Janus Henderson Group plc (NYSE:JHG) Q2 2023 Earnings Conference Call August 2, 2023 8:00 AM ET
Company Participants
Ali Dibadj - Chief Executive Officer
Roger Thompson - Chief Financial Officer
Conference Call Participants
Ken Worthington - JPMorgan
Craig Siegenthaler - Bank of America
Dan Fannon - Jefferies
Nigel Pittaway - Citigroup
John Dunn - Evercore ISI
Anthony Henning - CLSA
Marcus Barnard - Bell Potter
Operator
Good morning. My name is Sam, and I will be your conference call facilitator today. Thank you for standing by, and welcome to the Janus Henderson Group Second Quarter 2023 Results Briefing. All lines have been placed on mute to present any background noise. After the speakers' remarks, there will be a question-and-answer period. In the interest of time, questions will be limited to one initial and one follow-up question.
In today's conference call, certain matters discussed may constitute forward-looking statements. Actual results could differ materially from the projected in the forward-looking statements due to the number of factors, including, but not limited to, those described in the forward-looking statements and risk factors section of the company's most recent Form 10-K and other more recent filings made in the SEC. Janus Henderson assumes no obligation to update any forward-looking statements made during this call. Thank you.
Now, it’s my pleasure to introduce Ali Dibadj, Chief Executive Officer of Janus Henderson. Mr. Dibadj, you may begin your conference.
Ali Dibadj
Welcome everyone, and thank you for joining us today on Janus Henderson Second Quarter 2023 Earnings Call. I'm Ali Dibadj, and I'm joined by our CFO, Roger Thompson.
In today's call, I'll start with some thoughts on the quarter before handing over to Roger to run through more detail. After Roger's comments, I'll provide an update on our strategic initiatives, and then we'll take your questions after those prepared remarks.
Turning to slide 2. Markets remain uncertain. And while second quarter and year-to-date market returns have been positive, the rally has been extremely narrow led by few megacap stocks. Persistent headwinds, including an opaque economic outlook, higher interest rates, uneven inflationary pressures, and recession fears notably in the UK and Continental Europe, are contributing to a difficult market backdrop. Even amidst macro challenges, we're very pleased that Janus Henderson continues to make progress, executing our strategy and again, delivering good quarterly results.
Assets under management increased 4% to $322.1 billion due to positive markets and are up 12% since the beginning of the year. The quarterly flows were negative $500 million this quarter. While just negative, the result is the second best quarter in nearly three years. Taking a step back to look at the broader picture, our results this quarter, clearly shows significant improvement from where we were a year ago. Inflows for the first half of 2023 were $5 billion, a marked improvement from the $14 billion of outflows during the first six months of 2022.