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Janus Capital Q4 profit drops 40.3 pc

DENVER (AP) — Janus Capital Group Inc. reported Tuesday that its first-quarter net income dropped 40.3 percent from last year as investors pulling their money out of the company’s funds reduced its assets under management from a year earlier.

The Denver investment fund manager earned $22.6 million, or 12 cents a share, in the January-March quarter, down from $37.9 million, or 21 cents a share, in the first quarter of 2011.

Revenue fell 17.7 percent to $218.4 million from $265.4 million a year earlier.

Janus Capital, which manages big mutual fund portfolios, said the average assets under its management during the first quarter rose to $158.9 billion, compared with $149.2 billion in the fourth quarter of last year. But average assets fell compared with the first quarter of 2011, when they were $172.5 billion.

Shares of Janus Capital declined 19 cents, or 2.5 percent, to $7.73 in morning trading Tuesday.

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