Stilwell Financial, the parent company of Janus Capital Management and Berger Funds, reported a 13% decline in first-quarter earnings today. Stillwell posted net income of $97.2 million, or 42 cents a share, down from $111.4 million, or 48 cents a share, in the first quarter of last year.
The company attributed the decline to lower assets under management. Stillwell had $190.5 billion in assets under management as of March 31, down 7.5% from the $205.9 billion the company had under management in first quarter of 2001. Assets declined less than 1% from the $192.2 billion in assets that Stillwell had in the fourth quarter of last year.