- Solid long-term investment performance, with 65% and 72% of
assets under management (‘AUM’) outperforming relevant benchmarks
on a three- and five-year basis, respectively, as at 31 December
2020
- AUM increased 12% to US$401.6 billion compared to the prior
quarter, reflecting positive markets and improved outflows of
US$(1.1) billion
- Completed US$27 million of share buybacks during the fourth
quarter for a total of US$131 million of share buybacks in
2020
- Board declared quarterly dividend of US$0.36 per share
Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’)
published its fourth quarter and full-year 2020 results for the
period ended 31 December 2020.
Fourth Quarter 2020 Results
Fourth quarter 2020 operating income was US$227.0 million
compared to US$156.5 million in the third quarter 2020 and US$154.3
million in the fourth quarter 2019. Adjusted operating income,
adjusted for one-time, acquisition and transaction related costs,
was US$231.7 million in the fourth quarter 2020 compared to
US$162.1 million in the third quarter 2020 and US$171.0 million in
the fourth quarter 2019. The increases in operating income and
adjusted operating income primarily resulted from higher average
AUM, seasonal performance fees and investment gains compared to the
prior quarter.
Fourth quarter 2020 diluted earnings per share of US$1.02
increased 57% compared to US$0.65 in the third quarter 2020 and
increased 73% versus US$0.59 in the fourth quarter 2019. Adjusted
diluted earnings per share of US$1.04 in the fourth quarter 2020
increased 49% compared to US$0.70 in the third quarter 2020 and
increased 60% versus US$0.65 in the fourth quarter 2019.
Amended Relationship with Dai-ichi Life Holdings, Inc. and
Board Resignation
Dai-ichi Life Holdings, Inc. (‘Dai-ichi’) has made the strategic
decision to focus capital on its global insurance business. As
such, Dai-ichi has determined to monetise its stake in JHG and has
relinquished its board seat. Tatsusaburo Yamamoto, Dai-ichi’s
representative on the Board, has consequently resigned as a
non-executive director of the Group, effective today. As part of
this decision, JHG and Dai-ichi have entered into a new strategic
co-operation agreement which continues more than eight years of a
successful partnership. The new agreement includes many similar
provisions of the prior agreement, absent the capital commitment,
and reflects the evolution of the companies’ relationship. JHG and
Dai-ichi will expand the companies’ expertise and human resources
program to include a senior executive from Dai-ichi to help JHG’s
efforts in Japan. The companies will also continue to collaborate
on new product development and distribution.
Dick Weil, Chief Executive Officer of Janus Henderson Group
plc, stated:
“Despite the exceptionally challenging year, we have continued
to make significant progress on our path to achieving Simple
Excellence. Investment performance remains solid, distribution is
gathering momentum, as seen in our improving flow trends, and our
financial results are strong. We continue to work tirelessly for
our clients, and our people’s dedication is a testament to the
culture we have collectively fostered since our merger. Though
global challenges persist, our resiliency and ongoing efforts have
made us a stronger company for the future.
“We look forward to continuing the strong relationship with
Dai-ichi through the new co-operation agreement building on eight
years of trust. Although we are disappointed to lose Dai-ichi as a
shareholder, today’s news does not change the path that Janus
Henderson is on. As we enter 2021, our focus is on increasing
momentum and progressing further in delivering a strong, profitable
and resilient business through our strategy of Simple Excellence.
We remain committed to delivering strong risk-adjusted returns for
all of our clients and long-term value and profit growth for all of
our shareholders.”
SUMMARY OF FINANCIAL RESULTS
(unaudited) (in US$ millions, except per share data or as
noted)
The Group presents its financial results in US$ and in
accordance with accounting principles generally accepted in the
United States of America (‘US GAAP’ or ‘GAAP’). However, JHG
management evaluates the profitability of the Group and its ongoing
operations using additional non-GAAP financial measures. Management
uses these performance measures to evaluate the business, and
adjusted values are consistent with internal management reporting.
See ‘Reconciliation of non-GAAP financial information’ below for
additional information.
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
2020
2020
2019
2020
2019
GAAP
basis:
Revenue
657.2
568.5
601.2
2,298.6
2,192.4
Operating expenses
430.2
412.0
446.9
2,140.8
1,651.5
Operating income
227.0
156.5
154.3
157.8
540.9
Operating margin
34.5
%
27.5
%
25.7
%
6.9
%
24.7
%
Net income attributable to JHG
186.8
118.9
112.0
161.6
427.6
Diluted earnings per share
1.02
0.65
0.59
0.87
2.21
Adjusted
basis:
Revenue
528.5
449.7
463.1
1,834.2
1,748.1
Operating expenses
296.8
287.6
292.1
1,137.5
1,121.5
Operating income
231.7
162.1
171.0
696.7
626.6
Operating margin
43.8
%
36.0
%
36.9
%
38.0
%
35.8
%
Net income attributable to JHG
189.0
129.6
123.9
557.9
478.3
Diluted earnings per share
1.04
0.70
0.65
3.01
2.47
Fourth quarter 2020 adjusted revenue of US$528.5 million
increased from the third quarter 2020 result of US$449.7 million as
a result of higher average AUM and improved performance fees driven
by seasonality and investment performance. Fourth quarter 2020
adjusted net income attributable to JHG of US$189.0 million
increased 46% from US$129.6 million in the third quarter 2020
primarily due to higher revenue and net investment gains compared
to the third quarter 2020.
DIVIDEND AND SHARE
BUYBACK
On 3 February 2021, the Board declared a fourth quarter dividend
in respect of the three months ended 31 December 2020 of US$0.36
per share. Shareholders on the register on the record date of 17
February 2021 will be paid the dividend on 3 March 2021. Janus
Henderson does not offer a dividend reinvestment plan.
As part of the US$200 million on-market buyback programme
approved by the Board in February 2020, JHG purchased approximately
one million of its ordinary shares on the NYSE and its CHESS
Depositary Interests (CDIs) on the ASX in the fourth quarter, for a
total outlay of US$27.4 million.
Net tangible assets per share
US$
31 Dec 2020
31 Dec 2019
Net tangible assets / (liabilities) per
ordinary share
3.78
1.68
Net tangible assets are defined by the ASX as being total assets
less intangible assets less total liabilities ranking ahead of, or
equally with, claims of ordinary shares.
AUM AND FLOWS (in US$ billions)
FX reflects movement in AUM resulting from changes in foreign
currency rates as non-US$ denominated AUM is translated into US$.
Redemptions include impact of client switches.
Total Group comparative AUM and
flows
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
2020
2020
2019
2020
2019
Opening AUM
358.3
336.7
356.1
374.8
328.5
Sales
23.2
15.8
18.7
78.3
65.2
Redemptions
(24.3
)
(18.7
)
(25.4
)
(102.7
)
(92.6
)
Net sales / (redemptions)
(1.1
)
(2.9
)
(6.7
)
(24.4
)
(27.4
)
Market / FX
44.4
24.5
25.4
55.4
73.7
Disposals
—
—
—
(4.2
)
—
Closing AUM
401.6
358.3
374.8
401.6
374.8
Quarterly AUM and flows by
capability
Fixed
Quantitative
Equities
Income
Equities
Multi-Asset
Alternatives
Total
AUM 31 Dec 2019
204.0
74.8
45.2
39.8
11.0
374.8
Sales
8.8
8.0
0.4
3.5
0.7
21.4
Redemptions
(15.7
)
(11.4
)
(2.4
)
(2.5
)
(1.6
)
(33.6
)
Net sales / (redemptions)
(6.9
)
(3.4
)
(2.0
)
1.0
(0.9
)
(12.2
)
Market / FX
(43.2
)
(6.1
)
(8.6
)
(5.3
)
(0.8
)
(64.0
)
Disposals
(4.0
)
—
—
(0.2
)
—
(4.2
)
AUM 31 Mar 2020
149.9
65.3
34.6
35.3
9.3
294.4
Sales
7.9
6.3
0.4
2.5
0.8
17.9
Redemptions
(12.1
)
(7.0
)
(4.3
)
(1.8
)
(0.9
)
(26.1
)
Net sales / (redemptions)
(4.2
)
(0.7
)
(3.9
)
0.7
(0.1
)
(8.2
)
Market / FX
33.5
5.6
6.8
4.3
0.3
50.5
Reclassification1
(0.1
)
—
—
—
0.1
—
AUM 30 Jun 2020
179.1
70.2
37.5
40.3
9.6
336.7
Sales
5.8
5.9
1.3
2.3
0.5
15.8
Redemptions
(10.9
)
(4.1
)
(1.4
)
(1.7
)
(0.6
)
(18.7
)
Net sales / (redemptions)
(5.1
)
1.8
(0.1
)
0.6
(0.1
)
(2.9
)
Market / FX
14.9
3.1
3.3
2.7
0.5
24.5
AUM 30 Sep 2020
188.9
75.1
40.7
43.6
10.0
358.3
Sales
10.3
8.7
0.3
3.1
0.8
23.2
Redemptions
(10.4
)
(7.5
)
(3.7
)
(1.9
)
(0.8
)
(24.3
)
Net sales / (redemptions)
(0.1
)
1.2
(3.4
)
1.2
—
(1.1
)
Market / FX
30.6
5.2
4.7
3.2
0.7
44.4
AUM 31 Dec 2020
219.4
81.5
42.0
48.0
10.7
401.6
1 Reflects reclassification of an existing fund from Equities to
Alternatives.
Average AUM
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
2020
2020
2019
2020
2019
Equities
204.1
188.5
194.5
187.7
189.4
Fixed Income
78.1
74.8
74.2
73.3
73.5
Multi-Asset
45.6
42.7
37.8
41.5
35.0
Quantitative Equities
40.8
40.0
44.8
40.2
47.1
Alternatives
10.4
10.0
11.1
10.0
12.1
Total
379.0
356.0
362.4
352.7
357.1
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (at 31
December 2020)
Capability
1-year
3-year
5-year
Equities
54
%
54
%
67
%
Fixed Income
92
%
96
%
90
%
Multi-Asset
97
%
96
%
94
%
Quantitative Equities
69
%
24
%
16
%
Alternatives
97
%
97
%
100
%
Total
68
%
65
%
72
%
Outperformance is measured based on composite performance gross
of fees vs primary benchmark, except where a strategy has no
benchmark index or corresponding composite in which case the most
relevant metric is used: (1) composite gross of fees vs zero for
absolute return strategies, (2) fund net of fees vs primary index
or (3) fund net of fees vs Morningstar peer group average or
median. Non-discretionary and separately managed account assets are
included with a corresponding composite where applicable.
Cash management vehicles, ETFs, Managed CDOs, Private Equity
funds and custom non-discretionary accounts with no corresponding
composite are excluded from the analysis. Excluded assets represent
5% of AUM as at 31 December 2020. Capabilities defined by Janus
Henderson.
% of mutual fund AUM in top 2
Morningstar quartiles (at 31 December 2020)
Capability
1-year
3-year
5-year
Equities
47
%
57
%
67
%
Fixed Income
70
%
79
%
73
%
Multi-Asset
91
%
91
%
92
%
Quantitative Equities
4
%
33
%
4
%
Alternatives
74
%
76
%
75
%
Total
57
%
66
%
71
%
Includes Janus Investment Fund, Janus Aspen Series and Clayton
Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin
based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs
and Australian Managed Investment Schemes. The top two Morningstar
quartiles represent funds in the top half of their category based
on total return. On an asset-weighted basis, 79% of total mutual
fund AUM was in the top 2 Morningstar quartiles for the 10-year
period ending 31 December 2020. For the 1-, 3-, 5- and 10-year
periods ending 31 December 2020, 56%, 58%, 55% and 63% of the 201,
191, 183 and 150 total mutual funds, respectively, were in the top
2 Morningstar quartiles.
Analysis based on ‘primary’ share class (Class I Shares,
Institutional Shares or share class with longest history for US
Trusts; Class A Shares or share class with longest history for
Dublin based; primary share class as defined by Morningstar for
other funds). Performance may vary by share class. Rankings may be
based, in part, on the performance of a predecessor fund or share
class and are calculated by Morningstar using a methodology that
differs from that used by Janus Henderson. Methodology differences
may have a material effect on the return and therefore the ranking.
When an expense waiver is in effect, it may have a material effect
on the total return, and therefore the ranking for the period.
ETFs and funds not ranked by Morningstar are excluded from the
analysis. Capabilities defined by Janus Henderson. © 2020
Morningstar, Inc. All Rights Reserved.
FIRST QUARTER 2021
RESULTS
Janus Henderson intends to publish its first quarter 2021
results on 29 April 2021.
FOURTH QUARTER AND FULL-YEAR 2020
RESULTS BRIEFING INFORMATION
Chief Executive Officer Dick Weil and Chief Financial Officer
Roger Thompson will present these results on 4 February 2021 on a
conference call and webcast to be held at 8am EST, 1pm GMT, 12am
AEDT (5 February).
Those wishing to participate should call:
United Kingdom
0800 279 9489 (toll free)
United States
866 270 1533 (toll free)
Australia
1 800 121 301 (toll free)
All other countries
+1 412 317 0797 (this is not toll
free)
Conference ID
10151464
Access to the webcast and accompanying slides will be available
via the investor relations section of Janus Henderson’s website
(ir.janushenderson.com).
About Janus Henderson
Janus Henderson Group is a leading global active asset manager
dedicated to helping investors achieve long-term financial goals
through a broad range of investment solutions, including equities,
fixed income, quantitative equities, multi-asset and alternative
asset class strategies.
At 31 December 2020, Janus Henderson had approximately US$402
billion in assets under management, more than 2,000 employees, and
offices in 26 cities worldwide. Headquartered in London, the
company is listed on the New York Stock Exchange (NYSE) and the
Australian Securities Exchange (ASX).
FINANCIAL DISCLOSURES
Condensed consolidated statements of
comprehensive income (unaudited)
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
(in US$ millions, except per share data
or as noted)
2020
2020
2019
2020
2019
Revenue:
Management fees
489.1
457.7
457.8
1,794.1
1,792.3
Performance fees
59.3
7.0
18.3
98.1
17.6
Shareowner servicing fees
57.9
53.7
71.9
209.2
185.4
Other revenue
50.9
50.1
53.2
197.2
197.1
Total revenue
657.2
568.5
601.2
2,298.6
2,192.4
Operating expenses:
Employee compensation and benefits
162.3
154.9
163.1
618.6
602.5
Long-term incentive plans
44.7
42.7
44.5
170.1
184.3
Distribution expenses
128.7
118.8
138.1
464.4
444.3
Investment administration
12.6
13.1
13.8
50.0
47.9
Marketing
3.9
5.3
10.0
19.6
31.1
General, administrative and occupancy
66.4
65.6
60.3
255.2
260.8
Impairment of goodwill and intangible
assets
—
—
—
513.7
18.0
Depreciation and amortisation
11.6
11.6
17.1
49.2
62.6
Total operating expenses
430.2
412.0
446.9
2,140.8
1,651.5
Operating income
227.0
156.5
154.3
157.8
540.9
Interest expense
(3.2
)
(3.2
)
(3.3
)
(12.9
)
(15.1
)
Investment gains, net
32.2
25.5
12.1
57.5
34.2
Other non-operating income (expense),
net
(0.2
)
(0.9
)
(5.8
)
39.7
23.5
Income before taxes
255.8
177.9
157.3
242.1
583.5
Income tax provision
(57.4
)
(40.8
)
(36.9
)
(59.5
)
(137.8
)
Net income
198.4
137.1
120.4
182.6
445.7
Net income attributable to noncontrolling
interests
(11.6
)
(18.2
)
(8.4
)
(21.0
)
(18.1
)
Net income attributable to JHG
186.8
118.9
112.0
161.6
427.6
Less: allocation of earnings to
participating stock-based awards
(5.5
)
(3.5
)
(3.1
)
(4.7
)
(11.7
)
Net income attributable to JHG common
shareholders
181.3
115.4
108.9
156.9
415.9
Basic weighted-average shares outstanding
(in millions)
176.5
178.4
183.6
179.4
188.0
Diluted weighted-average shares
outstanding (in millions)
177.0
178.8
184.1
179.9
188.6
Diluted earnings per share (in
US$)
1.02
0.65
0.59
0.87
2.21
Reconciliation of non-GAAP financial information
In addition to financial results reported in accordance with
GAAP, we compute certain financial measures using non-GAAP
components, as defined by the SEC. These measures are not in
accordance with, or a substitute for, GAAP, and our financial
measures may be different from non-GAAP financial measures used by
other companies. We have provided a reconciliation of our non-GAAP
components to the most directly comparable GAAP components. The
following are reconciliations of US GAAP revenue, operating
expenses, operating income, net income attributable to JHG and
diluted earnings per share to adjusted revenue, adjusted operating
expenses, adjusted operating income, adjusted net income
attributable to JHG and adjusted diluted earnings per share.
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
(in US$ millions, except per share data
or as noted)
2020
2020
2019
2020
2019
Reconciliation of revenue to adjusted
revenue
Revenue
657.2
568.5
601.2
2,298.6
2,192.4
Management fees1
(51.6
)
(47.9
)
(48.0
)
(183.8
)
(189.6
)
Shareowner servicing fees1
(47.4
)
(42.8
)
(62.7
)
(170.3
)
(149.4
)
Other revenue1
(29.7
)
(28.1
)
(27.4
)
(110.3
)
(105.3
)
Adjusted revenue
528.5
449.7
463.1
1,834.2
1,748.1
Reconciliation of operating expenses to
adjusted operating expenses
Operating expenses
430.2
412.0
446.9
2,140.8
1,651.5
Employee compensation and benefits2
(0.1
)
(0.3
)
(6.3
)
(2.3
)
(19.1
)
Long-term incentive plans2
0.1
0.1
0.2
0.5
0.8
Distribution expenses1
(128.7
)
(118.8
)
(138.1
)
(464.4
)
(444.3
)
General, administration and occupancy2
(2.8
)
(3.5
)
(3.2
)
(11.0
)
(20.0
)
Impairment of goodwill and intangible
assets3
—
—
—
(513.7
)
(18.0
)
Depreciation and amortisation3
(1.9
)
(1.9
)
(7.4
)
(12.4
)
(29.4
)
Adjusted operating expenses
296.8
287.6
292.1
1,137.5
1,121.5
Adjusted operating income
231.7
162.1
171.0
696.7
626.6
Operating margin
34.5
%
27.5
%
25.7
%
6.9
%
24.7
%
Adjusted operating margin
43.8
%
36.0
%
36.9
%
38.0
%
35.8
%
Reconciliation of net income
attributable to JHG to adjusted net income attributable to
JHG
Net income attributable to JHG
186.8
118.9
112.0
161.6
427.6
Employee compensation and benefits2
0.1
0.3
6.3
2.3
19.1
Long-term incentive plans2
(0.1
)
(0.1
)
(0.2
)
(0.5
)
(0.8
)
General, administration and occupancy2
2.8
3.5
3.2
11.0
20.0
Impairment of goodwill and intangible
assets3
—
—
—
513.7
18.0
Depreciation and amortisation3
1.9
1.9
7.4
12.4
29.4
Interest expense4
—
—
0.2
0.1
2.5
Investment gains (losses), net
(1.4
)
—
—
(1.4
)
—
Other non-operating income (expense),
net4
(1.7
)
(0.5
)
(1.9
)
(28.7
)
(24.3
)
Income tax benefit (provision)5
0.6
5.6
(3.1
)
(112.6
)
(13.2
)
Adjusted net income attributable to
JHG
189.0
129.6
123.9
557.9
478.3
Less: allocation of earnings to
participating stock-based awards
(5.5
)
(3.8
)
(3.4
)
(16.4
)
(13.1
)
Adjusted net income attributable to JHG
common shareholders
183.5
125.8
120.5
541.5
465.2
Weighted-average diluted common shares
outstanding – diluted (two class) (in millions)
177.0
178.8
184.1
179.9
188.6
Diluted earnings per share (two class)
(in US$)
1.02
0.65
0.59
0.87
2.21
Adjusted diluted earnings per share
(two class) (in US$)
1.04
0.70
0.65
3.01
2.47
- JHG contracts with third-party intermediaries to distribute and
service certain of its investment products. Fees for distribution
and servicing related activities are either provided for separately
in an investment product’s prospectus or are part of the management
fee. Under both arrangements, the fees are collected by JHG and
passed through to third-party intermediaries who are responsible
for performing the applicable services. The majority of
distribution and servicing fees collected by JHG are passed through
to third-party intermediaries. JHG management believes that the
deduction of distribution and service fees from revenue in the
computation of adjusted revenue reflects the pass-through nature of
these revenues. In certain arrangements, JHG performs the
distribution and servicing activities and retains the applicable
fees. Revenues for distribution and servicing activities performed
by JHG are not deducted from GAAP revenue.
- Adjustments primarily represent rent expense for subleased
office space as well as integration costs in relation to the
Merger, including severance costs, legal costs and consulting fees.
JHG management believes these costs are not representative of the
ongoing operations of the Group.
- Investment management contracts have been identified as a
separately identifiable intangible asset arising on the acquisition
of subsidiaries and businesses. Such contracts are recognised at
the net present value of the expected future cash flows arising
from the contracts at the date of acquisition. For segregated
mandate contracts, the intangible asset is amortised on a
straight-line basis over the expected life of the contracts.
Adjustments also include impairment charges of our goodwill and
certain mutual fund investment management agreements and client
relationships. JHG management believes these non-cash and
acquisition-related costs are not representative of the ongoing
operations of the Group.
- Adjustments primarily relate to contingent consideration
adjustments associated with prior acquisitions and increased debt
expense as a consequence of the fair value uplift on debt due to
acquisition accounting. JHG management believes these costs are not
representative of the ongoing operations of the Group.
- The tax impact of the adjustments is calculated based on the
applicable US or foreign statutory tax rate as it relates to each
adjustment. Certain adjustments are either not taxable or not
tax-deductible.
Condensed consolidated balance sheets
(unaudited)
31 Dec
31 Dec
(in US$ millions)
2020
2019
Assets:
Cash and cash equivalents
1,099.7
733.9
Investment securities
268.1
253.5
Property, equipment and software, net
77.9
84.7
Intangible assets and goodwill, net
4,070.2
4,592.9
Assets of consolidated variable interest
entities
226.5
1,010.9
Other assets
966.6
945.8
Total assets
6,709.0
7,621.7
Liabilities, redeemable noncontrolling
interests and equity:
Long-term debt
313.3
316.2
Deferred tax liabilities, net
627.4
729.1
Liabilities of consolidated variable
interest entities
3.2
57.1
Other liabilities
927.3
935.2
Redeemable noncontrolling interests
85.8
677.9
Total equity
4,752.0
4,906.2
Total liabilities, redeemable
noncontrolling interests and equity
6,709.0
7,621.7
Condensed consolidated statements of
cash flows (unaudited)
Three months ended
Year ended
31 Dec
30 Sep
31 Dec
31 Dec
31 Dec
(in US$ millions)
2020
2020
2019
2020
2019
Cash provided by (used for):
Operating activities
220.2
183.0
207.0
645.7
463.2
Investing activities
119.4
135.0
(364.7
)
129.4
(389.3
)
Financing activities
(191.2
)
(291.2
)
176.0
(491.0
)
(207.0
)
Effect of exchange rate changes
33.2
19.3
4.5
27.5
13.0
Net change during period
181.6
46.1
22.8
311.6
(120.1
)
STATUTORY DISCLOSURES
Associates and joint
ventures
At 31 December 2020, the Group holds interests in the following
associates and joint ventures managed through shareholder
agreements with third party investors, accounted for under the
equity method:
- LongTail Alpha LLC. Ownership 20%
Basis of preparation
In the opinion of management of Janus Henderson Group plc, the
condensed consolidated financial statements contain all normal
recurring adjustments necessary to fairly present the financial
position, results of operations and cash flows of JHG in accordance
with US GAAP. Such financial statements have been prepared in
accordance with the instructions to Form 10‑Q pursuant to the rules
and regulations of the SEC. Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with GAAP have been condensed or omitted pursuant to
such rules and regulations. The financial statements should be read
in conjunction with the annual consolidated financial statements
and notes presented in Janus Henderson Group’s Annual Report on
Form 10‑K for the year ended 31 December 2019, on file with the SEC
(Commission file no. 001‑38103). Events subsequent to the balance
sheet date have been evaluated for inclusion in the financial
statements through the issuance date and are included in the notes
to the condensed consolidated financial statements.
Corporate governance principles
and recommendations
In the opinion of the Directors, the financial records of the
Group have been properly maintained, and the Condensed Consolidated
Financial Statements comply with the appropriate accounting
standards and give a true and fair view of the financial position
and performance of the Group. This opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
FORWARD-LOOKING STATEMENTS
DISCLAIMER
Past performance is no guarantee of future results. Investing
involves risk, including the possible loss of principal and
fluctuation of value.
This document includes statements concerning potential future
events involving Janus Henderson Group plc that could differ
materially from the events that actually occur. The differences
could be caused by a number of factors including those factors
identified in Janus Henderson Group’s Annual Report on Form 10‑K
for the fiscal year ended 31 December 2019 and in other filings or
furnishings made by the Company with the Securities and Exchange
Commission from time to time (Commission file no. 001‑38103),
including those that appear under headings such as ‘Risk Factors’
and ‘Management’s Discussion and Analysis of Financial Condition
and Results of Operations’. Many of these factors are beyond the
control of JHG and its management. Any forward-looking statements
contained in this document are as at the date on which such
statements were made. Janus Henderson Group undertakes no
obligation to publicly update or revise any forward-looking
statements after the date they are made, whether as a result of new
information, future events or otherwise, except as required by
law.
Annualised, pro forma, projected and estimated numbers are used
for illustrative purposes only, are not forecasts and may not
reflect actual results.
The information, statements and opinions contained in this
document do not constitute a public offer under any applicable
legislation or an offer to sell or solicitation of any offer to buy
any securities or financial instruments or any advice or
recommendation with respect to such securities or other financial
instruments.
Not all products or services are available in all
jurisdictions.
Mutual funds in the US are distributed by Janus Henderson
Distributors.
Please consider the charges, risks, expenses and investment
objectives carefully before investing. For a US fund prospectus or,
if available, a summary prospectus containing this and other
information, please contact your investment professional or call
800.668.0434. Read it carefully before you invest or send
money.
Janus Henderson is a trademark of Janus Henderson Group plc or
one of its subsidiaries. © Janus Henderson Group plc.
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version on businesswire.com: https://www.businesswire.com/news/home/20210204005480/en/
Investor enquiries: Jim Kurtz Co-Head Investor Relations
(US) +1 303 336 4529 jim.kurtz@janushenderson.com
Melanie Horton Co-Head Investor Relations (Non-US) +44 (0)20
7818 2905 melanie.horton@janushenderson.com
Or
Investor Relations investor.relations@janushenderson.com
Media enquiries: Stephen Sobey Head of Media Relations
+44 (0)20 7818 2523 stephen.sobey@janushenderson.com
United Kingdom: Edelman Smithfield Latika Shah +44 (0)7950 671
948 latika.shah@edelmansmithfield.com
Andrew Wilde +44 (0)7786 022 022
andrew.wilde@edelmansmithfield.com
Asia Pacific: Honner Craig Morris +61 2 8248 3757
craig@honner.com.au
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