(Bloomberg) -- Investors pulled the most money from Janus Capital Group in a year during the third quarter as they turned increasingly to lower-cost, passively run funds, a trend the asset manager is countering by merging with Henderson Group.

Janus reported net redemptions in long-term holdings of $2.4 billion, the most since $3.3 billion in outflows in last year’s third quarter, according a statement Tuesday. The Denver-based firm, which announced on Oct. 3 that it was combining with London-based Henderson to form a $320 billion money manager, suffered redemptions in four of its last five quarters.

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