Janus Capital announced Thursday that its third-quarter earnings fell to 7% to $29.5 million from $31.7 million in the third quarter of 2005. Revenue, however, increased 4.8% to $229 million from $218.4 million, primarily on the strength of its Intech unit, which had net inflows of $1.7 billion. Excluding those inflows to Intech, investors pulled $1.8 billion from long-term funds at the company.
The earnings came in below the consensus of analysts, who expected $31.8 million.
Total assets under management at the firm rose to $158.3 billion from $153.4 billion in the second quarter.
In an earnings call, Janus CEO Gary Black said he expected performance at the company to improve once growth-style stocks come back in favor.