Stilwell Financial, the parent company of mutual fund giant Janus, reported this week that its third-quarter net income declined 47% from the same period last year.

The company posted earnings of $90.5 million, or 39 cents per diluted share, for this year’s third quarter, compared with $170.1 million, or 73 cents per share, in the third quarter of 2000.

In a statement, Stilwell Chief Executive Landon Rowland said the firm had "suffered from the decline in our revenues resulting from reduced assets under management." He also said the figures "were consistent with our expectations given the very difficult market conditions."

In addition, the company attributed the declines to pressure on the firm’s operating margin as well as the expense associated with the purchase of Janus stock during the first half of the year. Figures for Stilwell’s nine-month earnings do not reflect a one-time charge of about $64 million that the firm took this year when it purchased 609,950 shares of Janus common stock from that firm’s CEO, Thomas Bailey.

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