Janus Capital Group suffered $5.9 billion in outflows for May, up from $700 million of outflows in April, the company announced. However, institutional clients plans to redeem their assets should now be winding down, Janus said.
Scandal-tarnished Janus also said that its average assets under management fell from $145.6 billion in April to $135.1 billion in May, a 7.2% drop. Nonetheless, the company is confident that it would stem the tide, pointing out that 74% of its funds are in the upper 50% on Lippers one-year ratings and 52% are in the top half for three-year ratings.
President and CIO Gary Black said, "Our focus remains on delivering strong consistent performance for our fund shareholders. As our funds perform, funds will follow."
Some industry critics believe that an aggressive advertising campaign due out this fall will attempt to wake Janus up from its reputation of scandal and bring the once red-hot company back into prominence.