Janus reported second-quarter earnings of $47.5 million, or 21 cents a diluted share, Wednesday, a 36% decline from $73.7 million, or 33 cents a diluted share in the second quarter of 2002, Reuters reports.

Janus said that despite an increase in its assets, which have risen 13% since the end of March to $149.8 billion at the end of June, its revenues had slipped. Janus took in $250.6 million in revenues during the quarter, a 19% decline from $310.4 million in the second quarter of last year.

Janus also announced it has found a buyer for its Nelson Money Managers unit, which it expects to sell in the third quarter. The sale will decrease its assets under management by $1 billion and reduce its head count by 170.

Although Janus’ earnings declined in the quarter, Chief Executive Officer Mark Whiston noted that the firm had its first quarter of inflows in two years and that the firm’s "expanded product line has continued to attract new business."

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