Janus Capital Group Inc.NYSE
Fri, Nov. 18, 10:18 AM
- The flood of money pouring into stocks since the election isn't helping mutual funds, which somehow saw $3B of outflows in the last week. Equity ETFs, meanwhile, had $27B of inflows, according to Goldman Sachs - the largest weekly amount on record.
- Equity mutual funds had outflows of $4.4B, making YTD outflows of roughly $120B.
- via Bryan Mortenson
- Interested parties: BlackRock (NYSE:BLK), WisdomTree (NASDAQ:WETF), Franklin Resource (NYSE:BEN), Legg Mason (NYSE:LM), Gamco (NYSE:GBL), Janus (NYSE:JNS), Invesco (NYSE:IVZ), T. Rowe Price (NASDAQ:TROW), AllianceBernstein (NYSE:AB), Affiliated Managers (NYSE:AMG), Federated Investors (NYSE:FII), Waddell & Reed (NYSE:WDR)
- Previously: Financial ETF sees fastest-ever inflows (Nov. 16)
Thu, Nov. 10, 3:28 PM
- "We've got to get rid of this," says hedge fund honcho and Trump advisor Anthony Scaramucci, speaking about the DOL's fiduciary rule.
- Set to take effect in April, the Department of Labor's new rule would hold retirement professionals to a "fiduciary" standard in which they must put client interests ahead of their own, rather than the current requirement that they recommend "suitable" products.
- The Obama administration argues the move would save investors $17B a year in fees and lost returns. Asset managers, however, will probably spend a lot more setting up systems to try and figure out how to comply with the new standard. In Scaramucci's vision, a Trump administration would instead impose a "self-auditing process" for registered financial advisors.
- Former assistant secretary of labor under Bush, Bradford Campbell has no doubt Trump isn't a fan of the rule, but isn't sure it can be fixed on day one with the stroke of a pen. A Trump administration, however, would have plenty of available tools to modify or eventually remove it, he says.
- Source: FT
- The asset managers continue on their post-election tear: BlackRock (BLK +2.7%), Och-ZIff (OZM +3.8%), Legg Mason (LM +4.4%), Gamco (GBL +1.9%), Janus (JNS +3.6%), Invesco (IVZ +3.3%), T. Rowe Price (TROW +3.6%), AllianceBernstein (AB +5.1%), Affiliated Managers (AMG +7.5%), Federated Investors (FII +6.6%), Waddell & Reed (WDR +4.4%).
Thu, Nov. 3, 8:42 AM
Wed, Nov. 2, 2:32 PM
- With $250.6B of inflows through this year's first 10 months, Vanguard has already broken through the record level of inflows set during the entirety of 2015 (last year's total inflow was $236.1B). More than $200B of that amount has gone into low-fee index funds.
- Vanguard's gains are generally at the expense of active fund managers like Fidelity, Franklin Resources (NYSE:BEN), Legg Mason (NYSE:LM), Gamco (NYSE:GBL), Janus (NYSE:JNS), and AllianceBernstein (NYSE:AB), to name a few.
- Assets at rival BlackRock (NYSE:BLK) - a major player in both active and passive investing - recently topped $5T for the first time ever.
- Passive investing top? Strictly a suburban outfit, Vanguard is nearing a deal for about 20K square feet of office space near Penn's campus in Philadelphia for a research and development hub.
Wed, Oct. 26, 3:08 PM
- Q3 adjusted net income of $45.3M or $0.24 per share vs. $42.7M and $0.22 one year ago. Operating margin of 26.8% down from 30.5%.
- Average AUM of $195.6B vs. $192.1B a year ago; End-of-quarter AUM of $198.9B vs. $185B. Net market appreciation added $6.7B to AUM this quarter, offset by long-term net outflows of $2.4B.
- Previously: Janus Capital beats by $0.01, misses on revenue (Oct. 25)
- JNS -2.4%
Tue, Oct. 25, 7:01 AM
Mon, Oct. 24, 5:30 PM
- ABG, AGR, AKS, ASTE, ATI, AXE, BAX, BHI, BPOP, CAT, CIT, CNC, CPLA, CTG, CVLT, CYNO, DD, EAT, EDU, ETR, FBC, FBP, FCAU, FCX, FELE, GBX, GLW, GM, GPK, HUBB, IIVI, JBLU, JNS, KEY, KKR, LLY, LMT, LPT, MAS, MDSO, MINI, MMC, MMM, MRK, NCI, NLSN, NVS, PCAR, PG, PII, PNR, R, RTIX, S, SAVE, SCHN, SERV, SHW, SIR, ST, STAY, TNC, UA, USG, UTX, VLO, WAB, WAT, WDR, WHR, WSO
Mon, Oct. 17, 2:00 PM
- It's the kind of headline that makes one wonder if the bottom might already be in for traditional asset managers.
- The numbers won't surprise anyone who's been following along for any length of time: Over the three years ended Aug. 31, investors added nearly $1.3T to passive mutual funds and ETFs, while pulling more than $250M from active mutual funds.
- "Stock pickers, archetypes of 20th century Wall Street, are being pushed to the margins," write Anne Tergesen and Jason Zweig. "The pressure has gotten so great that passive has become the default,” says former Fidelity CIO Philip Bullen.
- And by the way, there's still plenty of room for the trend to continue - 66% of mutual and exchange-traded fund assets are still actively invested (down from 84% ten years ago).
- Active fund firms that don't “position themselves for the sea change” will be “relegated to the dustbin of history," said Cohen & Steers (NYSE:CNS) in shareholder letter earlier this year.
- Notable industry names: BLK, OZM, BEN, LM, GBL, CLMS, JNS, IVZ, TROW, AB, AMG, FII, WDR, APAM, MN, EV, AMP
Thu, Oct. 6, 8:51 AM
- In one of the highest quarterly amounts ever, investors moved $92B into ETFs in Q3, according to UBS, bringing AUM for U.S.-listed ETFs to about $2.4T.
- For the year, $150B has flowed into ETFs, putting the vehicles on track for their third straight year of inflows north of $200B. The inflows stand in major contrast to either outright net exits or minimal inflows for mutual funds.
- Still, even after doubling AUM since 2011, ETFs account for just 17% of mutual fund assets.
- Interested parties: BLK, WETF, BEN, LM, GBL, CLMS, JNS, IVZ, TROW, AB, AMG, FII, WDR, APAM, EV
Wed, Oct. 5, 2:47 PM
- The merger agreement already has gotten thumbs-up from Wells Fargo and Gabelli & Co.
- As for debt investors, Fitch likes the increased scale, greater geographic, investor and product diversity, potential synergies, and lower leverage of the combined entity. The agency sees Janus (NYSE:JNS) AUM rising to $322B from $195B, annual run rate cost synergies of $110M, and sharply lower cash flow leverage.
- Unfortunately, there's also the secular move to passively managed funds which the merged company will still need to deal with. If Janus can begin to show positive net client inflows, there is potential for an upgrade to its BBB rating, says Fitch.
Tue, Oct. 4, 12:26 PM
- Capital One Financial upgrades its rating on Liberty Property Trust LPT -0.9% to Overweight from Equal Weight.
- Credit Suisse Group AG downgrades Bank of Montreal BMO -2.2% to Underperform from Neutral.
- Janus Capital JNS -4.6% lower after getting downgraded to Hold from Jefferies group.
- JP Morgan Chase downgrades Reinsurance Group of America RGA -0.4% to Neutral from Overweight.
- Raymond James Financial downgrades Wells Fargo WFC +0.52% to Underperform from Market perform.
Mon, Oct. 3, 1:05 PM
Mon, Oct. 3, 9:22 AM
Mon, Oct. 3, 5:00 AM
- Janus Capital (NYSE:JNS) and Henderson Group (OTCPK:HNDGF) have set a "merger of equals," creating a combined company with a market value of $6B.
- The all-stock deal will create Janus Henderson Global Investors, which will hold $320B in assets, and it will drop a London listing to move its primary listing to the NYSE. It's expected to close in Q2 2017.
- The company, to be led by co-CEOs Dick Weil and Andrew Formica, expects annual synergies of at least $110M from the merger, driving "double-digit accretion" to both companies' EPS in the first 12 months.
- Henderson Chief Financial Officer Roger Thompson will become CFO of the combined company, while Janus CFO Jennifer McPeek will be chief operating and strategy officer.
- Though it's a "merger of equals," Henderson shareholders will own about 57% of the joint company shares, with Janus shareholders the other 43%.
Fri, Sep. 16, 8:31 AM
- Just 9.5% of actively-managed large-cap domestic equity funds beat the S&P 500 in the five year ended August 31 - the worst 5-year record since 1999, according to Morningstar. By comparison, in the five years ended 2010, nearly 50% topped the S&P.
- The lame results haven't gone unnoticed, with investors yanking $422B from roughly 3K mutual funds in the past five years, and putting that money and more into passive vehicles (ETFs).
- In the year ended June 30, 85% of large-cap stock funds, 88% of mid-cap funds, and 89% of small-cap funds failed to match their bogeys. "Pretty appalling," says S&P's Aye Soe. "Given the choppiness in the markets we would have expected the active managers to come out looking better.”
- Interested parties include BlackRock (NYSE:BLK), WisdomTree (NASDAQ:WETF), Franklin Resources (NYSE:BEN), Legg Mason (NYSE:LM), Gamco (NYSE:GBL), Janus (NYSE:JNS), Calamos (NASDAQ:CLMS), Invesco (NYSE:IVZ), T. Rowe Price (NASDAQ:TROW), AllianceBernstein (NYSE:AB), Affiliated Managers (NYSE:AMG), Federated Investors (NYSE:FII), Waddell & Reed (NYSE:WDR), Artisan Partners (NYSE:APAM)
Thu, Aug. 4, 3:12 AM
- "I don't like bonds, I don't like most stocks," said Bill Gross, joining a chorus of big-name investors looking to mine yield in gold.
- The Janus (NYSE:JNS) portfolio manager feels that current conditions, with global central banks keeping interest rates low and more than $11T in sovereign debt carrying negative yields, presents a challenging trading environment.
- ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GTU, UGLD, GLL, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, GYEN, GEUR, UBG, QGLDX