congratulations Do on with morning. private of transactions global maybe just speak it and distribution? that add expand it at wanted growth NBK order or your vision is feel on of really you talk time. into you could more accelerate to resources? NBK. this some you to growth for to was

we to origination Sure. to Thanks have in it. for part invest meaningfully the don't believe question. We the

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us where of that's lot sense. to so plug-in the makes And a

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building we emerging for that franchise in So emerging for our the believe and block our is private this market foundational a markets. great franchise

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Dibadj to for would it now like back turn Ali any to I final remarks.

the moment Thanks Henderson. speak client risk, to I each we whom you've to delivered at context IT thank not at want of very compliance, this employees of of legal, service, at we Janus want brief well I often the And our the people, and Brika. people, the investments that these before, and take heard folks all a as are just these have calls functions, much, just the could and Henderson, ops about all in Janus everyone all thank strong Janus other Henderson, quarter, sometimes very finance, to without of unsung results. the employees

their at is clients, living values, executing our of work hard our clients, employees, all all to world, our strategy Everyone our for at the Janus our stakeholders. across Henderson deliver shareholders and

and investors those for folks So now. listening to thanks bye who and call. Thanks for analysts, the are for

At Thank confirm this Henderson time, XXXX First you joining. conclude Results Briefing. I Quarter the does that Janus for

your now may the disconnect and of enjoy your lines, day. You rest please