(Bloomberg) -- Janus, the money manager that hired bond legend Bill Gross in September, fell by the most in more than a month as investor flows slowed in the second quarter and profit trailed some analysts’ expectations.

Net income rose 23 % to $44.7 million, or 23 cents a share, from $36.3 million, or 19 cents, a year earlier, the Denver-based firm said Thursday in a statement. Analysts had expected earnings of 24 cents a share, according to the average estimate of five analysts surveyed by Bloomberg. The shares fell as much as 4.1 % in New York, the most since June 8.

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.