HGG Hend Group Cdi 1:1

Janus Capital Group Inc. posted lower quarterly revenue as investment management fees fell, though its profit increased on lower costs and higher assets.

The results come just weeks after Janus agreed to sell itself to British rival Henderson Group PLC for about $2.6 billion amid investor withdrawals from some of its funds and increasing competition from low-cost providers.

The asset manager said its complex-wide assets increased to $198.9 billion as of Sept. 30, from $194.7 billion in the previous quarter and $185 billion last year.

The increase reflects $6.7 billion of market-related appreciation, which was partially offset by long-term net outflows of $2.4 billion.

In all, the Denver-based firm, home to famed bond investor Bill Gross—who joined the firm after departing Pacific Investment Management Co. in 2014—reported a profit of $41.1 million, or 22 cents a share, up from $19.9 million, or 10 cents a share, a year earlier. When adjusted for a loss on extinguished debt, earnings were 24 cents a share.

Revenue fell 5.4% to $258.9 million from a year prior, as investment management fees fell 1.9%.

Analysts polled by Thomson Reuters expected an adjusted per-share profit of 23 cents on revenue of $260 million.

Total operating expenses decreased 0.4% to $189.6 million on less marketing and general, administrative and occupancy costs.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

October 25, 2016 09:35 ET (13:35 GMT)

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