Janus Capital reported first-quarter earnings increased 0.8% to $35.6 million, or 19 cents a share, up from $35.3 million, or 17 cents a share, in the year-ago quarter. That met analysts’ expectations of 19 cents a share.

Meanwhile, net flows to its core mutual funds, excluding money market flows, broke even. They had been losing money in all of the quarters in the previous six years. In the fourth quarter of 2006, for example, Janus experienced $4.3 billion in net outflows. Assets under management rose to $176.2 billion, compared to $158.1 billion in the first quarter of 2006.

“That’s a big milestone for this company,” Franklin Morton, SVP for Ariel Capital Management, told Reuters. “In the past, Intech has been doing the heavy-lifting, and now the Janus brand is starting to kick in.”

In a conference call, Gary Black, Janus’ chief executive officer, said: “Janus is obviously benefiting from a very robust equities market. If we continue to put up a strong performance, the flows will follow.”

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