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Janus expects $4.5bn of institutional withdrawals

US – Janus Capital Group says it estimates that an extra 4.5 billion dollars (3.6 billion euros) will be withdrawn by institutional clients in the next three months.

“Based on notifications received through to the end of February, we estimate that over the next three months Janus’ institutional clients will withdraw an additional 4.5 billion dollars of assets (0.7 billion dollars in March, 1.3 billion dollars in April, and 2.5 billion dollars in May),” Janus said.

Around 80% of the withdrawals were expected in the subadvisory part of the business. More than 40% of withdrawals in this channel are from a single client who has decided to move a large part of its assets in-house.

Janus said its total assets under management at the end of February was147.5 billion dollars down 0.9% from January’s 148.8 billion dollars. Average assets under management during the month slipped 2.1% to 148.6 billion dollars.

Janus has been hit by the improper trading issue that emerged last year, which lead to the departure of international chief Richard Garland following an internal review.

Meanwhile, software firm Trema has introduced a real-time system to monitor net asset value, which it said includes and integrated auditing tool to help expose market timing and late trading.

It said NAV Monitor was the “first solution for the real-time calculation and reporting of Net Asset Value”.

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