Janus Henderson Group plc (NYSE:JHG) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET
Company Participants
Ali Dibadj - CEO
Roger Thompson - CFO
Conference Call Participants
Craig Siegenthaler - Bank of America
Dan Fannon - Jefferies
Nigel Pittaway - Citigroup
Ken Worthington - JPMorgan
John Dunn - Evercore ISI
Operator
Good morning. My name is Lauren and I'll be your conference facilitator today. Thank you for standing by and welcome to the Janus Henderson Group Third Quarter 2023 Results Briefing. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there'll 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 those projected in the forward-looking statements due to a number of factors, including but not limited to those described in the forward-looking statements and risks factors' sections of the company's most recent Form 10-K and other more recent filings made with the SEC. Janus Henderson assumes no obligation to update any forward-looking statements made during the call. Thank you.
Now it is 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's third 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 it over to Roger to run through more details. After those prepared remarks, we'll take your questions.
Turning to Slide 2, global markets were volatile during the third quarter as headwinds including rising global bond yields due to a higher-for-longer interest rate environment and certain economic outlook, geopolitical unrest, and stubborn inflationary pressures are contributing to challenging market conditions.
Even with the market downturn in the quarter, Janus Henderson delivered good quarterly results. Investment performance remained solid with the majority of assets ahead of benchmark on a one, three, five, and 10-year basis. Assets under management decreased 4% to $308.3 billion. However, it remained up 7% since the beginning of the year.
Third quarter flows were negative $2.6 billion, a better result compared to the range we communicated on last quarter's earnings call. As I said on the previous earnings call, our institutional pipeline needed time to mature and our retail flows continue to be negative. We saw both of those factors play out in net flows in the third quarter, but a little better than we expected as we gained share.