Janus issued a release Friday saying it expects institutions to withdraw $4.5 billion from its funds in the first quarter. The figure is on top of $1.8 billion in institutional money that walked out the door in the three months through February.

Approximately 80% of these redemptions are expected in the sub-advised channel, and nearly half of these withdrawals will come from a single client, which is moving assets in-house, Janus said, declining to name the client.

The outflows will result in a $14 million charge of intangible assets for the first quarter. Assets under management stood at $147.5 billion at the end of February, according to Janus. In January, they were $151.8 billion.

Janus’ institutional clients represent 401(k), annuity, sub-advised and separately managed money, the firm said, for a total of $74.9 billion, or just under half of the firm’s total assets under management.

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