Janus Capital said difficult market conditions caused its second-quarter to miss Wall Street expectations, as profits and assets under management declined.

The Denver company said its net income was up 21% compared with last year's second quarter, to $31.1 million, but down 11.8% compared with the first quarter of 2006. Earnings per share were 15 cents, one cent below the average estimate of analysts surveyed by Thomson Financial.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.