Janus Capital Group
, which next week will have a new CEO, reported a 374.3 percent increase in fourth quarter net income compared to the
year-ago period. In the final three months of 2009, the Denver fund firm earned $37 million, or $0.20 per diluted share, compared to $7.8 million, or $0.05 per diluted share, in the fourth quarter of 2008. Analysts had forecast earnings of $0.19 per share, according to Thomson Reuters.
Janus executives noted that the fourth quarter of 2008 included a charge
of $0.07 per diluted share from the mark-to-market loss on seed capital investments.
For the whole of 2009, Janus booked a net loss of $757.1 million, versus
net income of $138.4 million in 2008. "Full-year 2009 included a net $5.03 charge per diluted share as a result of goodwill and intangible asset impairment charges, legal settlements and severance, partially offset by the gain associated with the debt tender," company officials explained.
Janus ended 2009 with total AUM of $159.7 billion, compared to $151.8 billion at the end of September and $123.5 billion at the end of 2008.
On Monday, former Pimco executive Richard Weil
will become Janus' new CEO,
taking over from Tim Armour
, who has served as interim chief since Gary Black's
departure last July.
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