Intech, the biggest driver of growth at Janus, plans to expand on its new global separately managed accounts that it launched in January for its institutional clients with new international offerings, The Wall Street Journal reports.
Global funds invest in countries throughout the world, including the U.S., while international funds invest strictly outside U.S. borders.
Although net outflows from Janus's retail mutual funds have slowed, they continue, whereas assets in the quantitative money manager have continued to soar. In 2003, Intech, in which Janus owns an 82.5% stake, had $5 billion under management. Today, that's $50 billion, with another $4 billion pouring into Intech's coffers in the first quarter alone.
In the first quarter of the year, investors withdrew a net $500 million from Janus's mutual funds. Nonetheless, Janus reported net income of $35.3 million in the quarter, up a whopping 80% from $19.6 million a year earlier--largely due to Intech.
The quant shop has "been the growth driver [at Janus] for the past two or three years," commented Franklin Morton, a portfolio manager with Ariel Capital Management, Janus's largest shareholder.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.