Janus Henderson (JHG) 10-Q9 May 182018 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 04, 2018
Document and Entity Information
Entity Registrant Name	Janus Henderson Group plc
Entity Central Index Key	1,274,173
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		200,406,138
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Fees and other receivables	$ 339.9	$ 419.6
OEIC and unit trust receivables	244.8	239.9
Other current assets	62.6	75.9
Total current assets	2,052.2	2,242.6
Non-current assets:
Property, equipment and software, net	69.4	70.6
Intangible assets, net	3,205.6	3,204.8
Goodwill	1,548.5	1,533.9
Retirement benefit asset, net	211.2	199.3
Other non-current assets	17.1	21.5
Total assets	7,104	7,272.7
Current liabilities:
Current portion of accrued compensation, benefits and staff costs	206.4	398.7
Current portion of long-term debt	9.5	57.2
OEIC and unit trust payables	242	234.8
Total current liabilities	770.3	1,005.1
Non-current liabilities:
Accrued compensation, benefits and staff costs	27.5	23
Long-term debt	321.3	322
Deferred tax liabilities, net	754.3	752.6
Retirement benefit obligations, net	4.7	4.6
Other non-current liabilities	81.3	99.6
Total liabilities	1,959.4	2,206.9
Commitments and contingencies (See Note 13)
REDEEMABLE NONCONTROLLING INTERESTS	217.7	190.3
EQUITY
Common stock ( $1.50 par 480,000,000 shares authorized and 200,406,138 issued and outstanding)	300.6	300.6
Additional paid-in-capital	3,786	3,842.9
Treasury shares (5,297,473 and 4,071,284 shares held, respectively)	(198.9)	(155.8)
Accumulated other comprehensive loss, net of tax	(251.4)	(301.8)
Retained earnings	1,255.9	1,151.4
Total shareholders' equity	4,892.2	4,837.3
Nonredeemable noncontrolling interests	34.7	38.2
Total equity	4,926.9	4,875.5
Total liabilities, redeemable noncontrolling interests and equity	7,104	7,272.7
Consolidated excluding VIEs
Current assets:
Cash and cash equivalents	611.4	760.1
Investment securities	287.6	280.4
Current liabilities:
Accounts payable and accrued liabilities	290.6	292.9
Consolidated VIEs
Current assets:
Cash and cash equivalents	54	34.1
Investment securities	432.2	419.7
Other current assets	19.7	12.9
Current liabilities:
Accounts payable and accrued liabilities	$ 21.8	$ 21.5

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par (in dollars/pounds per share)	$ 1.50	$ 1.50
Common stock, shares authorized	480,000,000	480,000,000
Common stock, shares issued	200,406,138	200,406,138
Common stock, shares outstanding	200,406,138	200,406,138
Treasury shares (in shares)	5,297,473	4,071,284

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Total revenue	$ 587.7	$ 233
Operating expenses:
Employee compensation and benefits	146.7	70.4
Long-term incentive plans	40	16.4
Distribution expenses	117.3	50.6
Investment administration	11.4	10.2
Marketing	8.5	3.2
General, administrative and occupancy	72.2	25.1
Depreciation and amortization	15.4	6.3
Total operating expenses	411.5	182.2
Operating income	176.2	50.8
Interest expense	(3.8)	(1.1)
Investment losses, net	(0.7)	(0.9)
Other non-operating income, net	38.9	1.3
Income before taxes	210.6	50.1
Income tax provision	(47.4)	(7.5)
Net income	163.2	42.6
Net loss attributable to noncontrolling interests	2
Net income attributable to JHG	$ 165.2	$ 42.6
Earnings per share attributable to JHG common shareholders:
Basic (in dollars per share)	$ 0.82	$ 0.38
Diluted (in dollars per share)	$ 0.82	$ 0.38
Other comprehensive income, net of tax:
Foreign currency translation gains	$ 52.7	$ 23.3
Net unrealized losses on available-for-sale securities		(0.4)
Other comprehensive income, net of tax	52.7	22.9
Other comprehensive loss attributable to noncontrolling interests	0.2	0.4
Other comprehensive income attributable to JHG	52.9	23.3
Total Comprehensive income	215.9	65.5
Total comprehensive loss attributable to noncontrolling interests	2.2	0.4
Total comprehensive income attributable to JHG	218.1	65.9
Management fees
Revenue:
Revenue	502.9	201
Performance fees
Revenue:
Revenue		14.8
Revenue	(3.9)
Shareowner servicing fees
Revenue:
Revenue	31.5
Other revenue
Revenue:
Revenue	$ 57.2	$ 17.2

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net income	$ 163.2	$ 42.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15.4	6.3
Stock-based compensation plan expense	16.4	7.9
Losses from equity-method investments, net		0.2
Investment gains (losses), net	0.7	0.9
Gain from BNP transaction	(23)
Dai-ichi option fair value adjustment	(22.8)
Contributions to pension plans in excess of costs recognized	(4.6)	0.8
Other, net	(13.8)	(1.6)
Changes in operating assets and liabilities:
OEIC and unit trust receivables and payables	2.3	42.7
Other assets	119.5	7.1
Other accruals and liabilities	(191.6)	(36.4)
Net operating activities	61.7	69.6
Purchases of:
Investment securities, net	(21.3)	(5)
Property, equipment and software	(6.5)	(2)
Proceeds from BNP transaction, net	36.5
Investment income received by consolidated funds		1.5
Net cash paid on settled hedges	2.9	(8.7)
Net investing activities	11.6	(14.2)
Financing activities:
Proceeds from stock-based compensation plans	0.2
Purchase of common stock for stock-based compensation plans	(82.7)	(16.5)
Dividends paid to shareholders	(63.1)
Repayment of long-term debt	(81.6)
Payment of Contingent consideration	(18.8)
Distributions to noncontrolling interests	(0.2)
Third-party sales (redemptions) in consolidated seeded investment products, net	38.4	(8.7)
Principal payments under capital lease obligations	(0.4)
Net financing activities	(208.2)	(25.2)
Cash and cash equivalents:
Effect of foreign exchange rate changes	6.1	8.2
Net change	(128.8)	38.4
At beginning of period	794.2	323.2
At end of period	665.4	361.6
Supplemental cash flow information:
Cash paid for interest	7.4	0.3
Cash paid for income taxes, net of refunds	26.4	10.3
Reconciliation of cash and cash equivalents:
Cash and cash equivalents	794.2	323.2
Consolidated excluding VIEs
Cash and cash equivalents:
At end of period	611.4	327.6
Reconciliation of cash and cash equivalents:
Cash and cash equivalents	611.4	327.6
Consolidated VIEs
Cash and cash equivalents:
At end of period	54	34
Reconciliation of cash and cash equivalents:
Cash and cash equivalents	$ 54	$ 34

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Common stock	Additional paid-in-capital	Treasury shares	Accumulated other comprehensive loss	Retained earnings	Nonredeemable noncontrolling interests	Total
Balance at Dec. 31, 2016	$ 234.4	$ 1,237.9	$ (155.1)	$ (434.5)	$ 764.8	$ 44.8	$ 1,692.3
Balance (in shares) at Dec. 31, 2016	1,131,800,000
Increase (Decrease) in Stockholders' Equity
Net income					42.6		42.6
Other comprehensive income (loss)				23.3		(0.4)	22.9
Purchase of common stock for stock-based compensation plans			(16.5)				(16.5)
Vesting of stock-based compensation plans			2.4		(2.4)
Stock-based compensation plan expense					7.9		7.9
Balance at Mar. 31, 2017	$ 234.4	1,237.9	(169.2)	(411.2)	812.9	44.4	1,749.2
Balance (in shares) at Mar. 31, 2017	1,131,800,000
Balance at Dec. 31, 2017	$ 300.6	3,842.9	(155.8)	(301.8)	1,151.4	38.2	$ 4,875.5
Balance (in shares) at Dec. 31, 2017	200,400,000						200,406,138
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)							$ 52.7
Dividends paid to shareholders							(63.1)
Balance at Mar. 31, 2018	$ 300.6	3,786	(198.9)	(251.4)	1,255.9	34.7	$ 4,926.9
Balance (in shares) at Mar. 31, 2018	200,400,000						200,406,138
Increase (Decrease) in Stockholders' Equity
Cumulative-effect adjustment				2.5	(2.7)		$ (0.2)
Balance at Jan. 01, 2018	$ 300.6	3,842.9	(155.8)	(304.3)	1,154.1	38.2	4,875.7
Balance (in shares) at Jan. 01, 2018	200,400,000
Increase (Decrease) in Stockholders' Equity
Net income					165.2	(3.4)	161.8
Other comprehensive income (loss)				52.9			52.9
Dividends paid to shareholders					(63.1)		(63.1)
Distributions to noncontrolling interests						(0.1)	(0.1)
Fair value adjustments to redeemable noncontrolling interests					(0.3)		(0.3)
Redemptions of convertible debt		(33.9)					(33.9)
Purchase of common stock for stock-based compensation plans		(37.3)	(45.4)				(82.7)
Vesting of stock-based compensation plans		(2.3)	2.3
Stock-based compensation plan expense		16.4					16.4
Proceeds from stock-based compensation plans		0.2					0.2
Balance at Mar. 31, 2018	$ 300.6	$ 3,786	$ (198.9)	$ (251.4)	$ 1,255.9	$ 34.7	$ 4,926.9
Balance (in shares) at Mar. 31, 2018	200,400,000						200,406,138

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 2018
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	Note 1 — Basis of Presentation and Significant Accounting Policies Basis of Presentation In the opinion of management of Janus Henderson Group plc (“JHG” or “the Group”), the accompanying condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly state the financial position, results of operations and cash flows of JHG in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in JHG’s Annual Report on Form 10-K for the year ended December 31, 2017. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements. On May 30, 2017, JHG completed a merger of equals with Janus Capital Group Inc. (“JCG”) (the “Merger”). As a result of the Merger, JCG and its consolidated subsidiaries became subsidiaries of JHG. Recent Accounting Pronouncements Adopted Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new revenue recognition standard. The standard’s core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the standard specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. The revenue standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In March 2016, the FASB issued an amendment to its principal-versus-agent guidance in the FASB’s new revenue standard. The key provisions of the amendment are assessing the nature of the entity’s promise to the customer, identifying the specified goods or services, and applying the control principle and indicators of control. The amendment is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. In addition, entities are required to adopt the amendment by using the same transition method they used to adopt the new revenue standard. The Group adopted the new revenue recognition standard, along with the updated principal-versus-agent guidance, effective January 1, 2018, using the retrospective method, which required adjustments to be reflected as of January 1, 2016. In connection with the adoption of this guidance, the Group determined that the new guidance does not change the timing of when the Group recognizes revenue. However, management did conclude that certain distribution and servicing fees earned from its U.S. mutual funds associated with mutual fund transfer agent, accounting, shareholder servicing and participant recordkeeping activities could no longer be reported net of the expenses paid to third-party intermediaries that perform such services. Under the new guidance, the Group is deemed to have control over the distribution and servicing activities before they are transferred to the U.S. mutual funds. As such, distribution and servicing fees collected from the Group’s U.S. mutual funds will be reported separately from distribution and servicing fees paid to third-party intermediaries on the Group’s Condensed Consolidated Statements of Comprehensive Income. The adoption of the standard increased other revenue and distribution expenses on the Group’s Condensed Consolidated Statements of Comprehensive Income by $25.8 million during the three months ended March 31, 2018. The adoption of the standard did not have an impact to net income attributable to JHG on the Group’s Condensed Consolidated Statements of Comprehensive Income. The Group did not have significant distribution and servicing fees and expenses related to U.S. mutual funds prior to its acquisition of Janus Capital Group Inc. on May 30, 2017, and as such, there was not a significant impact of adopting the new revenue guidance to the Group’s Condensed Consolidated Statements of Comprehensive Income for the quarter ended March 31, 2017. The Group’s revenue recognition policy, revised as of January 1, 2018, is detailed below. Financial Instruments In January 2016, the FASB issued amendments to its financial instruments standard, including changes relating to the accounting for equity investments and the presentation and disclosure requirements for financial instruments. Under the amended guidance, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification (changes in fair value reported in other comprehensive income) for equity securities with readily determinable fair values. The amended guidance also requires financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or market value) and form of financial asset (e.g., loans, securities). The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On January 1, 2018, the Group adopted the financial instruments accounting standard on a modified retrospective basis. The accounting standard required the Group to reclassify a $2.5 million unrealized gain related to available-for-sale securities in accumulated other comprehensive income to retained earnings as a beginning of period cumulative-effect adjustment. As of January 1, 2018, the balance in accumulated comprehensive income related to available-for-sale securities is zero and gains and losses associated with all equity securities are recognized in investment losses, net on the Group’s Condensed Consolidated Statements of Comprehensive Income. Retirement Benefit Plans In March 2017, the FASB issued an Accounting Standards Update (“ASU”) that requires the bifurcation of net periodic pension costs. The service cost component will be presented with other employee compensation costs in operating income, while the other components of net periodic pension costs will be presented separately outside of operations. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. The Group anticipates the impact to be approximately $5.3 million of other components excluding service costs recognized outside of operating expenses on an annualized basis. Statements of Cash Flows In August 2016, the FASB issued an ASU to clarify guidance on the classification of certain cash receipts and cash payments in the statements of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice regarding eight types of cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The adoption of the new accounting standard did not have a material impact on the Consolidated Statements of Cash Flows. Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued a new standard on accounting for leases. The new standard represents a significant change to lease accounting and introduces a lessee model that brings most leases onto the balance sheet. The standard also aligns certain of the underlying principles of the new lessor model with those in the FASB’s new revenue recognition standard. Furthermore, the new standard addresses other concerns related to the current leases model. The standard is effective for fiscal years beginning after December 15, 2018. The Group is evaluating the effect of adopting this new accounting standard. Hedge Accounting In August 2017, the FASB issued an ASU that amends hedge accounting. The ASU expands the strategies eligible for hedge accounting, changes how companies assess hedge effectiveness and will require new disclosures and presentation. The ASU is effective on January 1, 2019, for calendar year-end companies; however, early adoption is permitted. The Group is evaluating the effect of adopting this new accounting standard. Revenue Recognition Policy — Updated January 1, 2018 Revenue is measured and recognized based on the five step process outlined in US GAAP. Revenue is determined based on the transaction price negotiated with the customer, net of rebates. Management fees, performance fees, shareowner servicing fees and other revenue are derived from providing professional services to manage investment products. Management fees are earned over time as services are provided and are generally based upon a percentage of the market value of assets under management (“AUM”). These fees are calculated as a percentage of either the daily, month end or quarter end average asset balance in accordance with contractual agreements. Performance fees are specified in certain fund and client contracts and are based on investment performance either on an absolute basis or compared to an established index over a specified period of time. Performance fees are generated on certain management contracts when performance hurdles or other specified criteria are achieved. Performance fees for all fund ranges and separate accounts are recognized when it is probable that a significant reversal of revenue recognized will not occur in future periods. There are no performance fee contracts where revenue can be clawed back. There are no cumulative revenues recognized that would be reversed if all of the existing investments became worthless. Management fees are primarily received monthly or quarterly while performance fees are usually received monthly, quarterly or annually by the Group, although the frequency of receipt varies between agreements. Management and performance fee revenue not yet received is recognized within fees and other receivables in the Consolidated Balance Sheets. Shareowner servicing fees are earned for services rendered related to transfer agent and administrative activities performed for investment products. These services are transferred over time and are generally based on upon a percentage of the market value of AUM. Other revenue includes distribution and servicing fees earned from U.S. mutual funds associated with mutual fund transfer agent, accounting, shareholder servicing and participant recordkeeping activities. These services are transferred over time and are generally based on upon a percentage of the market value of AUM. U.S. Mutual Fund Performance Fees The investment management fee paid by each U.S. mutual fund subject to a performance fee is the base management fee plus or minus a performance fee adjustment as determined by the relative investment performance of the fund compared to a specified benchmark index. Under the performance based fee structure, the investment advisory fee paid by each fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the fund’s average daily net assets during the previous month, plus or minus (2) a performance fee adjustment calculated by applying a variable rate of up to 0.15% to the fund’s average daily net assets during the performance measurement period. The performance measurement period begins as a trailing period ranging from 12 to 18 months, and each subsequent month is added to each successive performance measurement period until a 36 month period is achieved. At that point, the measurement period becomes a rolling 36 month period. The addition of performance fees to all funds without such fees is subject to the approval of both a majority of the shareholders of such Funds and the Funds’ Independent Board of Trustees. Principal versus Agent The Group utilizes third party intermediaries to fulfill certain performance obligations in its revenue agreements. Generally, JHG is deemed to be the principal in these arrangements, because the Group controls the investment management and other related services before they are transferred to customers. Such control is evidenced by the Group’s primary responsibility to customers, the ability to negotiate the third party contract price and select and direct third party service providers, or a combination of these factors. Therefore, distribution and service fee revenues and the related third party distribution and service expenses are reported on a gross basis.

Consolidation

Consolidation	3 Months Ended
Consolidation	Mar. 31, 2018
Consolidation
Consolidation	Note 2 — Consolidation Variable Interest Entities Consolidated Variable Interest Entities JHG’s consolidated variable interest entities (“VIEs”) as of March 31, 2018, include certain consolidated seeded investment products in which the Group has an investment and acts as the investment manager. The assets of these VIEs are not available to JHG or the creditors of JHG. JHG may not, under any circumstances, access cash and cash equivalents held by consolidated VIEs to use in its operating activities or otherwise. In addition, the investors in these VIEs have no recourse to the credit of the Group. Unconsolidated Variable Interest Entities At March 31, 2018, and December 31, 2017, JHG’s carrying values of investment securities included on the Condensed Consolidated Balance Sheets pertaining to unconsolidated VIEs was nil and $6.2 million, respectively. JHG’s total exposure to unconsolidated VIEs represents the value of its economic ownership interest in the investment securities. Voting Rights Entities Consolidated Voting Rights Entities The following table presents the balances related to consolidated voting rights entities (“VREs”) that were recorded on JHG’s Condensed Consolidated Balance Sheets, including JHG’s net interest in these products (in millions): March 31, December 31, 2018 2017 Investment securities $ $ Cash and cash equivalents Other current assets Accounts payable and accrued liabilities ) ) Total Redeemable noncontrolling interests in consolidated VREs ) ) JHG’s net interest in consolidated VREs $ $ JHG’s total exposure to consolidated VREs represents the value of its economic ownership interest in these seeded investment products. JHG may not, under any circumstances, access cash and cash equivalents held by consolidated VREs to use in its operating activities or for any other purpose. Unconsolidated Voting Rights Entities At March 31, 2018, and December 31, 2017, JHG’s carrying value of investment securities included on the Condensed Consolidated Balance Sheets pertaining to unconsolidated VREs was $43.0 million and $50.0 million, respectively. JHG’s total exposure to unconsolidated VREs represents the value of its economic ownership interest in the investment securities.

Investment Securities

Investment Securities	3 Months Ended
Investment Securities	Mar. 31, 2018
Investment Securities
Investment Securities	Note 3 — Investment Securities JHG’s investment securities as of March 31, 2018, and December 31, 2017, are summarized as follows (in millions): March 31, December 31, 2018 2017 Investment securities Seeded investment products: Consolidated VIEs $ $ Consolidated VREs Unconsolidated VIEs and VREs Separate accounts Pooled investment funds Total seeded investment products Investments related to deferred compensation plans Other investments Total investment securities $ $ All investment securities as of March 31, 2018 and December 31, 2017, are classified as equity securities. Net unrealized gains on investment securities held as of March 31, 2018 and 2017, are summarized as follows (in millions): Three months ended March 31, 2018 2017 Investment securities held at period end $ ) $ Derivative Instruments JHG maintains an economic hedge program that uses derivative instruments to mitigate against market volatility of certain seeded investments by using index and commodity futures (“futures”), index swaps, total return swaps (“TRSs”) and credit default swaps. Certain foreign currency exposures associated with the Group’s seeded investment products are also hedged by using foreign currency forward contracts. JHG was party to the following derivative instruments as of March 31, 2018, and December 31, 2017 (in millions): Notional value March 31, 2018 December 31, 2017 Futures $ $ Credit default swaps Index swaps Total return swaps Foreign currency forward contracts The derivative instruments are not designated as hedges for accounting purposes, with the exception of foreign currency forward contracts used for net investment hedging. Changes in fair value of the futures, index swaps, TRSs and credit default swaps are recognized in investment losses, net in JHG’s Condensed Consolidated Statements of Comprehensive Income. Changes in the fair value of the foreign currency forward contracts designated as hedges for accounting purposes are recognized in other comprehensive income, net of tax, in JHG’s Condensed Consolidated Statements of Comprehensive Income. The value of the individual derivative contracts are recognized on a gross basis and included in other current assets or accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets and are immaterial individually and in aggregate. The Group recognized the following net foreign currency translation gains on hedged seed investments denominated in currencies other than the Group’s functional currency and net losses associated with foreign currency forward contracts under net investment hedge accounting for the three months ended March 31, 2018 and 2017 (in millions): Three months ended March 31, 2018 2017 Foreign currency translation $ ) $ Foreign currency forward contracts ) Total $ — $ — Derivative Instruments in Consolidated Seeded Investment Products Certain of the Group’s consolidated seeded investment products utilize derivative instruments to contribute to the achievement of defined investment objectives. These derivative instruments are classified within other current assets or accounts payable and accrued liabilities on JHG’s Condensed Consolidated Balance Sheets. Gains and losses on these derivative instruments are classified within investment losses, net in JHG’s Condensed Consolidated Statements of Comprehensive Income. JHG’s consolidated seeded investment products were party to the following derivative instruments as of March 31, 2018, and December 31, 2017 (in millions): Notional value March 31, 2018 December 31, 2017 Futures $ $ Contracts for differences Credit default swaps Total return swaps Interest rate swaps Options Swaptions Foreign currency forward contracts As of March 31, 2018, certain consolidated seeded investment products sold credit protection through the use of credit default swap contracts. The contracts provide alternative credit risk exposure to individual companies and countries outside of traditional bond markets. The terms of the credit default swap contracts range from one to five years. As sellers in credit default swap contracts, the consolidated seeded investment products would be required to pay the notional value of a referenced debt obligation to the counterparty in the event of a default on the debt obligation by the issuer. The notional value represents the estimated maximum potential undiscounted amount of future payments required upon the occurrence of a credit default event. As of March 31, 2018, the notional values of the agreements totaled $13.0 million. The credit default swap contracts include recourse provisions that allow for recovery of a certain percentage of amounts paid upon the occurrence of a credit default event. As of March 31, 2018, the fair value of the credit default swap contracts selling protection was $0.1 million. Investment Losses, Net Investment losses, net in JHG’s Condensed Consolidated Statements of Comprehensive Income included the following for the three months ended March 31, 2018 and 2017 (in millions): Three months ended March 31, 2018 2017 Seeded investment products $ ) $ Fair value movements on derivatives ) Other — Investment losses, net $ ) $ ) Cash Flows Cash flows related to investment securities for the three months ended March 31, 2018 and 2017, are summarized as follows (in millions): Three months ended March 31, 2018 2017 Purchases Sales, Purchases Sales, and settlements and and settlements and settlements maturities settlements maturities Investment securities $ ) $ $ ) $

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2018
Fair Value Measurements
Fair Value Measurements	Note 4 — Fair Value Measurements The following table presents assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of March 31, 2018 (in millions): Fair value measurements using: Quoted prices in active markets for identical assets Significant other Significant and liabilities observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ — $ — $ Investment securities: Consolidated VIEs Other investment securities — Total investment securities Seed hedge derivatives — — Derivatives in consolidated seeded investment products — Volantis contingent consideration — — Total assets $ $ $ $ Liabilities: Derivatives in consolidated seeded investment products $ $ $ — $ Financial liabilities in consolidated seeded investment products — — Seed hedge derivatives — Current portion of long-term debt(1) — — Long-term debt(1) — — Deferred bonuses — — Contingent consideration — — Dai-ichi options — — Total liabilities $ $ $ $ Redeemable noncontrolling interests: Consolidated seeded investment products $ — $ — $ $ Intech — — Total redeemable noncontrolling interests $ — $ — $ $ (1) Carried at amortized cost and disclosed at fair value. The following table presents assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of December 31, 2017 (in millions): Fair value measurements using: Quoted prices in active markets for identical assets Significant other Significant and liabilities observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ — $ — $ Investment securities: Consolidated VIEs Other investment securities Total investment securities Seed hedge derivatives — — Derivatives in consolidated seeded investment products — Contingent consideration — — Total assets $ $ $ $ Liabilities: Derivatives in consolidated seeded investment products $ $ $ — $ Financial liabilities in consolidated seeded investment products — — Seed hedge derivatives — Current portion of long-term debt(1) — — Long-term debt(1) — — Deferred bonuses — — Contingent consideration — — Dai-ichi options — — Total liabilities $ $ $ $ Redeemable noncontrolling interests: Consolidated seeded investment products $ — $ — $ $ Intech — — Total redeemable noncontrolling interests $ — $ — $ $ Level 1 Fair Value Measurements JHG’s Level 1 fair value measurements consist mostly of seeded investment products, investments in advised mutual funds, cash equivalents and investments related to deferred compensation plans with quoted market prices in active markets. The fair value level of consolidated seeded investment products is determined by the underlying securities of the product. The fair value level of unconsolidated seeded investment products is determined using the respective net asset value (“NAV”) of each product. Level 2 Fair Value Measurements JHG’s Level 2 fair value measurements consist mostly of consolidated seeded investment products and JHG’s long-term debt. The fair value of consolidated seeded investment products is determined by the underlying securities of the product. The fair value of JHG’s long-term debt is determined using broker quotes and recent trading activity, which are considered Level 2 inputs. Level 3 Fair Value Measurements Investment Products As of March 31, 2018, and December 31, 2017, certain securities within consolidated VIEs were valued using significant unobservable inputs, resulting in Level 3 classification. Contingent Consideration Acquisition of Geneva The consideration payable on the acquisition of Geneva Capital Management LLC (“Geneva”) in 2014 included two contingent tranches of up to $45.0 million and $25.0 million, payable over seven years. No fair value adjustment was necessary in the period ended March 31, 2018. As of March 31, 2018, and December 31, 2017, the contingent consideration had a fair value of $19.7 million and $19.3 million, respectively, and was included in other non-current liabilities on JHG’s Condensed Consolidated Balance Sheets. The fair value of the Geneva contingent consideration is estimated at each reporting date by forecasting revenue, as defined by the sale and purchase agreement, over the contingency period and by determining whether targets will be met. Significant unobservable inputs used in the valuation are limited to forecast revenues, which factor in expected growth in AUM based on performance and industry trends. Acquisition of Perennial The consideration payable on the acquisition of Perennial Fixed Interest Partners Pty Ltd and Perennial Growth Management Pty Ltd (together “Perennial”) included contingent consideration payable in 2019 if revenues of the Perennial equities business meet certain targets. The total maximum payment over the remaining contingent consideration period is $5.8 million as of March 31, 2018. In addition, there is a maximum amount of $40.3 million payable in two tranches in 2019 and 2020, which have employee service conditions attached (“earn-out”). The earn-out is accrued over the service period as compensation expense and is based on net management fee revenue. Fair value adjustments to the consideration during the three months ended March 31, 2018, resulted in a $0.2 million increase to the liability. As of March 31, 2018, and December 31, 2017, the contingent consideration and earn-out had a combined fair value of $7.1 million and $7.0 million, respectively, which is included in other non-current liabilities on JHG’s Condensed Consolidated Balance Sheets. The fair value of the Perennial contingent consideration and earn-out is calculated at each reporting date by forecasting Perennial revenues over the contingency period and determining whether the forecasted amounts meet the defined targets. The significant unobservable input used in the valuation is forecasted revenue. Acquisition of Kapstream JCG’s acquisition of Kapstream was a two-stage acquisition. The original acquisition of 51% in July 2015 had contingent consideration payable at 18 and 36 months after acquisition if certain Kapstream AUM reached defined targets. The purchase of the remaining 49% had contingent consideration of up to $43.0 million. Payment of the contingent consideration is subject to all Kapstream products and certain products advised by the Group, reaching defined revenue targets on the first, second and third anniversaries of January 31, 2017. The contingent consideration will be payable in three equal installments on the anniversary dates and is indexed to the performance of the premier share class of the Kapstream Absolute Return Income Fund. Upon achieving the defined revenue targets, the holders receive the value of the contingent consideration adjusted for gains or losses attributable to the mutual fund to which the contingent consideration is indexed, subject to tax withholding. On January 31, 2018, the first anniversary of the acquisition, Kapstream reached defined revenue targets and the Group paid $15.3 million in February 2018. No fair value adjustment was necessary during the three months ended March 31, 2018. As of March 31, 2018, the aggregate contingent consideration had a fair value of $29.7 million; $17.5 million is included in accounts payable and accrued liabilities, and $12.2 million is included in other non-current liabilities on JHG’s Condensed Consolidated Balance Sheets. As of March 31, 2018, the total maximum payment over the remaining contingent consideration period is $33.1 million. The total maximum payment includes fair value adjustments associated with the consideration, which is indexed to the performance of a certain fund. The fair value of the Kapstream contingent consideration is calculated at each reporting date by forecasting certain Kapstream AUM or defined revenue over the contingency period and determining whether the forecasted amounts meet the defined targets. Significant unobservable inputs used in the valuation are limited to forecasted Kapstream AUM and performance against defined revenue targets. Acquisition of VelocityShares JCG’s acquisition of VelocityShares in 2014 included contingent consideration. The payment is contingent on certain VelocityShares’ exchange-traded products (“ETPs”) reaching defined net revenue targets. VelocityShares reached defined net revenue targets in November 2017, and the Group paid $3.6 million in January 2018. As of March 31, 2018, the total maximum payment over the remaining contingent consideration period (fourth anniversary of the acquisition) is $8.0 million. Fair value adjustments to the consideration during the three months ended March 31, 2018, resulted in a $0.1 million increase to the liability. As of March 31, 2018, the contingent consideration had a fair value of $2.7 million, which is included in accounts payable and accrued liabilities on JHG’s Condensed Consolidated Balance Sheets. The fair value of the VelocityShares contingent consideration is calculated at each reporting date by forecasting net ETP revenue, as defined by the purchase agreement, over the contingency period and by determining whether net forecasted ETP revenue targets are achieved. Significant unobservable inputs used in the valuation are considered non-public data and limited to forecasted gross revenues and certain expense items, which are deducted from these revenues. Disposal of Volantis On April 1, 2017, the Group completed the sale of Volantis. Consideration for the sale was a 10% share of the management and performance fees generated by Volantis for a period of three years. The fair value of the Volantis contingent consideration is estimated at each reporting date by forecasting revenues over the contingency period of three years. Significant unobservable inputs used in the valuation are limited to forecast revenues, which factor in expected growth in AUM based on performance and industry trends. Increases in forecast revenue increase the fair value of the consideration, while decreases in forecast revenue decrease the fair value. The forecasted share of revenues is then discounted back to the valuation date using an 11.8% discount rate. As of March 31, 2018, the fair value of the Volantis contingent consideration was $9.3 million. Deferred Bonuses Deferred bonuses represent liabilities to employees over the vesting period that will be settled by investments in JHG products. The significant unobservable inputs are investment designations and vesting periods. Dai-ichi Options As of March 31, 2018, the fair value of the options sold to Dai-ichi Life Holdings Inc. (“Dai-ichi”) was $4.3 million. The fair value was determined using a Black-Scholes option pricing model. The Black-Scholes model requires management to estimate certain variables, primarily the volatility of the underlying shares. Changes in the fair value of the options are recognized in other non-operating income, net in JHG’s Condensed Consolidated Statements of Comprehensive Income. Redeemable Noncontrolling Interests in Intech Redeemable noncontrolling interests in Intech Investment Management LLC (“Intech”) are measured at fair value on a quarterly basis or more frequently if events or circumstances indicate that a material change in the fair value of Intech has occurred. The fair value of Intech is determined using a valuation methodology that incorporates observable metrics from publicly traded peer companies as valuation comparables and adjustments related to investment performance and changes in AUM. Redeemable Noncontrolling Interests in Consolidated Seeded Investment Products Redeemable noncontrolling interests are measured at fair value. Their fair values are primarily driven by the fair value of the investments in consolidated funds. The significant unobservable inputs are investment designations and vesting periods. The fair value of redeemable noncontrolling interests may also fluctuate from period to period based on changes in the Group’s relative ownership percentage of seed investments. Changes in Fair Value Changes in fair value of JHG’s Level 3 assets for the three months ended March 31, 2018 and 2017, are as follows (in millions): Three months ended March 31, 2018 2017 Beginning of period fair value $ $ Additions — — Settlements and transfers to Level 2 ) — Movements recognized in net income — Movements recognized in other comprehensive income — Foreign currency translation — End of period fair value $ $ Changes in fair value of JHG’s individual Level 3 liabilities and redeemable noncontrolling interests for the three months ended March 31, 2018 and 2017, are as follows (in millions): Three months ended March 31, 2018 2017 Contingent Deferred Dai-ichi Redeemable Contingent Deferred Redeemable Beginning of period fair value $ $ $ $ $ $ $ Additions — — — — — — — Changes in ownership — — — — — ) Net movement in bonus deferrals — — — — — Unrealized gains (losses) — — — — — ) Fair value adjustments — ) — — Amortization of Intech appreciation rights — — — ) — — — Distributions ) — — ) — — — Foreign currency translation ) — ) End of period fair value $ $ $ $ $ $ $ Significant Unobservable Inputs Valuation techniques and significant unobservable inputs used in the valuation of JHG’s material Level 3 assets, the Group’s private equity investment included within consolidated VIEs, as of March 31, 2018 and December 31, 2017, were as follows (in millions): As of March 31, 2018 Fair value Valuation Significant Range (weighted Investment securities of consolidated VIEs $ Discounted cash flow Discount rate 12.0% - 15.0% (14.3)% EBITDA multiple 11.6 - 15.1 (14.3) Price-earnings ratio 22.6 - 61.3 (52.4) As of December 31, 2017 Fair value Valuation Significant Range (weighted Investment securities of consolidated VIEs $ Discounted cash flow Discount rate 12.0% - 15.0% (14.3)% EBITDA multiple 11.6 - 15.1 (14.3) Price-earnings ratio 22.6 - 61.3 (52.4) Nonrecurring Fair Value Measurements Nonrecurring Level 3 fair value measurements include goodwill and intangible assets. The Group measures the fair value of goodwill and intangible assets on initial recognition using discounted cash flow analysis that requires assumptions regarding projected future earnings and discount rates. Because of the significance of the unobservable inputs in the fair value measurements of these assets, such measurements are classified as Level 3. Transfers Between Fair Value Levels The underlying securities of funds and separate accounts may trade on a foreign stock exchange. In some cases, the closing price of such securities may be adjusted to capture the effects of any post-closing activity affecting the markets in which they trade. Security prices are adjusted based upon historical impacts for similar post-close activity. These adjustments result in the securities being classified as Level 2 and may also result in movement of securities between Level 1 and Level 2. Transfers are recognized at the end of each reporting period. Transfers between Level 1 and Level 2 classifications for the three months ended March 31, 2018, are as follows: March 31, 2018 2017 Transfers from Level 1 to Level 2 $ $ —

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
Goodwill and Intangible Assets	Mar. 31, 2018
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 5 — Goodwill and Intangible Assets The following table presents movements in intangible assets and goodwill during the period (in millions): Foreign December 31, currency March 31, 2017 Amortization translation Disposal 2018 Indefinite-lived intangible assets: Investment management agreements $ $ — $ $ — $ Trademarks — ) — Definite-lived intangible assets: Client relationships — — Accumulated amortization ) ) ) — ) Net intangible assets $ $ ) $ $ — $ Goodwill $ $ — $ $ ) $ Transaction with BNP Paribas Securities Services On March 31, 2018, the Group and BNP Paribas Securities Services (“BNP Paribas”) completed a transaction transferring JHG’s back-office (including fund administration and fund accounting), middle-office and custody functions in the U.S. to BNP Paribas. As part of the transaction, more than 100 JHG employees, based in Denver, Colorado, have transitioned to BNP Paribas and BNP Paribas became the fund services provider for JHG’s U.S. regulated mutual funds. Gross consideration of $40.0 million received for the transaction resulted in the recognition of a $23.0 million gain in other non-operating income, net on the Condensed Consolidated Statements of Comprehensive Income. JHG also allocated $9.5 million of goodwill to the transaction which resulted in a $9.5 million goodwill write-off, disclosed in the disposal column in the table above. Future Amortization Expected future amortization expense related to client relationships is summarized below (in millions): Year ended December 31, Amount 2018 (remainder of year) $ 2019 2020 2021 2022 Thereafter Total $

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2018
Debt
Debt	Note 6 — Debt Debt as of March 31, 2018, and December 31, 2017, consisted of the following (in millions): March 31, 2018 December 31, 2017 Carrying Fair Carrying Fair value value value value 4.875% Senior Notes due 2025 $ $ $ $ 0.750% Convertible Senior Notes due 2018 Total debt Less: Current portion of long-term debt Total long-term debt $ $ $ $ 4.875% Senior Notes Due 2025 The Group’s 4.875% Senior Notes due 2025 (“2025 Senior Notes”) have a principal value of $300.0 million as of March 31, 2018, pay interest at 4.875% semiannually on February 1 and August 1 of each year, and mature on August 1, 2025.The 2025 Senior Notes include unamortized debt premium, net at March 31, 2018, of $21.3 million, which will be amortized over the remaining life of the notes. The unamortized debt premium is recorded as a liability within long-term debt on JHG’s Condensed Consolidated Balance Sheets. JHG fully and unconditionally guarantees the obligations of JCG in relation to the 2025 Senior Notes. 0.750% Convertible Senior Notes Due 2018 The Group’s 0.750% Convertible Notes due 2018 (“2018 Convertible Notes”) have a principal value of $9.6 million as of March 31, 2018, pay interest at 0.750% semiannually on January 15 and July 15 of each year and mature on July 15, 2018. The fair value as of March 31, 2018, in the table above represents the fair value of the liability component. JHG fully and unconditionally guarantees the obligations of JCG in relation to the 2018 Convertible Notes. Holders of the 2018 Convertible Notes may convert the notes during a particular calendar quarter if the last reported sale price of JHG’s common stock is greater than or equal to 130% of the applicable conversion price for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the preceding quarter. As of April 1, 2018, the 2018 Convertible Notes met the conversion criteria and are convertible during the second quarter 2018 at a conversion rate of 44.9238 shares of JHG common stock per $1,000 principal amount of the 2018 Convertible Notes, which is equivalent to a conversion price of approximately $22.26 per share of common stock. In addition, the 2018 Convertible Notes are convertible from April 15, 2018 to July 15, 2018 (maturity date), regardless of the conversion criteria. During the three months ended March 31, 2018, $47.9 million of principal was redeemed and settled with cash for a total cash outlay of $81.6 million. The difference between the principal redeemed and the cash paid primarily represented the fair value of the conversion feature. Credit Facility At March 31, 2018, JHG had a $200 million, unsecured, revolving credit facility (“Credit Facility”) with Bank of America Merrill Lynch International Limited as coordinator, book runner and mandated lead arranger. JHG and its subsidiaries can use the Credit Facility for general corporate purposes. The rate of interest for each interest period is the aggregate of the applicable margin, which is based on JHG’s long-term credit rating and the London Interbank Offered Rate (“LIBOR”); the Euro Interbank Offered Rate (“EURIBOR”) in relation to any loan in euros (“EUR”); or in relation to any loan in Australian dollars (“AUD”), the benchmark rate for that currency. JHG is required to pay a quarterly commitment fee on any unused portion of the Credit Facility, which is also based on JHG’s long-term credit rating. Under the Credit Facility, the financing leverage ratio cannot exceed 3.00x EBITDA. At March 31, 2018, JHG was in compliance with all covenants, and there were no borrowings under the Credit Facility at March 31, 2018, or during the three months ended March 31, 2018. The maturity date of the Credit Facility is February 16, 2023.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2018
Income Taxes
Income Taxes	Note 7 — Income Taxes The Group’s effective tax rates for the three months ended March 31, 2018 and 2017, are as follows: Three months ended March 31, 2018 2017 Effective tax rate % % On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the “Act”), which made broad and complex changes to the U.S. tax code. Among other things, the Act reduced the U.S. federal corporation tax rate to 21% and implemented a new system of taxation for non-U.S. earnings, including a one-time transition tax on the deemed repatriation of undistributed earnings of non-U.S. subsidiaries. Other significant changes included U.S. taxes on global intangible low-taxed income (“GILTI”) attributable to foreign subsidiaries and base erosion anti-abuse transactions, and new limitations on the deductibility of interest expense and executive compensation. As of March 31, 2018, the Group has not completed its accounting for the tax effects of enactment of the Act because all of the necessary information is not currently available, prepared, or analyzed. Therefore, any amounts recorded are estimates and, as permitted by Staff Accounting Bulletin 118 (“SAB 118”), the Group will continue to assess the impacts of the Act and may record additional estimated amounts or adjustments to estimates during the year. The final effects of the Act may differ from our estimates, potentially materially, due to, among other things, changes in interpretations of the Act, analysis of the Act, or any updates or changes to estimates that we have utilized. The Group expects to complete the accounting for these impacts as the analysis is finalized, but in no event later than one year from the enactment date of the Act. The increase from the statutory rate for the three months ended March 31, 2018, compared to the same period in 2017, is primarily due to the inclusion of JCG, which was not included as of March 31, 2017 and pays taxes in a higher tax rate jurisdiction in the U.S. The decrease from the statutory rate for the three months ended March 31, 2017 was primarily due to a tax benefit from the reversal of a reserve upon an audit settlement with the U.K. tax authorities. As of March 31, 2018, and December 31, 2017, JHG had $10.6 million and $10.2 million of unrecognized tax benefits held for uncertain tax positions, respectively. Management estimates that the existing liability for uncertain tax positions could decrease by up to $0.7 million within the next 12 months, without giving effect to changes in foreign currency translation.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
Noncontrolling Interests	Mar. 31, 2018
Noncontrolling Interests
Noncontrolling Interests	Note 8 — Noncontrolling Interests Redeemable Noncontrolling Interests Redeemable noncontrolling interests as of March 31, 2018, and December 31, 2017, consisted of the following (in millions): March 31, December 31, 2018 2017 Consolidated seeded investment products $ $ Intech: Appreciation rights Founding member ownership interests Total redeemable noncontrolling interests $ $ Consolidated Seeded Investment Products Noncontrolling interests in consolidated seeded investment products are classified as redeemable noncontrolling interests when there is an obligation to repurchase units at the investor’s request. Redeemable noncontrolling interests in consolidated seed investment products may fluctuate from period to period and are impacted by changes in JHG’s relative ownership, changes in the amount of third-party investment in seeded products and volatility in the market value of the seeded products’ underlying securities. Third-party redemption of investments is redeemed from the respective product’s net assets and cannot be redeemed from the assets of other seeded products or from the assets of JHG. The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the three months ended March 31, 2018 and 2017 (in millions): Three months ended March 31, 2018 2017 Opening balance $ $ Changes in market value ) Changes in ownership ) Foreign currency translation ) Closing balance $ $ Changes in ownership reflect third-party investment in consolidated seeded investment products, additional seed capital investment or seed capital redemptions. Intech Intech ownership interests held by a founding member had an estimated fair value of $4.6 million as of March 31, 2018, representing an approximate 1.1% ownership of Intech. This founding member is entitled to retain his remaining Intech interests until his death and has the option to require JHG to purchase his ownership interests of Intech at fair value. Intech appreciation rights are being amortized on a graded vesting method over the respective vesting period. The appreciation rights are exercisable upon termination of employment from Intech to the extent vested. Upon exercise, the appreciation rights are settled in Intech equity. Nonredeemable Noncontrolling Interests Nonredeemable noncontrolling interests as of March 31, 2018, and December 31, 2017, are as follows (in millions): March 31, December 31, 2018 2017 Nonredeemable noncontrolling interests in: Seed capital investments $ $ Intech Total nonredeemable noncontrolling interests $ $

Long-Term Incentive and Employe

Long-Term Incentive and Employee Compensation	3 Months Ended
Long-Term Incentive and Employee Compensation	Mar. 31, 2018
Long-Term Incentive and Employee Compensation
Long-Term Incentive and Employee Compensation	Note 9 — Long-Term Incentive and Employee Compensation The Group granted $110.1 million in long-term incentive awards during the three months ended March 31, 2018, which generally vest and will be recognized on a graded vesting method over a three or four year period. The shares underlying certain 2018 grants were purchased on the open market during the three months ended March 31, 2018 at a cost of $81.0 million. During the three months ended March 31, 2018, the Group recorded a $12.1 million bonus adjustment related to paying more of the 2017 bonus in stock versus cash. The adjustment favorably impacted the employee compensation and benefits line on JHG’s Condensed Consolidated Statements of Comprehensive Income.

Retirement Benefit Plans

Retirement Benefit Plans	3 Months Ended
Retirement Benefit Plans	Mar. 31, 2018
Retirement Benefit Plans
Retirement Benefit Plans	Note 10 — Retirement Benefit Plans The Group operates defined contribution retirement benefit plans and defined benefit pension plans. The main defined benefit pension plan sponsored by the Group is the defined benefit section of the Henderson Group Pension Scheme (“HGPS”). Net Periodic Benefit Credit The components of net periodic benefit credit in respect of defined benefit plans for the three months ended March 31, 2018 and 2017, include the following (in millions): Three months ended March 31, 2018 2017 Service cost $ ) $ ) Interest cost ) ) Expected return on plan assets Net periodic benefit credit $ $

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2018
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	Note 11 — Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2018 and 2017, are as follows (in millions): Three months ended March 31, 2018 2017 Available- Retirement Available- Retirement Foreign for-sale benefit Foreign for-sale benefit currency securities asset, net Total currency securities asset, net Total Beginning balance $ ) $ $ $ ) $ ) $ $ $ ) Cumulative-effect adjustment — ) — ) — — — — Adjusted beginning balance ) — ) ) ) Other comprehensive income (loss) — — ) — Less: other comprehensive income attributable to noncontrolling interests — — — — Ending balance $ ) $ — $ $ ) $ ) $ $ $ ) On January 1, 2018, the Group adopted the financial instruments accounting standard on a modified retrospective basis. The accounting standard required the Group to reclassify a $2.5 million unrealized gain related to available-for-sale securities in accumulated other comprehensive income to retained earnings as a beginning of period cumulative-effect adjustment. As of January 1, 2018, the balance in accumulated comprehensive income related to available-for-sale securities is zero, and gains and losses associated with all equity securities are recognized in investment losses, net on the Group’s Condensed Consolidated Statements of Comprehensive Income. The components of other comprehensive income, net of tax for the three months ended March 31, 2018 and 2017, are as follows (in millions): Three months ended March 31, 2018 2017 Pre-tax Tax Net Pre-tax Tax Net amount benefit amount amount benefit amount Foreign currency translation adjustments $ $ — $ $ $ — $ Net unrealized losses on available-for-sale securities — — — ) — ) Total other comprehensive income $ $ — $ $ $ — $

Earnings and Dividends Per Shar

Earnings and Dividends Per Share	3 Months Ended
Earnings and Dividends Per Share	Mar. 31, 2018
Earnings and Dividends Per Share
Earnings and Dividends Per Share	Note 12 — Earnings and Dividends Per Share Earnings Per Share The following is a summary of the earnings per share calculation for the three months ended March 31, 2018 and 2017 (in millions, except per share data): Three months ended March 31, 2018 2017 Net income attributable to JHG $ $ Less: Allocation of earnings to participating stock-based awards ) ) Net income attributable to JHG common shareholders $ $ Weighted-average common shares outstanding - basic Dilutive effect of: Non-participating stock-based awards Weighted-average common shares outstanding - diluted Earnings per share: Basic $ $ Diluted (two class) $ $ The March 31, 2017 share numbers in the table above have been updated to reflect the share consolidation on April 26, 2017. The potential dilutive effect of redemptions of the Group’s 2018 Convertible Notes has been excluded from the calculations above. Redemptions to date have been settled wholly in cash, and the Group has the ability and intent to settle future redemptions wholly in cash. The following instruments are anti-dilutive and have not been included in the weighted-average diluted shares outstanding calculation (in millions): Three months ended March 31, 2018 2017 Unvested nonparticipating stock awards Dai-ichi options — Dividends Per Share The payment of cash dividends is within the discretion of JHG’s Board of Directors and depends on many factors, including, but not limited to, the Group’s results of operations, financial condition, capital requirements, and general business conditions and legal requirements. The following is a summary of cash dividends paid during the three months ended March 31, 2018: Dividend Date Dividends paid Date per share declared (in US$ millions) paid $ February 5, 2018 $ March 2, 2018 On May 8, 2018, JHG’s Board of Directors declared a cash dividend of $0.36 per share. The quarterly dividend will be paid on June 1, 2018, to shareholders of record at the close of business on May 21, 2018.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments and Contingencies
Commitments and Contingencies	Note 13 — Commitments and Contingencies Commitments and contingencies may arise in the normal course of business. As of March 31, 2018, there were no material changes in the commitments and contingencies as reported in JHG’s Annual Report on Form 10-K for the year ended December 31, 2017. Litigation and Other Regulatory Matters JHG is periodically involved in various legal proceedings and other regulatory matters. Richard Pease v. Henderson Administration Limited The outcome of a court case involving an ex-employee concluded in the first quarter 2018. The case related to the fees the Group should receive after a fund was transferred to an ex-employee and the ex-employee’s entitlement to deferred and forfeited remuneration. The judgment given in the case resulted in the Group recognizing a $12.2 million charge in general, administrative and occupancy on JHG’s Condensed Consolidated Statements of Comprehensive Income after the judge held that the ex-employee’s contract gave him an entitlement to deferred and forfeited remuneration. The amount also represents legal costs relating to the case. The Group is considering whether to appeal the judgment. Eisenberg v. Credit Suisse AG and Janus Index, Halbert v. Credit Suisse AG and Janus Index and Qui v. Credit Suisse AG and Janus Index On March 15, 2018, a purported class action lawsuit was filed in the United States District Court for the Southern District of New York against Janus Index & Calculation Services LLC (“Janus Index”), a subsidiary of the Group, on behalf of a proposed class consisting of investors who purchased VelocityShares Daily Inverse VIX Short-Term ETN (Ticker: XIV) between January 29, 2018 and February 5, 2018 ( Eisenberg v. Credit Suisse AG and Janus Index ). Credit Suisse, the issuer of the XIV notes, is also named as a defendant in the lawsuit. The plaintiffs allege Credit Suisse and Janus Index disseminated and/or approved materially false and misleading intraday indicative values for XIV, causing inflated values of XIV at market close on February 5, 2018. On April 17, 2018, a second lawsuit was filed against Janus Index and Credit Suisse in the United States District Court of the Northern District of Alabama by certain investors in XIV ( Halbert v. Credit Suisse AG and Janus Index ). On May 4, 2018, a third lawsuit was filed in the United States District Court for the Southern District of New York against Credit Suisse and Janus Index. The Halbert and Qui allegations generally mirror the Eisenberg complaint, although the Halbert claim is not a class action lawsuit. The Group believes the claims in these lawsuits are without merit and is strongly defending the actions.

Basis of Presentation and Sig20

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation In the opinion of management of Janus Henderson Group plc (“JHG” or “the Group”), the accompanying condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly state the financial position, results of operations and cash flows of JHG in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in JHG’s Annual Report on Form 10-K for the year ended December 31, 2017. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements. On May 30, 2017, JHG completed a merger of equals with Janus Capital Group Inc. (“JCG”) (the “Merger”). As a result of the Merger, JCG and its consolidated subsidiaries became subsidiaries of JHG.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new revenue recognition standard. The standard’s core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the standard specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. The revenue standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In March 2016, the FASB issued an amendment to its principal-versus-agent guidance in the FASB’s new revenue standard. The key provisions of the amendment are assessing the nature of the entity’s promise to the customer, identifying the specified goods or services, and applying the control principle and indicators of control. The amendment is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. In addition, entities are required to adopt the amendment by using the same transition method they used to adopt the new revenue standard. The Group adopted the new revenue recognition standard, along with the updated principal-versus-agent guidance, effective January 1, 2018, using the retrospective method, which required adjustments to be reflected as of January 1, 2016. In connection with the adoption of this guidance, the Group determined that the new guidance does not change the timing of when the Group recognizes revenue. However, management did conclude that certain distribution and servicing fees earned from its U.S. mutual funds associated with mutual fund transfer agent, accounting, shareholder servicing and participant recordkeeping activities could no longer be reported net of the expenses paid to third-party intermediaries that perform such services. Under the new guidance, the Group is deemed to have control over the distribution and servicing activities before they are transferred to the U.S. mutual funds. As such, distribution and servicing fees collected from the Group’s U.S. mutual funds will be reported separately from distribution and servicing fees paid to third-party intermediaries on the Group’s Condensed Consolidated Statements of Comprehensive Income. The adoption of the standard increased other revenue and distribution expenses on the Group’s Condensed Consolidated Statements of Comprehensive Income by $25.8 million during the three months ended March 31, 2018. The adoption of the standard did not have an impact to net income attributable to JHG on the Group’s Condensed Consolidated Statements of Comprehensive Income. The Group did not have significant distribution and servicing fees and expenses related to U.S. mutual funds prior to its acquisition of Janus Capital Group Inc. on May 30, 2017, and as such, there was not a significant impact of adopting the new revenue guidance to the Group’s Condensed Consolidated Statements of Comprehensive Income for the quarter ended March 31, 2017. The Group’s revenue recognition policy, revised as of January 1, 2018, is detailed below. Financial Instruments In January 2016, the FASB issued amendments to its financial instruments standard, including changes relating to the accounting for equity investments and the presentation and disclosure requirements for financial instruments. Under the amended guidance, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification (changes in fair value reported in other comprehensive income) for equity securities with readily determinable fair values. The amended guidance also requires financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or market value) and form of financial asset (e.g., loans, securities). The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On January 1, 2018, the Group adopted the financial instruments accounting standard on a modified retrospective basis. The accounting standard required the Group to reclassify a $2.5 million unrealized gain related to available-for-sale securities in accumulated other comprehensive income to retained earnings as a beginning of period cumulative-effect adjustment. As of January 1, 2018, the balance in accumulated comprehensive income related to available-for-sale securities is zero and gains and losses associated with all equity securities are recognized in investment losses, net on the Group’s Condensed Consolidated Statements of Comprehensive Income. Retirement Benefit Plans In March 2017, the FASB issued an Accounting Standards Update (“ASU”) that requires the bifurcation of net periodic pension costs. The service cost component will be presented with other employee compensation costs in operating income, while the other components of net periodic pension costs will be presented separately outside of operations. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. The Group anticipates the impact to be approximately $5.3 million of other components excluding service costs recognized outside of operating expenses on an annualized basis. Statements of Cash Flows In August 2016, the FASB issued an ASU to clarify guidance on the classification of certain cash receipts and cash payments in the statements of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice regarding eight types of cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The adoption of the new accounting standard did not have a material impact on the Consolidated Statements of Cash Flows.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued a new standard on accounting for leases. The new standard represents a significant change to lease accounting and introduces a lessee model that brings most leases onto the balance sheet. The standard also aligns certain of the underlying principles of the new lessor model with those in the FASB’s new revenue recognition standard. Furthermore, the new standard addresses other concerns related to the current leases model. The standard is effective for fiscal years beginning after December 15, 2018. The Group is evaluating the effect of adopting this new accounting standard. Hedge Accounting In August 2017, the FASB issued an ASU that amends hedge accounting. The ASU expands the strategies eligible for hedge accounting, changes how companies assess hedge effectiveness and will require new disclosures and presentation. The ASU is effective on January 1, 2019, for calendar year-end companies; however, early adoption is permitted. The Group is evaluating the effect of adopting this new accounting standard.
Revenue Recognition Policy	Revenue Recognition Policy — Updated January 1, 2018 Revenue is measured and recognized based on the five step process outlined in US GAAP. Revenue is determined based on the transaction price negotiated with the customer, net of rebates. Management fees, performance fees, shareowner servicing fees and other revenue are derived from providing professional services to manage investment products. Management fees are earned over time as services are provided and are generally based upon a percentage of the market value of assets under management (“AUM”). These fees are calculated as a percentage of either the daily, month end or quarter end average asset balance in accordance with contractual agreements. Performance fees are specified in certain fund and client contracts and are based on investment performance either on an absolute basis or compared to an established index over a specified period of time. Performance fees are generated on certain management contracts when performance hurdles or other specified criteria are achieved. Performance fees for all fund ranges and separate accounts are recognized when it is probable that a significant reversal of revenue recognized will not occur in future periods. There are no performance fee contracts where revenue can be clawed back. There are no cumulative revenues recognized that would be reversed if all of the existing investments became worthless. Management fees are primarily received monthly or quarterly while performance fees are usually received monthly, quarterly or annually by the Group, although the frequency of receipt varies between agreements. Management and performance fee revenue not yet received is recognized within fees and other receivables in the Consolidated Balance Sheets. Shareowner servicing fees are earned for services rendered related to transfer agent and administrative activities performed for investment products. These services are transferred over time and are generally based on upon a percentage of the market value of AUM. Other revenue includes distribution and servicing fees earned from U.S. mutual funds associated with mutual fund transfer agent, accounting, shareholder servicing and participant recordkeeping activities. These services are transferred over time and are generally based on upon a percentage of the market value of AUM. U.S. Mutual Fund Performance Fees The investment management fee paid by each U.S. mutual fund subject to a performance fee is the base management fee plus or minus a performance fee adjustment as determined by the relative investment performance of the fund compared to a specified benchmark index. Under the performance based fee structure, the investment advisory fee paid by each fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the fund’s average daily net assets during the previous month, plus or minus (2) a performance fee adjustment calculated by applying a variable rate of up to 0.15% to the fund’s average daily net assets during the performance measurement period. The performance measurement period begins as a trailing period ranging from 12 to 18 months, and each subsequent month is added to each successive performance measurement period until a 36 month period is achieved. At that point, the measurement period becomes a rolling 36 month period. The addition of performance fees to all funds without such fees is subject to the approval of both a majority of the shareholders of such Funds and the Funds’ Independent Board of Trustees. Principal versus Agent The Group utilizes third party intermediaries to fulfill certain performance obligations in its revenue agreements. Generally, JHG is deemed to be the principal in these arrangements, because the Group controls the investment management and other related services before they are transferred to customers. Such control is evidenced by the Group’s primary responsibility to customers, the ability to negotiate the third party contract price and select and direct third party service providers, or a combination of these factors. Therefore, distribution and service fee revenues and the related third party distribution and service expenses are reported on a gross basis.

Consolidation (Tables)

Consolidation (Tables)	3 Months Ended
Consolidation (Tables)	Mar. 31, 2018
Consolidation
Schedule of consolidated voting right entities (VREs)	The following table presents the balances related to consolidated voting rights entities (“VREs”) that were recorded on JHG’s Condensed Consolidated Balance Sheets, including JHG’s net interest in these products (in millions): March 31, December 31, 2018 2017 Investment securities $ $ Cash and cash equivalents Other current assets Accounts payable and accrued liabilities ) ) Total Redeemable noncontrolling interests in consolidated VREs ) ) JHG’s net interest in consolidated VREs $ $

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
Investment Securities (Tables)	Mar. 31, 2018
Summary of investment securities	JHG’s investment securities as of March 31, 2018, and December 31, 2017, are summarized as follows (in millions): March 31, December 31, 2018 2017 Investment securities Seeded investment products: Consolidated VIEs $ $ Consolidated VREs Unconsolidated VIEs and VREs Separate accounts Pooled investment funds Total seeded investment products Investments related to deferred compensation plans Other investments Total investment securities $ $
Summary of net unrealized gains on trading securities held	Net unrealized gains on investment securities held as of March 31, 2018 and 2017, are summarized as follows (in millions): Three months ended March 31, 2018 2017 Investment securities held at period end $ ) $
Schedule of net foreign currency translation gains on hedged seed investments denominated in foreign currencies and net gains associated with foreign currency forward contracts under net investment hedging	The Group recognized the following net foreign currency translation gains on hedged seed investments denominated in currencies other than the Group’s functional currency and net losses associated with foreign currency forward contracts under net investment hedge accounting for the three months ended March 31, 2018 and 2017 (in millions): Three months ended March 31, 2018 2017 Foreign currency translation $ ) $ Foreign currency forward contracts ) Total $ — $ —
Schedule of investment losses, In Consolidated Statements of Comprehensive Income	Investment losses, net in JHG’s Condensed Consolidated Statements of Comprehensive Income included the following for the three months ended March 31, 2018 and 2017 (in millions): Three months ended March 31, 2018 2017 Seeded investment products $ ) $ Fair value movements on derivatives ) Other — Investment losses, net $ ) $ )
Cash flows related to investment securities	Cash flows related to investment securities for the three months ended March 31, 2018 and 2017, are summarized as follows (in millions): Three months ended March 31, 2018 2017 Purchases Sales, Purchases Sales, and settlements and and settlements and settlements maturities settlements maturities Investment securities $ ) $ $ ) $
Not Designated as Hedging Instrument
Schedule of derivative instruments	JHG was party to the following derivative instruments as of March 31, 2018, and December 31, 2017 (in millions): Notional value March 31, 2018 December 31, 2017 Futures $ $ Credit default swaps Index swaps Total return swaps Foreign currency forward contracts
Seeded investment products
Schedule of derivative instruments	JHG’s consolidated seeded investment products were party to the following derivative instruments as of March 31, 2018, and December 31, 2017 (in millions): Notional value March 31, 2018 December 31, 2017 Futures $ $ Contracts for differences Credit default swaps Total return swaps Interest rate swaps Options Swaptions Foreign currency forward contracts

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2018
Fair Value Measurements
Schedule of assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis	The following table presents assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of March 31, 2018 (in millions): Fair value measurements using: Quoted prices in active markets for identical assets Significant other Significant and liabilities observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ — $ — $ Investment securities: Consolidated VIEs Other investment securities — Total investment securities Seed hedge derivatives — — Derivatives in consolidated seeded investment products — Volantis contingent consideration — — Total assets $ $ $ $ Liabilities: Derivatives in consolidated seeded investment products $ $ $ — $ Financial liabilities in consolidated seeded investment products — — Seed hedge derivatives — Current portion of long-term debt(1) — — Long-term debt(1) — — Deferred bonuses — — Contingent consideration — — Dai-ichi options — — Total liabilities $ $ $ $ Redeemable noncontrolling interests: Consolidated seeded investment products $ — $ — $ $ Intech — — Total redeemable noncontrolling interests $ — $ — $ $ (1) Carried at amortized cost and disclosed at fair value. The following table presents assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of December 31, 2017 (in millions): Fair value measurements using: Quoted prices in active markets for identical assets Significant other Significant and liabilities observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ $ — $ — $ Investment securities: Consolidated VIEs Other investment securities Total investment securities Seed hedge derivatives — — Derivatives in consolidated seeded investment products — Contingent consideration — — Total assets $ $ $ $ Liabilities: Derivatives in consolidated seeded investment products $ $ $ — $ Financial liabilities in consolidated seeded investment products — — Seed hedge derivatives — Current portion of long-term debt(1) — — Long-term debt(1) — — Deferred bonuses — — Contingent consideration — — Dai-ichi options — — Total liabilities $ $ $ $ Redeemable noncontrolling interests: Consolidated seeded investment products $ — $ — $ $ Intech — — Total redeemable noncontrolling interests $ — $ — $ $
Schedule of changes in fair value of the recurring Level 3 fair value measurements for collective items	Changes in fair value of JHG’s Level 3 assets for the three months ended March 31, 2018 and 2017, are as follows (in millions): Three months ended March 31, 2018 2017 Beginning of period fair value $ $ Additions — — Settlements and transfers to Level 2 ) — Movements recognized in net income — Movements recognized in other comprehensive income — Foreign currency translation — End of period fair value $ $
Schedule of changes in fair value of the recurring Level 3 fair value measurements for individual items	Changes in fair value of JHG’s individual Level 3 liabilities and redeemable noncontrolling interests for the three months ended March 31, 2018 and 2017, are as follows (in millions): Three months ended March 31, 2018 2017 Contingent Deferred Dai-ichi Redeemable Contingent Deferred Redeemable Beginning of period fair value $ $ $ $ $ $ $ Additions — — — — — — — Changes in ownership — — — — — ) Net movement in bonus deferrals — — — — — Unrealized gains (losses) — — — — — ) Fair value adjustments — ) — — Amortization of Intech appreciation rights — — — ) — — — Distributions ) — — ) — — — Foreign currency translation ) — ) End of period fair value $ $ $ $ $ $ $
Summary of valuation techniques and significant unobservable inputs used in the valuation of the company's private equity investments	Valuation techniques and significant unobservable inputs used in the valuation of JHG’s material Level 3 assets, the Group’s private equity investment included within consolidated VIEs, as of March 31, 2018 and December 31, 2017, were as follows (in millions): As of March 31, 2018 Fair value Valuation Significant Range (weighted Investment securities of consolidated VIEs $ Discounted cash flow Discount rate 12.0% - 15.0% (14.3)% EBITDA multiple 11.6 - 15.1 (14.3) Price-earnings ratio 22.6 - 61.3 (52.4) As of December 31, 2017 Fair value Valuation Significant Range (weighted Investment securities of consolidated VIEs $ Discounted cash flow Discount rate 12.0% - 15.0% (14.3)% EBITDA multiple 11.6 - 15.1 (14.3) Price-earnings ratio 22.6 - 61.3 (52.4)
Schedule of transfers between Level 1 and Level 2 classifications	March 31, 2018 2017 Transfers from Level 1 to Level 2 $ $ —

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
Goodwill and Intangible Assets (Tables)	Mar. 31, 2018
Goodwill and Intangible Assets
Schedule of movements in intangible assets and goodwill	The following table presents movements in intangible assets and goodwill during the period (in millions): Foreign December 31, currency March 31, 2017 Amortization translation Disposal 2018 Indefinite-lived intangible assets: Investment management agreements $ $ — $ $ — $ Trademarks — ) — Definite-lived intangible assets: Client relationships — — Accumulated amortization ) ) ) — ) Net intangible assets $ $ ) $ $ — $ Goodwill $ $ — $ $ ) $
Client relationships
Goodwill and Intangible Assets
Summary of expected future amortization expenses	Expected future amortization expense related to client relationships is summarized below (in millions): Year ended December 31, Amount 2018 (remainder of year) $ 2019 2020 2021 2022 Thereafter Total $

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2018
Debt
Components of debt	Debt as of March 31, 2018, and December 31, 2017, consisted of the following (in millions): March 31, 2018 December 31, 2017 Carrying Fair Carrying Fair value value value value 4.875% Senior Notes due 2025 $ $ $ $ 0.750% Convertible Senior Notes due 2018 Total debt Less: Current portion of long-term debt Total long-term debt $ $ $ $

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2018
Income Taxes
Schedule of effective income tax rates	Three months ended March 31, 2018 2017 Effective tax rate % %

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
Noncontrolling Interests (Tables)	Mar. 31, 2018
Noncontrolling Interests
Summary of redeemable noncontrolling interests	Redeemable noncontrolling interests as of March 31, 2018, and December 31, 2017, consisted of the following (in millions): March 31, December 31, 2018 2017 Consolidated seeded investment products $ $ Intech: Appreciation rights Founding member ownership interests Total redeemable noncontrolling interests $ $
Schedule of movement in redeemable noncontrolling interests in consolidated seeded investment products	The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the three months ended March 31, 2018 and 2017 (in millions): Three months ended March 31, 2018 2017 Opening balance $ $ Changes in market value ) Changes in ownership ) Foreign currency translation ) Closing balance $ $
Summary of nonredeemable noncontrolling interests	Nonredeemable noncontrolling interests as of March 31, 2018, and December 31, 2017, are as follows (in millions): March 31, December 31, 2018 2017 Nonredeemable noncontrolling interests in: Seed capital investments $ $ Intech Total nonredeemable noncontrolling interests $ $

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	3 Months Ended
Retirement Benefit Plans (Tables)	Mar. 31, 2018
Retirement Benefit Plans
Schedule of components of net periodic benefit credit	The components of net periodic benefit credit in respect of defined benefit plans for the three months ended March 31, 2018 and 2017, include the following (in millions): Three months ended March 31, 2018 2017 Service cost $ ) $ ) Interest cost ) ) Expected return on plan assets Net periodic benefit credit $ $

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2018
Accumulated Other Comprehensive Loss
Schedule of the changes in accumulated other comprehensive loss, net of tax	Changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2018 and 2017, are as follows (in millions): Three months ended March 31, 2018 2017 Available- Retirement Available- Retirement Foreign for-sale benefit Foreign for-sale benefit currency securities asset, net Total currency securities asset, net Total Beginning balance $ ) $ $ $ ) $ ) $ $ $ ) Cumulative-effect adjustment — ) — ) — — — — Adjusted beginning balance ) — ) ) ) Other comprehensive income (loss) — — ) — Less: other comprehensive income attributable to noncontrolling interests — — — — Ending balance $ ) $ — $ $ ) $ ) $ $ $ )
Components of other comprehensive income, net of tax	The components of other comprehensive income, net of tax for the three months ended March 31, 2018 and 2017, are as follows (in millions): Three months ended March 31, 2018 2017 Pre-tax Tax Net Pre-tax Tax Net amount benefit amount amount benefit amount Foreign currency translation adjustments $ $ — $ $ $ — $ Net unrealized losses on available-for-sale securities — — — ) — ) Total other comprehensive income $ $ — $ $ $ — $

Earnings and Dividends Per Sh30

Earnings and Dividends Per Share (Tables)	3 Months Ended
Earnings and Dividends Per Share (Tables)	Mar. 31, 2018
Earnings and Dividends Per Share
Summary of earnings per share calculation	The following is a summary of the earnings per share calculation for the three months ended March 31, 2018 and 2017 (in millions, except per share data): Three months ended March 31, 2018 2017 Net income attributable to JHG $ $ Less: Allocation of earnings to participating stock-based awards ) ) Net income attributable to JHG common shareholders $ $ Weighted-average common shares outstanding - basic Dilutive effect of: Non-participating stock-based awards Weighted-average common shares outstanding - diluted Earnings per share: Basic $ $ Diluted (two class) $ $
Schedule of anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding	The following instruments are anti-dilutive and have not been included in the weighted-average diluted shares outstanding calculation (in millions): Three months ended March 31, 2018 2017 Unvested nonparticipating stock awards Dai-ichi options —
Schedule of cash dividends declared and paid	The following is a summary of cash dividends paid during the three months ended March 31, 2018: Dividend Date Dividends paid Date per share declared (in US$ millions) paid $ February 5, 2018 $ March 2, 2018

Basis of Presentation and Sig31

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2017
Recent Accounting Pronouncements
Reclassification of other comprehensive income to retained earnings	$ 2.5
Net unrealized gain on available-for-sale securities			$ (0.4)
Distribution expenses		$ 117.3	50.6
Accounting Standards Update 2014-09
Recent Accounting Pronouncements
Distribution expenses		25.8
Accounting Standards Update 2016-01
Recent Accounting Pronouncements
Reclassification of other comprehensive income to retained earnings	2.5
Net unrealized gain on available-for-sale securities	$ 0
Accounting Standards Update 2017-07
Recent Accounting Pronouncements
Amount of other components of net periodic pension costs presented outside of operations		0.3
Other revenue
Recent Accounting Pronouncements
Revenue		57.2	$ 17.2
Other revenue \| Accounting Standards Update 2014-09
Recent Accounting Pronouncements
Revenue		$ 25.8

Basis of Presentation and Sig32

Basis of Presentation and Significant Accounting Policies - Revenue Recognition Policy (Details) - Performance fees	3 Months Ended
	Mar. 31, 2018
U.S. Mutual Fund Performance Fees
Measurement rolling period	36 months
Minimum
U.S. Mutual Fund Performance Fees
Measurement trailing period	12 months
Maximum
U.S. Mutual Fund Performance Fees
Variable rate	0.15%
Measurement trailing period	18 months

Consolidation - VIEs (Details)

Consolidation - VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Unconsolidated VIEs
Investment securities	$ 0	$ 6.2

Consolidation - VREs (Details)

Consolidation - VREs (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Other current assets	$ 62.6	$ 75.9
Consolidated VREs
Investment securities	23.5	18.9
Cash and cash equivalents	4.9	5.9
Other current assets	0.6	0.6
Accounts payable and accrued liabilities	(1.7)	(2.2)
Total	27.3	23.2
Redeemable noncontrolling interests in consolidated VREs	9.9	6.6
JHG's net interest in consolidated VREs	17.4	16.6
Unconsolidated VREs
Investment securities	$ 43	$ 50

Investment Securities - General

Investment Securities - General Disclosure (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Short-term investments:
Estimated Fair Value	$ 719.8		$ 700.1
Net gains (losses) in net income related to:
Foreign currency translation	(0.5)	$ 0.6
Foreign currency forward contracts	0.5	(0.6)
Seeded investment products
Short-term investments:
Seeded investment products	600.5		597.9
Investment securities \| Seeded investment products
Short-term investments:
Investment securities held at period end	(7.9)	$ 2.5
Investment securities \| Separate accounts
Short-term investments:
Seeded investment products	74.8		75.6
Investment securities \| Pooled investment funds
Short-term investments:
Seeded investment products	27		27.5
Investment securities \| Investments related to deferred compensation plans
Short-term investments:
Estimated Fair Value	106		94
Investment securities \| Other investments
Short-term investments:
Estimated Fair Value	13.3		8.2
Consolidated VIEs \| Investment securities
Short-term investments:
Seeded investment products	432.2		419.7
Consolidated VREs \| Investment securities
Short-term investments:
Seeded investment products	23.5		18.9
Unconsolidated VIEs and VREs \| Investment securities
Short-term investments:
Seeded investment products	43		56.2
Consolidated \| Credit default swap, selling protection contracts \| Seeded investment products
Short-term investments:
Notional value of derivative	13
Futures \| Derivative Instruments \| Not Designated as Hedging Instrument
Short-term investments:
Notional value of derivative	175.6		190.6
Futures \| Derivative Instruments \| Seeded investment products
Short-term investments:
Notional value of derivative	428.7		241.2
Credit default swaps \| Derivative Instruments \| Not Designated as Hedging Instrument
Short-term investments:
Notional value of derivative	116		117.5
Credit default swaps \| Derivative Instruments \| Seeded investment products
Short-term investments:
Notional value of derivative	13.5		15
Index swaps \| Derivative Instruments \| Not Designated as Hedging Instrument
Short-term investments:
Notional value of derivative	53.1		76.7
Total return swaps \| Derivative Instruments \| Not Designated as Hedging Instrument
Short-term investments:
Notional value of derivative	81.7		70.3
Total return swaps \| Derivative Instruments \| Seeded investment products
Short-term investments:
Notional value of derivative	4.9		36.7
Foreign currency forward contracts \| Derivative Instruments \| Not Designated as Hedging Instrument
Short-term investments:
Notional value of derivative	151.4		118.8
Foreign currency forward contracts \| Derivative Instruments \| Seeded investment products
Short-term investments:
Notional value of derivative	$ 82.4		$ 135.9

Investment Securities - Offsett

Investment Securities - Offsetting Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Investment Losses, Net
Investment losses, net	$ (0.7)	$ (0.9)
Cash flows related to investment securities
Purchases and settlements	(21.3)	(5)
Seeded investment products
Investment Losses, Net
Investment losses, net	(8)	1.2
Seeded investment products \| Consolidated \| Credit default swap, selling protection contracts
Seeded investment products, credit protection
Notional value of derivative	13
Fair value of credit default swap contracts	$ 0.1
Seeded investment products \| Consolidated \| Credit default swap, selling protection contracts \| Minimum
Seeded investment products, credit protection
Term of credit default swap contracts (in years)	1 year
Seeded investment products \| Consolidated \| Credit default swap, selling protection contracts \| Maximum
Seeded investment products, credit protection
Term of credit default swap contracts (in years)	5 years
Fair value movements on derivatives
Investment Losses, Net
Investment losses, net	$ 7.2	(2.1)
Other investments
Investment Losses, Net
Investment losses, net	0.1
Investment securities
Cash flows related to investment securities
Purchases and settlements	(52.3)	(5.1)
Sales, settlements and maturities	31	$ 0.1
Derivative Instruments \| Seeded investment products \| Futures
Seeded investment products, credit protection
Notional value of derivative	428.7		$ 241.2
Derivative Instruments \| Seeded investment products \| Contracts for differences
Seeded investment products, credit protection
Notional value of derivative	10.7		10.2
Derivative Instruments \| Seeded investment products \| Interest rate swaps
Seeded investment products, credit protection
Notional value of derivative	28.1		58.3
Derivative Instruments \| Seeded investment products \| Total return swaps
Seeded investment products, credit protection
Notional value of derivative	4.9		36.7
Derivative Instruments \| Seeded investment products \| Options
Seeded investment products, credit protection
Notional value of derivative	224.5		144.3
Derivative Instruments \| Seeded investment products \| Foreign currency forward contracts
Seeded investment products, credit protection
Notional value of derivative	82.4		135.9
Derivative Instruments \| Seeded investment products \| Swaptions
Seeded investment products, credit protection
Notional value of derivative	$ 3.4		$ 2.7

Fair Value Measurements - Level

Fair Value Measurements - Level of Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Liabilities
Total redeemable noncontrolling interests	$ 217.7	$ 190.3
Seeded investment products
Liabilities
Total redeemable noncontrolling interests	202.9	174.9	$ 146	$ 158
Consolidated VIEs
Assets
Total investment securities	432.2	419.7
Unconsolidated VIEs
Assets
Total investment securities	0	6.2
Consolidated VREs
Assets
Total investment securities	23.5	18.9
Unconsolidated VREs
Assets
Total investment securities	43	50
Consolidated \| Seeded investment products
Liabilities
Total redeemable noncontrolling interests	202.9	174.9
Fair value measurements, recurring
Assets
Cash equivalents	133.7	422.5
Contingent consideration	9.3	9
Total assets	877.8	1,139
Liabilities
Current portion of long-term debt	9.6
Long-term debt	312.6
Contingent consideration	59.2	76.6
Total liabilities	486.3	574.1
Total redeemable noncontrolling interests	217.7	190.3
Fair value measurements, recurring \| Deferred bonuses
Liabilities
Derivative liabilities	79.5	64.7
Current portion of long-term debt		57.3
Fair value measurements, recurring \| Dai-ichi options
Liabilities
Derivative liabilities	4.3	26.1
Fair value measurements, recurring \| Investment securities
Assets
Total investment securities	719.8	700.1
Fair value measurements, recurring \| Seed hedge derivatives
Assets
Derivative assets	5.1	0.9
Liabilities
Derivative liabilities	4.8	10.1
Long-term debt		323.4
Fair value measurements, recurring \| Seeded investment products
Liabilities
Total redeemable noncontrolling interests		174.9
Fair value measurements, recurring \| Level 1
Assets
Cash equivalents	133.7	422.5
Total assets	446.4	743
Liabilities
Total liabilities	12.7	19.3
Fair value measurements, recurring \| Level 1 \| Investment securities
Assets
Total investment securities	303.1	316.7
Fair value measurements, recurring \| Level 1 \| Seed hedge derivatives
Assets
Derivative assets	5.1	0.9
Liabilities
Derivative liabilities	2.6	5.9
Fair value measurements, recurring \| Level 2
Assets
Total assets	384.2	349.5
Liabilities
Current portion of long-term debt	9.6
Long-term debt	312.6
Total liabilities	330.6	387.4
Fair value measurements, recurring \| Level 2 \| Deferred bonuses
Liabilities
Current portion of long-term debt		57.3
Fair value measurements, recurring \| Level 2 \| Investment securities
Assets
Total investment securities	378.8	345.9
Fair value measurements, recurring \| Level 2 \| Seed hedge derivatives
Liabilities
Derivative liabilities	2.2	4.2
Long-term debt		323.4
Fair value measurements, recurring \| Level 3
Assets
Contingent consideration	9.3	9
Total assets	47.2	46.5
Liabilities
Contingent consideration	59.2	76.6
Total liabilities	143	167.4
Total redeemable noncontrolling interests	217.7	190.3
Fair value measurements, recurring \| Level 3 \| Deferred bonuses
Liabilities
Derivative liabilities	79.5	64.7
Fair value measurements, recurring \| Level 3 \| Dai-ichi options
Liabilities
Derivative liabilities	4.3	26.1
Fair value measurements, recurring \| Level 3 \| Investment securities
Assets
Total investment securities	37.9	37.5
Fair value measurements, recurring \| Level 3 \| Seeded investment products
Liabilities
Total redeemable noncontrolling interests		174.9
Fair value measurements, recurring \| Consolidated VIEs \| Investment securities
Assets
Total investment securities	432.2	419.7
Fair value measurements, recurring \| Consolidated VIEs \| Level 1 \| Investment securities
Assets
Total investment securities	124.1	131
Fair value measurements, recurring \| Consolidated VIEs \| Level 2 \| Investment securities
Assets
Total investment securities	270.2	251.4
Fair value measurements, recurring \| Consolidated VIEs \| Level 3
Assets
Total investment securities	37.8	37.3
Fair value measurements, recurring \| Consolidated VIEs \| Level 3 \| Investment securities
Assets
Total investment securities	37.9	37.3
Fair value measurements, recurring \| Unconsolidated VIEs \| Investment securities
Assets
Total investment securities	287.6	280.4
Fair value measurements, recurring \| Unconsolidated VIEs \| Level 1 \| Investment securities
Assets
Total investment securities	179	185.7
Fair value measurements, recurring \| Unconsolidated VIEs \| Level 2 \| Investment securities
Assets
Total investment securities	108.6	94.5
Fair value measurements, recurring \| Unconsolidated VIEs \| Level 3 \| Investment securities
Assets
Total investment securities		0.2
Fair value measurements, recurring \| Intech
Liabilities
Total redeemable noncontrolling interests	14.8	15.4
Fair value measurements, recurring \| Intech \| Level 3
Liabilities
Total redeemable noncontrolling interests	14.8	15.4
Fair value measurements, recurring \| Consolidated \| Seeded investment products
Assets
Derivative assets	9.9	6.5
Liabilities
Derivative liabilities	8.3	4.3
Financial liabilities in consolidated seeded investment products	8	11.6
Total redeemable noncontrolling interests	202.9
Fair value measurements, recurring \| Consolidated \| Level 1 \| Seeded investment products
Assets
Derivative assets	4.5	2.9
Liabilities
Derivative liabilities	2.1	1.8
Financial liabilities in consolidated seeded investment products	8	11.6
Fair value measurements, recurring \| Consolidated \| Level 2 \| Seeded investment products
Assets
Derivative assets	5.4	3.6
Liabilities
Derivative liabilities	6.2	$ 2.5
Fair value measurements, recurring \| Consolidated \| Level 3 \| Seeded investment products
Liabilities
Total redeemable noncontrolling interests	$ 202.9

Fair Value Measurements - Acqui

Fair Value Measurements - Acquisition of Geneva (Details) - Geneva $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2014USD ($)tranche	Dec. 31, 2017USD ($)
Acquisitions
Number of contingent consideration payment tranches \| tranche		2
Contingent consideration payable period		7 years
Fair value adjustment	$ 0
Fair value of contingent consideration asset	$ 19.7		$ 19.3
Maximum
Acquisitions
Contingent consideration payable in first tranche		$ 45
Contingent consideration payable in second tranche		$ 25

Fair Value Measurements - Acq39

Fair Value Measurements - Acquisition of Perennial (Details) - Perennial $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)tranche	Dec. 31, 2017USD ($)
Acquisitions
Maximum contingent consideration payable	$ 5.8
Additional maximum contingent consideration payable in 2019 & 2020	$ 40.3
Number of contingent consideration payment tranches \| tranche	2
Changes in contingent consideration liability	$ (0.2)
Other non-current liabilities
Acquisitions
Fair value of contingent consideration asset	$ 7.1	$ 7

Fair Value Measurements - Acq40

Fair Value Measurements - Acquisition of Kapstream (Details) - Kapstream $ in Millions	1 Months Ended		3 Months Ended
	Feb. 28, 2018USD ($)	Jul. 31, 2015	Mar. 31, 2018USD ($)	Jan. 31, 2017USD ($)item
Business acquisition
Ownership interest acquired (as a percent)		51.00%		49.00%
Contingent consideration payable period, low		18 months
Contingent consideration payable period, high end		36 months
Fair value of contingent consideration asset			$ 29.7
Number of installments \| item				3
Fair value adjustment			0
Contingent cash consideration if certain revenue targets are achieved			33.1
Contingent cash consideration paid, for revenue target achieved	$ 15.3
Accounts payable and accrued liabilities
Business acquisition
Fair value of contingent consideration asset			17.5
Other non-current liabilities
Business acquisition
Fair value of contingent consideration asset			$ 12.2
Maximum
Business acquisition
Fair value of contingent consideration asset				$ 43

Fair Value Measurements - Acq41

Fair Value Measurements - Acquisition of VelocityShares (Details) - VelocityShares - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2018	Mar. 31, 2018
Business acquisition
Contingent cash consideration if certain revenue targets are achieved	$ 3.6
Changes in contingent consideration liability		$ (0.1)
Accounts payable and accrued liabilities
Business acquisition
Fair value of contingent consideration asset		2.7
Fourth Anniversary
Business acquisition
Contingent cash consideration if certain revenue targets are achieved		$ 8

Fair Value Measurements - Dispo

Fair Value Measurements - Disposal of Volantis (Details) - Volantis - USD ($) $ in Millions	Apr. 01, 2017	Mar. 31, 2018
Disposal of Volantis
Period of performance of investee for recognizing consideration	3 years
Discontinued Operations, Disposed of by Sale
Disposal of Volantis
Percentage of share for consideration of sale	10.00%
Discount rate for forecasted contingent revenues (as a percent)	11.80%
Fair value of contingent consideration		$ 9.3

Fair Value Measurements - Dai-i

Fair Value Measurements - Dai-ichi Options (Details) $ in Millions	Mar. 31, 2018USD ($)
Dai-ichi option
Disposal of Dai-ichi Options
Fair value of the options	$ 4.3

Fair Value Measurements - Lev44

Fair Value Measurements - Level 3 Rollforward (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Changes in fair value
Foreign currency translation	$ (0.5)	$ 0.6
Level 3 \| Fair value measurements, recurring
Changes in fair value
Balance at the beginning of the year, Liability Value	46.5	42.7	$ 42.7
Settlements and transfers to Level 2	(0.4)
Movements recognized in net income	0.8
Movements recognized in other comprehensive income	0.3
Foreign currency translation		0.5
Balance at the end of the year, Liability Value	47.2	43.2	46.5
Level 3 \| Fair value measurements, recurring \| Contingent consideration
Changes in fair value
Balance at the beginning of the year, Liability Value	76.6	25.5	25.5
Fair value adjustments	(2)	(1.5)
Distributions	(18.8)
Foreign currency translation	(0.6)	0.3
Balance at the end of the year, Liability Value	59.2	27.3	76.6
Level 3 \| Fair value measurements, recurring \| Deferred bonuses
Changes in fair value
Balance at the beginning of the year, Liability Value	64.7	42.9	42.9
Net movement in bonus deferrals	14.8	11.1
Foreign currency translation		0.5
Balance at the end of the year, Liability Value	79.5	54.5	64.7
Level 3 \| Fair value measurements, recurring \| Dai-ichi options
Changes in fair value
Balance at the beginning of the year, Liability Value	26.1
Fair value adjustments	22.8
Foreign currency translation	1
Balance at the end of the year, Liability Value	4.3		26.1
Level 3 \| Fair value measurements, recurring \| Redeemable noncontrolling interests
Changes in fair value
Balance at the beginning of the year, Liability Value	190.3	158	158
Changes in ownership	27.1	(5.4)
Unrealized gains (losses)	1.1	(7.3)
Fair value adjustments	(0.4)
Amortization of Intech appreciation rights	(0.9)
Distributions	(0.1)
Foreign currency translation	(0.2)	0.7
Balance at the end of the year, Liability Value	217.7	$ 146	190.3
Consolidated VIEs
Changes in fair value
Investment securities	432.2		419.7
Consolidated VIEs \| Level 3 \| Fair value measurements, recurring
Changes in fair value
Investment securities	$ 37.8		$ 37.3
Consolidated VIEs \| Level 3 \| Fair value measurements, recurring \| Discounted cash flow \| Minimum
Changes in fair value
Discount rate	12.00%		12.00%
EBITDA multiple	0.116		0.116
Price-earnings ratio	0.226		0.226
Consolidated VIEs \| Level 3 \| Fair value measurements, recurring \| Discounted cash flow \| Maximum
Changes in fair value
Discount rate	15.00%		15.00%
EBITDA multiple	0.151		0.151
Price-earnings ratio	0.613		0.613
Consolidated VIEs \| Level 3 \| Fair value measurements, recurring \| Discounted cash flow \| Weighted-average
Changes in fair value
Discount rate	14.30%		14.30%
EBITDA multiple	0.143		0.143
Price-earnings ratio	0.524		0.524

Fair Value Measurements - Trans

Fair Value Measurements - Transfers Between Levels (Details) $ in Millions	Mar. 31, 2018USD ($)
Fair Value Measurements
Transfers from Level 1 to Level 2	$ 42.7

Goodwill and Intangible Asset46

Goodwill and Intangible Assets (Details) $ in Millions	Mar. 31, 2018USD ($)employee	Mar. 31, 2018USD ($)employee
Net intangible assets
Net intangible assets, balance at the beginning of the period		$ 3,204.8
Amortization		(7.4)
Foreign currency translation		8.2
Net intangible assets, balance at the end of the period	$ 3,205.6	3,205.6
Definite-lived intangible assets:
Accumulated amortization, balance at the end of the period		(89.7)
Foreign currency translation		(1.3)
Amortization		(7.4)
Accumulated amortization, balance at the end of the period	(98.4)	(98.4)
Goodwill
Goodwill, balance at the beginning of the period		1,533.9
Foreign currency translation		24.1
Disposal	(9.5)	(9.5)
Goodwill, balance at the end of the period	1,548.5	1,548.5
Transaction with BNP Paribas
Allocated goodwill	9.5	9.5
JHG's Back Office
Goodwill
Disposal	(9.5)	(9.5)
Transaction with BNP Paribas
Consideration for discontinued operations	40	40
Allocated goodwill	$ 9.5	$ 9.5
JHG's Back Office \| Minimum
Transaction with BNP Paribas
Number of employees transitioned \| employee	100	100
Non-operating income, net \| JHG's Back Office
Transaction with BNP Paribas
Gain on discontinued operations	$ 23
Client relationships
Definite-lived intangible assets:
Balance at the beginning of the period		$ 369.4
Foreign currency translation		0.7
Balance at the end of the period	370.1	370.1
Future Amortization expense:
2018 (remainder of year)	22.2	22.2
2,019	29.6	29.6
2,020	29.6	29.6
2,021	26.8	26.8
2,022	18.3	18.3
Thereafter	145.2	145.2
Total	271.7	271.7
Investment management agreements
Indefinite-lived intangible assets:
Balance at the beginning of the period		2,543.9
Foreign currency translation		8.9
Balance at the end of the period	2,552.8	2,552.8
Trademarks
Indefinite-lived intangible assets:
Balance at the beginning of the period		381.2
Foreign currency translation		(0.1)
Balance at the end of the period	$ 381.1	$ 381.1

Debt (Details)

Debt (Details) $ / shares in Units, $ in Millions	Apr. 01, 2018$ / shares	Mar. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Components of debt
Less: Current portion of long-term debt		$ 9.5	$ 57.2
Total long-term debt		321.3	322
Other Disclosures
Settlement of debt in cash		81.6
Carrying value
Components of debt
Total debt		330.8	379.2
Less: Current portion of long-term debt		9.5	57.2
Total long-term debt		321.3	322
Fair value
Components of debt
Total debt		322.2	380.7
Less: Current portion of long-term debt		9.6	57.3
Total long-term debt		$ 312.6	323.4
4.875% Senior Notes due 2025
Components of debt
Interest rate (as a percent)		4.875%
Other Disclosures
Face value of debt issued		$ 300
4.875% Senior Notes due 2025 \| Carrying value
Components of debt
Total debt		321.3	322
4.875% Senior Notes due 2025 \| Fair value
Components of debt
Total debt		$ 312.6	323.4
0.750% Convertible Senior Notes due 2018
Components of debt
Interest rate (as a percent)		0.75%
Other Disclosures
Conversion rate, shares per $1,000 principal amount	44.9238
Adjusted conversion price per share of common stock (in dollars per share) \| $ / shares	$ 22.26
Percentage of the conversion price that the last reported sales price of the entity's common stock must equal or exceed as per conversion eligibility terms		130.00%
Number of trading days within 30 consecutive trading days required per the conversion eligibility terms, minimum \| item		20
Number of consecutive trading days required per the conversion eligibility terms \| item		30
Redemption of debt instruments principal amount		$ 47.9
Settlement of debt in cash		81.6
0.750% Convertible Senior Notes due 2018 \| Carrying value
Components of debt
Total debt		9.5	57.2
0.750% Convertible Senior Notes due 2018 \| Fair value
Components of debt
Total debt		9.6	$ 57.3
Credit Facility
Other Disclosures
Credit facility, maximum borrowing capacity		$ 200
Credit facility covenant terms, financing leverage ratio, maximum		3
Borrowings under the Credit Facility		$ 0
Janus Capital Group Inc \| 4.875% Senior Notes due 2025
Other Disclosures
Unamortized premium, net		21.3
Janus Capital Group Inc \| 0.750% Convertible Senior Notes due 2018
Other Disclosures
Face value of debt issued		$ 9.6

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Dec. 22, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Taxes
Effective tax rate (as a percent)		22.50%	15.10%
Corporation tax rate (as a percent)	21.00%
Unrecognized tax benefits held for uncertain tax positions		$ 10.6		$ 10.2
Anticipated decrease in income tax contingency reserves in the next 12 months		$ 0.7

Noncontrolling Interests - Rede

Noncontrolling Interests - Redeemable (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Mar. 31, 2018
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	$ 190.3		$ 190.3	$ 217.7
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance	190.3
Closing balance	217.7		190.3
Seeded investment products
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	174.9	$ 158	158	202.9
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance	174.9	158	158
Changes in market value	1.1	(7.3)
Changes in ownership	27.1	(5.4)
Foreign currency translation	(0.2)	0.7
Closing balance	202.9	$ 146	174.9
Intech
Redeemable Noncontrolling Interests
INTECH appreciation rights	10.2		11
Intech Founders
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	4.4		4.4	$ 4.6
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance	4.4
Closing balance	4.6		4.4
Remaining interest (as a percent)				1.10%
Consolidated \| Seeded investment products
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	174.9		174.9	$ 202.9
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance	174.9
Closing balance	$ 202.9		$ 174.9

Noncontrolling Interests - Nonr

Noncontrolling Interests - Nonredeemable (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Nonredeemable noncontrolling interests
Total nonredeemable noncontrolling interests	$ 34.7	$ 38.2
Intech
Nonredeemable noncontrolling interests
Total nonredeemable noncontrolling interests	13.4	13.3
Seeded investment products
Nonredeemable noncontrolling interests
Total nonredeemable noncontrolling interests	$ 21.3	$ 24.9

Long-Term Incentive and Emplo51

Long-Term Incentive and Employee Compensation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Long-Term Incentive and Employee Compensation
Long-term incentive awards granted	$ 110.1
Amount of shares purchased in the open market	81
Bonus adjustment relating to paying more bonus in stock versus cash	$ 12.1
Maximum
Long-Term Incentive and Employee Compensation
Vesting period	4 years
Minimum
Long-Term Incentive and Employee Compensation
Vesting period	3 years

Retirement benefit plans (Detai

Retirement benefit plans (Details) - USD ($) $ in Millions	3 Months Ended
Retirement benefit plans (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017
Components of net periodic benefit cost
Service cost	$ (0.3)	$ (0.3)
Interest cost	(4.8)	(5.2)
Expected return on plan assets	6.1	5.9
Net periodic benefit credit	$ 1	$ 0.4

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2017
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	$ 4,837.3	$ 4,837.3
Cumulative-effect adjustment	0.2
Less: other comprehensive income attributable to noncontrolling interests		(0.2)		$ (0.4)
Ending balance		4,892.2	$ 4,892.2
Amounts reclassified from accumulated other comprehensive loss
Reclassification of other comprehensive income to retained earnings	2.5
Net unrealized gain on available-for-sale securities				(0.4)
Accumulated other comprehensive loss
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	(301.8)	(301.8)	(304.3)	(434.5)	$ (434.5)
Cumulative-effect adjustment	(2.5)
Other comprehensive income (loss) before reclassifications			52.7		22.9
Less: other comprehensive income attributable to noncontrolling interests			0.2		0.4
Ending balance	(304.3)	(251.4)	(251.4)	(411.2)	(411.2)
Foreign currency translation adjustments
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	(325.3)	(325.3)	(325.3)	(471.3)	(471.3)
Other comprehensive income (loss) before reclassifications			52.7		23.3
Less: other comprehensive income attributable to noncontrolling interests			0.2		0.4
Ending balance	(325.3)	(272.4)	(272.4)	(447.6)	(447.6)
Available-for-sale securities
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	2.5	2.5		4.7	4.7
Cumulative-effect adjustment	(2.5)
Other comprehensive income (loss) before reclassifications					(0.4)
Ending balance				4.3	4.3
Amounts reclassified from accumulated other comprehensive loss
Net unrealized gain on available-for-sale securities	0
Retirement benefit asset, net
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	21	21	21	32.1	32.1
Ending balance	$ 21	$ 21	$ 21	$ 32.1	$ 32.1

Accumulated Other Comprehensi54

Accumulated Other Comprehensive Loss - OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
Other comprehensive income, net of tax
Pre-tax amount		$ 52.7	$ 22.9
Other comprehensive income, net of tax	$ 52.9	52.7	22.9
Foreign currency translation adjustments
Other comprehensive income, net of tax
Pre-tax amount		52.7	23.3
Other comprehensive income, net of tax		$ 52.7	23.3
Available-for-sale securities
Other comprehensive income, net of tax
Pre-tax amount			(0.4)
Other comprehensive income, net of tax			$ (0.4)

Earnings and Dividends Per Sh55

Earnings and Dividends Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	May 08, 2018	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
Earnings per share
Net income attributable to JHG			$ 165.2	$ 42.6
Less: Allocation of earnings to participating stock-based awards			(4.2)	(0.9)
Net income attributable to JHG common shareholders			$ 161	$ 41.7
Weighted-average common shares outstanding - basic			195.9	109.2
Dilutive effect of non-participating stock-based awards			1	1.4
Weighted-average common shares outstanding - diluted			196.9	110.6
Earnings per share:
Basic (in dollars per share)			$ 0.82	$ 0.38
Diluted (two class) (in dollars per share)			0.82	$ 0.38
Dividends Per Share
Dividends paid (in dollars per share)			$ 0.32
Dividends paid		$ 63.1	$ 63.1
Cash dividend declared (in dollars per share)	$ 0.36
Unvested nonparticipating stock awards
Anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding
Number of anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding			0.4	0.8
Dai-ichi options
Anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding
Number of anti-dilutive securities that have not been included in the calculation of weighted average diluted shares outstanding			10

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2018USD ($)
General and Administrative Expense \| Richard Pease Versus Henderson Administration Limited
Deferred and forfeited remuneration to ex-employee	$ 12.2