Janus Capital Group saw net outflows for the fourth quarter out of the last five in the run-up to the announcement of its merger with Henderson, as US investors increasingly turn to passive solutions.
The US firm reported net outflows of $2.4bn for Q3 2016 with money coming out of mathematical strategies (-$1.8bn), equity (-$900m), and fixed income (-$100m) funds. The figures mark another blow to active managers in the US as investors are increasingly turning to lower-cost, passive products. US-based actively managed funds saw clients withdraw $295bn in the last 12 months while passive funds saw inflows of $454bn, according to Morningstar. In a conference call quoted by Bloomberg, Janus CEO Richard Weil (pictured) said: "This was a frustrating quarter for short-term results. Nei...
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