Janus Henderson Group plc (JHG) reported significant financial developments in its 10-Q filing for the third quarter of 2024, highlighting a robust performance in revenue and assets, alongside strategic acquisitions.
For the three months ended September 30, 2024, JHG generated revenue of $624.8 million, marking a 20% increase from $521.0 million in the same period of 2023. This growth was primarily driven by a rise in management fees, which reached $502.8 million, up from $434.9 million year-over-year. Performance fees also improved, totaling $8.6 million compared to a loss of $15.8 million in the prior year. For the nine months ended September 30, 2024, total revenue was $1,764.9 million, a 15% increase from $1,533.3 million in 2023.
Despite the revenue growth, net income attributable to JHG for Q3 2024 fell to $27.3 million, a 71% decrease from $93.5 million in Q3 2023. This decline was influenced by a significant drop in other non-operating income, which decreased by $88.2 million, and a $30.4 million increase in income tax provision. Earnings per share for the quarter were $0.17, down from $0.56 in the previous year.
Total operating expenses for the third quarter increased by 15% to $460.1 million, driven by higher employee compensation and distribution expenses. Operating income, however, rose to $164.7 million, a 35% increase from $121.7 million in Q3 2023, resulting in an operating margin of 26.4%, up from 23.4% in the prior year.
As of September 30, 2024, JHG's total assets increased to $7,263.8 million from $6,496.6 million at the end of 2023, with total current assets rising to $3,135.3 million. Cash and cash equivalents also saw a significant increase, reaching $1,483.8 million compared to $1,152.4 million at the end of 2023.
Strategically, JHG completed several acquisitions, including Victory Park Capital Advisors, LLC for $99.0 million, and NBK Capital Partners, enhancing its capabilities in private markets. The company also announced plans to acquire a 55% voting equity interest in Triumph Capital Markets Holdco, LP, expected to close in Q4 2024.
Overall, JHG's performance reflects a strong revenue trajectory and strategic growth initiatives, despite challenges in net income and operating expenses.
About JANUS HENDERSON GROUP PLC
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