Stilwell Financial, parent company of the Berger Funds and Janus, has reported second quarter net income of $73.7 million, or 30 cents a share, down 18% from $90.4 million, or 39 cents a share, in the second quarter of 2001.
Stilwell attributed the decline in its net income to fewer assets under management.
"The equity markets have continued to provide great challenges to all of our operations," said Landon Rowland, chairman, president and CEO of Stilwell, in a statement. "These challenges, however, will offer unique opportunities for our managers and colleagues, as many stocks are trading at their lowest levels in recent years. [We] are focused on [our] efforts to capitalize on these opportunities."