Janus Henderson (JHG) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 27, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-38103
Entity Registrant Name	JANUS HENDERSON GROUP PLC
Entity Incorporation, State or Country Code	Y9
Entity Tax Identification Number	98-1376360
Entity Address, Address Line One	201 Bishopsgate
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	EC2M3AE
Country Region	+44
City Area Code	(0) 20
Local Phone Number	7818 1818
Title of 12(b) Security	Common Stock
Trading Symbol	JHG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		184,914,488
Entity Central Index Key	0001274173
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Fees and other receivables	$ 291.3	$ 334.8
OEIC and unit trust receivables	206.2	131.7
Other current assets	110.4	116
Total current assets	2,244.5	2,580.8
Non-current assets:
Property, equipment and software, net	84	84.7
Intangible assets, net	2,651.7	3,088.6
Goodwill	1,307.1	1,504.3
Retirement benefit asset, net	200.3	214
Other non-current assets	156.3	149.3
Total assets	6,643.9	7,621.7
Current liabilities:
Current portion of accrued compensation, benefits and staff costs	172.3	335.7
OEIC and unit trust payables	213.7	130.9
Total current liabilities	690.7	769.7
Non-current liabilities:
Accrued compensation, benefits and staff costs	30.9	59.4
Long-term debt	315.5	316.2
Deferred tax liabilities, net	602.7	729.1
Retirement benefit obligations, net	4.1	4.4
Other non-current liabilities	142.6	158.8
Total liabilities	1,786.5	2,037.6
Commitments and contingencies (See Note 14)
REDEEMABLE NONCONTROLLING INTERESTS	464	677.9
EQUITY
Common stock ($1.50 par, 480,000,000 shares authorized and 184,914,488 and 186,975,693 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively)	277.4	280.5
Additional paid-in-capital	3,803.7	3,828.5
Treasury shares (3,534,497 and 3,545,812 shares held, respectively)	(137.9)	(139.5)
Accumulated other comprehensive loss, net of tax	(511)	(367.1)
Retained earnings	942.8	1,284.1
Total shareholders' equity	4,375	4,886.5
Nonredeemable noncontrolling interests	18.4	19.7
Total equity	4,393.4	4,906.2
Total liabilities, redeemable noncontrolling interests and equity	6,643.9	7,621.7
Consolidated excluding VIEs
Current assets:
Cash and cash equivalents	732.5	733.9
Investment securities	250.6	253.5
Current liabilities:
Accounts payable and accrued liabilities	221.6	246
Consolidated VIEs
Current assets:
Cash and cash equivalents	69.7	62.6
Investment securities	548.8	924.8
Other current assets	35	23.5
Current liabilities:
Accounts payable and accrued liabilities	$ 83.1	$ 57.1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Common stock, par (in dollars per share)	$ 1.50	$ 1.50
Common stock, shares authorized	480,000,000	480,000,000
Common stock, shares issued	184,914,488	186,975,693
Common stock, shares outstanding	184,914,488	186,975,693
Treasury shares (in shares)	3,534,497	3,545,812

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Total revenue	$ 554.9	$ 519.3
Operating expenses:
Employee compensation and benefits	155.6	145
Long-term incentive plans	33.6	48.4
Distribution expenses	112.2	101.9
Investment administration	11.7	11.8
Marketing	6.7	7.5
General, administrative and occupancy	65.2	65.2
Impairment of goodwill and intangible assets	487.3
Depreciation and amortization	15	15
Total operating expenses	887.3	394.8
Operating income (loss)	(332.4)	124.5
Interest expense	(3.3)	(4.1)
Investment gains (losses), net	(50.5)	13.3
Other non-operating income (expenses), net	32.2	(3.9)
Income (loss) before taxes	(354)	129.8
Income tax benefit (provision)	68.8	(29.9)
Net income (loss)	(285.2)	99.9
Net loss (income) attributable to noncontrolling interests	38.2	(5.8)
Net income (loss) attributable to JHG	$ (247)	$ 94.1
Earnings (loss) per share attributable to JHG common shareholders:
Basic (in dollars per share)	$ (1.35)	$ 0.48
Diluted (in dollars per share)	$ (1.35)	$ 0.48
Other comprehensive income (loss), net of tax:
Foreign currency translation gains (losses)	$ (149.1)	$ 36.8
Actuarial gains	0.1
Other comprehensive income (loss), net of tax	(149)	36.8
Other comprehensive loss (income) attributable to noncontrolling interests	5.1	(0.1)
Other comprehensive income (loss) attributable to JHG	(143.9)	36.7
Total comprehensive income (loss)	(434.2)	136.7
Total comprehensive loss (income) attributable to noncontrolling interests	43.3	(5.9)
Total comprehensive income (loss) attributable to JHG	(390.9)	130.8
Management fees
Revenue:
Total revenue	439.6	441.9
Performance fees
Revenue:
Total revenue	14.6	(5.6)
Shareowner servicing fees
Revenue:
Total revenue	50.3	35.9
Other revenue
Revenue:
Total revenue	$ 50.4	$ 47.1

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net income (loss)	$ (285.2)	$ 99.9
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	15	15
Impairment of goodwill and intangible assets	487.3
Deferred income taxes	(110.8)	0.4
Stock-based compensation plan expense	16.6	20.1
Impairment of right-of-use operating asset		4.7
Gain on sale of Geneva	(17.4)
Investment (gains) losses, net	50.5	(13.3)
Contributions to pension plans in excess of costs recognized	(0.1)	(1.8)
Contingent consideration adjustment	(7.1)
Other, net	(13.2)	(3.2)
Changes in operating assets and liabilities:
OEIC and unit trust receivables and payables	8.3	11.1
Other assets	57.4	1.8
Other accruals and liabilities	(163.4)	(169.4)
Net operating activities	37.9	(34.7)
Proceeds from (purchase of):
Investment securities, net	98.3	19.3
Property, equipment and software	(8.2)	(7.5)
Investment securities by consolidated seeded investment products, net	(105.3)	46.1
Cash received (paid) on settled hedges, net	17.9	(7.4)
Dividends received from equity-method investments	0.5	0.5
Proceeds from sale of Volantis		0.3
Proceeds from sale of Geneva	38.6
Net investing activities	41.8	51.3
Financing activities:
Purchase of common stock for stock-based compensation plans	(39.8)	(37.1)
Purchase of common stock for share buyback program	(31.2)	(30.9)
Dividends paid to shareholders	(66.2)	(69.7)
Payment of contingent consideration	(13.8)	(14.1)
Distributions to noncontrolling interests	(0.1)	(0.1)
Third-party sales (redemptions) in consolidated seeded investment products, net	105.3	(46.1)
Principal payments under capital lease obligations	(0.2)	(0.3)
Net financing activities	(46)	(198.3)
Cash and cash equivalents:
Effect of foreign exchange rate changes	(28)	5
Net change	5.7	(176.7)
At beginning of period	796.5	916.6
At end of period	802.2	739.9
Supplemental cash flow information:
Cash paid for interest	7.3	7.3
Cash paid for income taxes, net of refunds	4.9	12.6
Reconciliation of cash and cash equivalents:
Cash and cash equivalents	802.2	739.9
Consolidated VIEs
Cash and cash equivalents:
At end of period	69.7	22.8
Reconciliation of cash and cash equivalents:
Cash and cash equivalents	69.7	22.8
Consolidated excluding VIEs
Cash and cash equivalents:
At end of period	732.5	717.1
Reconciliation of cash and cash equivalents:
Cash and cash equivalents	$ 732.5	$ 717.1

CONSOLIDATED STATEMENTS OF CHAN

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, 2018	$ 294.6	$ 3,824.5	$ (170.8)	$ (423.5)	$ 1,314.5	$ 21.5	$ 4,860.8
Balance (in shares) at Dec. 31, 2018	196,400,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)					94.1	1.2	95.3
Other comprehensive income (loss)				36.7			36.7
Dividends paid to shareholders					(69.7)		(69.7)
Share buyback program	$ (1.9)				(29)		(30.9)
Share buyback program (in shares)	(1,200,000)
Distributions to noncontrolling interests						(0.1)	(0.1)
Purchase of common stock for stock-based compensation plans		(31.4)	(5.7)				(37.1)
Vesting of stock-based compensation plans		(11.1)	11.1
Stock-based compensation plan expense		20.1					20.1
Balance at Mar. 31, 2019	$ 292.7	3,802.1	(165.4)	(386.8)	1,309.9	22.6	4,875.1
Balance (in shares) at Mar. 31, 2019	195,200,000
Balance at Dec. 31, 2019	$ 280.5	3,828.5	(139.5)	(367.1)	1,284.1	19.7	$ 4,906.2
Balance (in shares) at Dec. 31, 2019	187,000,000						186,975,693
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(247)	(1.2)	$ (248.2)
Other comprehensive income (loss)				(143.9)			(143.9)
Dividends paid to shareholders					(66.2)		(66.2)
Share buyback program	$ (3.1)				(28.1)		(31.2)
Share buyback program (in shares)	(2,100,000)
Distributions to noncontrolling interests						(0.1)	(0.1)
Purchase of common stock for stock-based compensation plans		(37)	(2.8)				(39.8)
Vesting of stock-based compensation plans		(4.4)	4.4
Stock-based compensation plan expense		16.6					16.6
Balance at Mar. 31, 2020	$ 277.4	$ 3,803.7	$ (137.9)	$ (511)	$ 942.8	$ 18.4	$ 4,393.4
Balance (in shares) at Mar. 31, 2020	184,900,000						184,914,488

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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,” “the Group,” “we,” “us,” “our” and similar terms), the accompanying unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly state our financial position, results of operations and cash flows 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 our Annual Report on Form 10-K for the year ended December 31, 2019. The December 31, 2019, condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date. Recent Accounting Pronouncements Adopted Implementation Costs — Cloud Computing Arrangements In August 2018, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for implementation costs incurred to develop or obtain internal-use software. The ASU is effective January 1, 2020, for calendar year-end companies and for the interim periods within those years. The ASU allows either a retrospective or prospective approach to all implementation costs incurred after adoption. We adopted the ASU effective January 1, 2020, using the prospective approach. There were no ​ Recent Accounting Pronouncements Not Yet Adopted Retirement Benefit Plans In August 2018, the FASB issued an ASU that modifies the disclosure requirements for employers that sponsor defined benefit pension plans. The ASU removes, adds and clarifies a number of disclosure requirements related to sponsored benefit plans. The standard is effective January 1, 2021, for calendar year-end companies, and early adoption is permitted. We are evaluating the effect of adopting this new accounting standard.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2020
Dispositions
Dispositions	Note 2 — Dispositions On December 3, 2019, Henderson Global Investors (North America), Inc. (“HGINA”), a subsidiary, of the Group, entered into an agreement to sell its 100% ownership interest in Geneva Capital Management LLC (“Geneva”) to GCM Purchaser, LLC. The sale closed on March 17, 2020. Consideration included aggregate cash consideration of $38.6 million and contingent consideration (the “Earnout”) based on future revenue. Payments under the Earnout are to be made quarterly over a five-year term, with minimum aggregate payments of $20.5 million and maximum aggregate payments of $35.0 million. We recognized a gain on the sale of Geneva of $17.4 million in other non-operating income (expenses), net on the Condensed Consolidated Statements of Comprehensive Income during the three months ended March 31, 2020. The gain on the sale of Geneva was calculated as follows (in millions): ​ ​ ​ ​ ​ Consideration received: ​ ​ ​ Cash ​ $ 38.6 Minimum earnout ​ 20.5 Less carrying amount of assets and liabilities: ​ ​ ​ Intangible assets ​ ​ 17.9 Other assets ​ 0.3 Less: Goodwill allocation ​ ​ 23.5 Net gain on sale, before taxes ​ $ 17.4 ​

Consolidation

Consolidation	3 Months Ended
	Mar. 31, 2020
Consolidation
Consolidation	Note 3 — Consolidation Variable Interest Entities Consolidated Variable Interest Entities Our consolidated variable interest entities (“VIEs”) as of March 31, 2020, and December 31, 2019, include certain consolidated seeded investment products in which we have an investment and act as the investment manager. The assets of these VIEs are not available to us or our creditors. We may not, under any circumstances, access cash and cash equivalents held by consolidated VIEs to use in our operating activities or otherwise. In addition, the investors in these VIEs have no recourse to the credit of JHG. Unconsolidated Variable Interest Entities At March 31, 2020, and December 31, 2019, the carrying value of investment securities included on our Condensed Consolidated Balance Sheets pertaining to unconsolidated VIEs was $8.1 million and $9.9 million, respectively. Our total exposure to unconsolidated VIEs represents the value of our 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 our Condensed Consolidated Balance Sheets, including our net interest in these products (in millions): ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2020 ​ 2019 Investment securities ​ $ 52.7 ​ $ 29.9 Cash and cash equivalents ​ ​ 5.7 ​ 1.5 Other current assets ​ ​ 14.4 ​ ​ 0.2 Accounts payable and accrued liabilities ​ ​ (8.6) ​ ​ (0.7) Total ​ ​ 64.2 ​ 30.9 Redeemable noncontrolling interests in consolidated VREs ​ ​ (43.2) ​ (6.3) JHG's net interest in consolidated VREs ​ $ 21.0 ​ $ 24.6 ​ Our total exposure to consolidated VREs represents the value of our economic ownership interest in these seeded investment products. Unconsolidated Voting Rights Entities At March 31, 2020, and December 31, 2019, the carrying value of investment securities included on our Condensed Consolidated Balance Sheets pertaining to unconsolidated VREs was $30.1 million and $21.5 million, respectively. Our total exposure to unconsolidated VREs represents the value of our economic ownership interest in the investment securities.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2020
Investment Securities
Investment Securities	Note 4 — Investment Securities Our investment securities as of March 31, 2020, and December 31, 2019, are summarized as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 Seeded investment products: ​ ​ ​ ​ ​ ​ Consolidated VIEs ​ $ 548.8 ​ $ 924.8 Consolidated VREs ​ ​ 52.7 ​ ​ 29.9 Unconsolidated VIEs and VREs ​ ​ 38.2 ​ ​ 31.4 Separate accounts ​ ​ 54.8 ​ ​ 60.8 Pooled investment funds ​ ​ 0.1 ​ ​ 0.1 Total seeded investment products ​ 694.6 ​ 1,047.0 Investments related to deferred compensation plans ​ 99.5 ​ 125.9 Other investments ​ ​ 5.3 ​ ​ 5.4 Total investment securities ​ $ 799.4 ​ $ 1,178.3 ​ ​ Trading Securities Net unrealized gains (losses) on investment securities held as of the three months ended March 31, 2020 and 2019, are summarized as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Unrealized gains (losses) on investment securities held at period end $ (39.5) $ 11.1 ​ Derivative Instruments We maintain 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. Foreign currency exposures associated with our seeded investment products are also hedged by using foreign currency forward contracts. We also have a net investment hedge related to foreign currency translation on hedged seed investments denominated in currencies other than our functional currency. We were party to the following derivative instruments as of March 31, 2020, and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional value ​ March 31, 2020 December 31, 2019 Futures ​ $ 117.4 ​ $ 222.9 Credit default swaps ​ ​ 150.2 ​ ​ 143.0 Total return swaps ​ ​ 45.4 ​ ​ 46.3 Foreign currency forward contracts ​ ​ 224.8 ​ ​ 327.8 ​ The derivative instruments are not designated as hedges for accounting purposes, with the exception of certain 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 gains (losses), net in our 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 (loss), net of tax on our Condensed Consolidated Statements of Comprehensive Income. Derivative assets and liabilities are generally recognized on a gross basis and included in other current assets or accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets. As of March 31, 2020, derivative assets and liabilities were $13.3 million and $0.2 million, respectively. We recognized the following foreign currency translation losses on hedged seed investments denominated in currencies other than our functional currency and gains associated with foreign currency forward contracts under net investment hedge accounting for the three months ended March 31, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Foreign currency translation $ 3.0 $ 0.3 Foreign currency forward contracts ​ (3.0) ​ (0.3) Total ​ $ — ​ $ — ​ In addition to using derivative instruments to mitigate against market volatility of certain seeded investments, we also occasionally engage in short sales of securities. As of March 31, 2020, the fair value of securities sold but not yet purchased was $9.6 million. The cash received from the short sale and the obligation to repurchase the shares are classified in other current assets and accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets, respectively. Fair value adjustments are recognized in investment gains (losses), net on our Condensed Consolidated Statements of Comprehensive Income. Derivative Instruments in Consolidated Seeded Investment Products Certain of our 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 our Condensed Consolidated Balance Sheets. Gains and losses on these derivative instruments are classified within investment gains (losses), net in our Condensed Consolidated Statements of Comprehensive Income. Our consolidated seeded investment products were party to the following derivative instruments as of March 31, 2020, and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Value ​ March 31, 2020 December 31, 2019 Futures ​ $ 137.6 ​ $ 88.3 Contracts for differences ​ ​ 12.8 ​ ​ 15.5 Credit default swaps ​ ​ 20.1 ​ ​ 0.1 Total return swaps ​ ​ 0.1 ​ ​ 0.1 Interest rate swaps ​ 18.7 ​ 19.4 Options ​ — ​ 1.0 Foreign currency forward contracts ​ 441.2 ​ 167.5 ​ As of March 31, 2020, 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 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, 2020, and December 31, 2019, the notional values of the agreements totaled $1.7 million and $2.2 million, respectively. 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, 2020, and December 31, 2019, the fair value of the credit default swap contracts selling protection was nil. Investment Gains (Losses), Net Investment gains (losses), net on our Condensed Consolidated Statements of Comprehensive Income included the following for the three months ended March 31, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Seeded investment products and derivatives, net ​ $ (43.5) ​ $ 8.2 Other ​ (7.0) ​ 5.1 Investment gains (losses), net ​ $ (50.5) ​ $ 13.3 ​ Cash Flows Cash flows related to investment securities for the three months ended March 31, 2020 and 2019, are summarized as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 ​ 2019 ​ ​ ​ Sales, ​ ​ Sales, ​ ​ Purchases ​ settlements ​ Purchases ​ settlements ​ ​ and ​ and ​ and ​ and ​ ​ settlements ​ maturities ​ settlements ​ maturities Investment securities by consolidated seeded investment products ​ $ 2.9 ​ $ (108.2) ​ $ (176.7) ​ $ 222.8 Investment securities ​ ​ (15.1) ​ ​ 113.4 ​ ​ (42.8) ​ ​ 62.1 ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Measurements
Fair Value Measurements	Note 5 — Fair Value Measurements The following table presents assets and liabilities 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, 2020 (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 ​ $ 384.7 ​ $ — ​ $ — ​ $ 384.7 Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs ​ ​ 191.6 ​ ​ 349.6 ​ ​ 7.6 ​ ​ 548.8 Other investment securities ​ ​ 194.5 ​ ​ 56.1 ​ ​ — ​ ​ 250.6 Total investment securities ​ ​ 386.1 ​ ​ 405.7 ​ ​ 7.6 ​ ​ 799.4 Seed hedge derivatives ​ ​ — ​ 13.3 ​ ​ — ​ 13.3 Volantis contingent consideration ​ — ​ — ​ 2.7 ​ 2.7 Geneva contingent consideration ​ ​ — ​ ​ — ​ ​ 20.5 ​ ​ 20.5 Total assets ​ $ 770.8 ​ $ 419.0 ​ $ 30.8 ​ $ 1,220.6 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in consolidated seeded investment products ​ $ — ​ $ 17.7 ​ $ — ​ $ 17.7 Securities sold, not yet purchased ​ ​ 9.6 ​ ​ — ​ ​ — ​ ​ 9.6 Seed hedge derivatives ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ 0.2 Long-term debt (1) ​ ​ — ​ ​ 305.9 ​ ​ — ​ ​ 305.9 Deferred bonuses ​ ​ — ​ ​ — ​ ​ 74.3 ​ ​ 74.3 Total liabilities ​ $ 9.6 ​ $ 323.8 ​ $ 74.3 ​ $ 407.7 ​ (1) Carried at amortized cost and disclosed at fair value. ​ The following table presents assets and liabilities 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, 2019 (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 ​ $ 198.4 ​ $ — ​ $ — ​ $ 198.4 Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs ​ ​ 573.9 ​ ​ 341.0 ​ ​ 9.9 ​ ​ 924.8 Other investment securities ​ ​ 197.0 ​ ​ 56.5 ​ ​ — ​ ​ 253.5 Total investment securities ​ 770.9 ​ 397.5 ​ 9.9 ​ 1,178.3 Seed hedge derivatives ​ ​ — ​ 0.7 ​ ​ — ​ 0.7 Derivatives in consolidated seeded investment products ​ ​ — ​ ​ — ​ ​ — ​ ​ — Contingent consideration ​ ​ — ​ — ​ 2.9 ​ 2.9 Total assets ​ $ 969.3 ​ $ 398.2 ​ $ 12.8 ​ $ 1,380.3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in consolidated seeded investment products ​ $ — ​ $ 0.9 ​ $ — ​ $ 0.9 Securities sold, not yet purchased ​ ​ 26.5 ​ ​ — ​ ​ — ​ ​ 26.5 Seed hedge derivatives ​ ​ — ​ ​ 8.7 ​ ​ — ​ ​ 8.7 Long-term debt (1) ​ ​ — ​ ​ 330.0 ​ ​ — ​ ​ 330.0 Deferred bonuses ​ ​ — ​ ​ — ​ ​ 76.6 ​ ​ 76.6 Contingent consideration ​ ​ — ​ ​ — ​ ​ 21.2 ​ ​ 21.2 Total liabilities ​ $ 26.5 ​ $ 339.6 ​ $ 97.8 ​ $ 463.9 ​ (1) Carried at amortized cost and disclosed at fair value. Level 1 Fair Value Measurements Our 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 by the underlying inputs used in the calculation of the net asset value (“NAV”) and the trading activity of each product. Level 2 Fair Value Measurements Our Level 2 fair value measurements consist mostly of consolidated seeded investment products, derivative instruments and our long-term debt. The fair value of consolidated seeded investment products is determined by the underlying securities of the product. The fair value of our long-term debt is determined using broker quotes and recent trading activity, which are considered Level 2 inputs. Level 3 Fair Value Measurements Investment Securities As of March 31, 2020, and December 31, 2019, certain securities within consolidated VIEs were valued using significant unobservable inputs, resulting in Level 3 classification. Valuation techniques and significant unobservable inputs used in the valuation of our material Level 3 assets included within consolidated VIEs as of March 31, 2020, and December 31, 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ Fair ​ Valuation ​ unobservable ​ ​ As of March 31, 2020 ​ value ​ technique ​ inputs ​ Inputs Investment securities of consolidated VIEs ​ $ 7.4 Discounted Discount rate 15% ​ ​ ​ ​ cash flow EBITDA multiple 4.73 ​ ​ ​ ​ ​ ​ Price-earnings ratio 8.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ Fair Valuation unobservable ​ As of December 31, 2019 ​ value technique inputs Inputs Investment securities of consolidated VIEs ​ $ 9.9 Discounted Discount rate 15% ​ ​ ​ ​ cash flow EBITDA multiple 5.92 ​ ​ ​ ​ ​ ​ Price-earnings ratio 11.09 ​ ​ Sale of Geneva In the fourth quarter 2019, we entered into an agreement to sell our Milwaukee-based U.S. equities subsidiary, Geneva. The sale closed on March 17, 2020, and the previous contingent consideration liability from the purchase of Geneva was waived as part of the sale agreement. As of March 31, 2020, the value of the contingent consideration liability was nil. Consideration included aggregate cash consideration of $38.6 million and contingent consideration (the “Earnout”) based on future revenue. Payments under the Earnout are to be made quarterly over a five-year term, with minimum aggregate payments of $20.5 million and maximum aggregate payments of $35.0 million. For further information regarding the contingent consideration asset see Note 2 — Dispositions. Acquisition of Kapstream The purchase of Kapstream Capital Pty Limited (“Kapstream”) was a step acquisition and the purchase of the second step (49%) had contingent consideration of up to $43.0 million. Payment of the contingent consideration was subject to all Kapstream products and certain products advised by us, reaching defined revenue targets on the first, second and third anniversaries of January 31, 2017. The contingent consideration was payable in three equal installments on the anniversary dates and was indexed to the performance of the premier share class of the Kapstream Absolute Return Income Fund. If Kapstream achieved the defined revenue targets, the holders would receive the value of the contingent consideration adjusted for gains or losses attributable to the mutual fund to which the contingent consideration was indexed, subject to tax withholding. On January 31, 2018, 2019 and 2020, the first, second and third anniversary of the acquisition, Kapstream reached defined revenue targets, and we paid $15.3 million in February 2018, $14.1 million in February 2019 and $13.8 million in February 2020. The February 2020 payment represented the final payment and there was no Disposal of Volantis On April 1, 2017, we completed the sale of the Volantis UK Small Cap (“Volantis”) alternative team assets. 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 forecasted revenues, which factor in expected growth in assets under management (“AUM”) based on performance and industry trends. Increases in forecasted revenue increase the fair value of the consideration, while decreases in forecasted revenue decrease the fair value. The forecasted share of revenues is then discounted back to the valuation date using a discount rate. As of March 31, 2020, and December 31, 2019, the fair value of the Volantis contingent consideration was $2.7 million and $2.9 million, respectively. Deferred Bonuses Deferred bonuses represent liabilities to employees over the vesting period that will be settled by investments in our products. The significant unobservable inputs used to value the liabilities are investment designations and vesting periods. Changes in Fair Value Changes in fair value of our Level 3 assets for the three months ended March 31, 2020 and 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Beginning of period fair value ​ $ 12.8 ​ $ 23.1 Geneva contingent consideration ​ ​ 20.5 ​ ​ — Settlements ​ — ​ (0.3) Movement recognized in net income ​ (2.2) ​ (3.1) Movements recognized in other comprehensive income ​ (0.3) ​ 0.1 End of period fair value ​ $ 30.8 ​ $ 19.8 ​ Changes in fair value of our individual Level 3 liabilities for the three months ended March 31, 2020 and 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent ​ Deferred ​ Contingent ​ Deferred ​ ​ consideration ​ bonuses ​ consideration ​ bonuses Beginning of period fair value ​ $ 21.2 ​ $ 76.6 ​ $ 61.3 ​ $ 68.5 Fair value adjustments ​ (7.1) ​ (4.9) ​ — ​ 2.6 Vesting of deferred bonuses ​ ​ — ​ ​ (2.3) ​ ​ — ​ ​ (3.4) Amortization of deferred bonuses ​ — ​ 9.8 ​ — ​ 13.9 Unrealized gains (losses) ​ 0.3 ​ — ​ 2.4 ​ — Distributions ​ (13.8) ​ — ​ (14.1) ​ — Foreign currency translation ​ (0.6) ​ (4.9) ​ 0.2 ​ 1.5 End of period fair value ​ $ — ​ $ 74.3 ​ $ 49.8 ​ $ 83.1 ​ Nonrecurring Fair Value Measurements Nonrecurring Level 3 fair value measurements include goodwill and intangible assets. We measure 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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 6 — Goodwill and Intangible Assets The following tables present movements in our intangible assets and goodwill during the three months ended March 31, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ Foreign March 31, ​ ​ 2019 ​ Amortization ​ Disposal ​ Impairment ​ translation ​ 2020 Indefinite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment management agreements ​ $ 2,490.3 ​ $ — ​ $ — ​ $ (263.5) ​ $ (45.2) ​ $ 2,181.6 Trademarks ​ 380.8 ​ — ​ ​ — ​ ​ (7.7) ​ ​ (0.5) ​ 372.6 Definite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Client relationships ​ 364.7 ​ — ​ ​ (79.3) ​ ​ (92.6) ​ ​ (6.8) ​ 186.0 Accumulated amortization ​ (147.2) ​ (6.4) ​ ​ 61.4 ​ ​ — ​ ​ 3.7 ​ (88.5) Net intangible assets ​ $ 3,088.6 ​ $ (6.4) ​ $ (17.9) ​ $ (363.8) ​ $ (48.8) ​ $ 2,651.7 Goodwill ​ $ 1,504.3 ​ $ — ​ $ (23.5) ​ $ (123.5) ​ $ (50.2) ​ $ 1,307.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ Foreign March 31, ​ ​ 2018 ​ Amortization ​ Disposal ​ Impairment ​ translation ​ 2019 Indefinite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment management agreements ​ $ 2,495.5 ​ $ — ​ $ — ​ $ — ​ $ 9.2 ​ $ 2,504.7 Trademarks ​ 380.8 ​ — ​ ​ — ​ ​ — ​ ​ — ​ 380.8 Definite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Client relationships ​ 363.3 ​ — ​ ​ — ​ ​ — ​ ​ 1.2 ​ 364.5 Accumulated amortization ​ (116.3) ​ (7.4) ​ ​ — ​ ​ — ​ ​ (0.9) ​ (124.6) Net intangible assets ​ $ 3,123.3 ​ $ (7.4) ​ $ — ​ $ — ​ $ 9.5 ​ $ 3,125.4 Goodwill ​ $ 1,478.0 ​ $ — ​ $ — ​ $ — ​ $ 15.6 ​ $ 1,493.6 ​ Sale of Geneva On December 3, 2019, HGINA, a subsidiary of JHG, entered into an agreement to sell its 100% ownership interest in Geneva to GCM Purchaser, LLC. The sale closed on March 17, 2020. The transaction included $17.9 million of net intangible assets and goodwill of $23.5 million, as disclosed in the disposal column above. Refer to Note 2 — Disposals for additional information on the sale of Geneva. Goodwill and intangible asset impairments In March 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) a pandemic. The impact of COVID-19 on the global economy and businesses is extreme and evolving rapidly, and its future effects are uncertain. Our financial results are directly impacted by the volatility and decline in the global financial markets. In March 2020, the global financial markets declined substantially and our AUM was significantly impacted. We therefore determined that the sudden and severe decline in our AUM was a triggering event for performing an interim impairment assessment of our goodwill and intangible assets. A discounted cash flow (“DCF”) model was used to determine the estimated fair value of certain investment management agreements and client relationships while a relief from royalty method was used for trademarks. Some of the inputs used in the DCF and relief from royalty models required significant management judgment, including the discount rate, terminal growth rate, forecasted financial results and market returns. Management’s judgment used in the assessments is more significant under the current market conditions and economic uncertainty created by COVID-19. The carrying value of certain investment management agreements, trademarks and client relationships exceeded their estimated fair value and we recognized impairments of $263.5 million, $7.7 million and $92.6 million, respectively. A DCF model was also used to estimate the fair value of our sole reporting unit. Goodwill was assessed for impairment by comparing the estimated fair value of our reporting unit to its carrying value. The carrying value of our reporting unit was reduced by the intangible asset impairment charges prior to assessing goodwill for impairment. The assessment of goodwill also required significant management judgment as discussed in the preceding paragraph. The goodwill impairment assessment indicated the carrying value of our reporting unit exceeded its estimated fair value by $123.5 million. The results of the interim assessment are included in the table above. The impairment charges were recorded in goodwill and intangible asset impairment charges on the Condensed Consolidated Statements of Comprehensive Income. If our AUM is further impacted by the global economic conditions caused by COVID-19, such as adverse and significant declines in the value of global financial markets, additional impairments of goodwill or intangible assets are possible in future periods. Future Amortization Expected future amortization expense related to client relationships is summarized below (in millions): ​ ​ ​ ​ Future amortization Amount 2020 (remainder of year) ​ $ 7.1 2021 ​ ​ 9.4 2022 ​ 9.4 2023 ​ 9.2 2024 ​ 8.0 Thereafter ​ 54.4 Total ​ $ 97.5 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt
Debt	Note 7 — Debt Our debt as of March 31, 2020, and December 31, 2019, consisted of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ Carrying Fair Carrying Fair ​ ​ value ​ value ​ value ​ value 4.875% Senior Notes due 2025 ​ $ 315.5 ​ $ 305.9 ​ $ 316.2 ​ $ 330.0 ​ 4.875% Senior Notes Due 2025 The 4.875% Senior Notes due 2025 (“2025 Senior Notes”) have a principal value of $300.0 million, 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, 2020, of $15.5 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 our Condensed Consolidated Balance Sheets. We fully and unconditionally guarantee the obligations of Janus Capital Group Inc. (“JCG”) in relation to the 2025 Senior Notes. Credit Facility At March 31, 2020, we had a $200 million, unsecured, revolving credit facility (“Credit Facility”). JHG and its subsidiaries may 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 our long-term credit rating and the London Interbank Offered Rate (“LIBOR”); the Euro Interbank Offered Rate (“EURIBOR”) in relation to any loan in euro (“EUR”); or in relation to any loan in Australian dollar (“AUD”), the benchmark rate for that currency. We are required to pay a quarterly commitment fee on any unused portion of the Credit Facility, which is also based on our long-term credit rating. Under the Credit Facility, the financing leverage ratio cannot exceed 3.00x EBITDA. At March 31, 2020, we were in compliance with all covenants contained in, and there were no borrowings under the Credit Facility. The maturity date of the Credit Facility is February 16, 2024.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Taxes
Income Taxes	Note 8 — Income Taxes Our effective tax rates for the three months ended March 31, 2020 and 2019, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2020 2019 ​ Effective tax rate ​ 19.4 % 23.0 % ​ The effective tax rate for the three months ended March 31, 2020, compared to the three months ended March 31, 2019 was impacted by a significant reduction in pre-tax book income, resulting in a pre-tax book loss from impairment of intangible assets and goodwill, used to compute the effective tax rate. Most of the impairment charges were temporary in nature and did not have a direct impact on the effective tax rate. The change in the effective tax rate was primarily due to an increase in provision of income taxes attributable to non-controlling interests, a tax shortfall on non-deductible equity-based compensation and non-deductible goodwill. As of March 31, 2020, and December 31, 2019, we had $12.6 million and $14.1 million of unrecognized tax benefits held for uncertain tax positions, respectively. We estimate that the existing liability for uncertain tax positions could decrease by up to $0.5 million within the next 12 months, without giving effect to changes in foreign currency translation. A reduction in the United Kingdom (“UK”) corporation tax rate was scheduled to decline from 19% to 17% starting April 1, 2020. In March 2020, the UK government announced the UK tax rate would remain at 19%. This UK change will be considered enacted only when the Finance Act 2020 is given Royal Assent, which is likely to occur in the second quarter of 2020 at which point UK deferred tax balances will be adjusted from 17% to 19%. This adjustment of deferred tax assets and liabilities is expected to result in a net non-cash deferred tax expense in the second quarter of 2020 ranging from $6.0 million to $9.0 million. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act, was signed into legislation on March 27, 2020 and as such is considered enacted for US GAAP. The Act features significant business tax relief provisions and other measures to assist businesses, including, but not limited to, a five-year carryback of federal Net Operating Losses, retroactively correcting qualified improvement property, and a temporary increase of Section 163(j) interest limitations. We analyzed the impact of CARES Act tax relief provisions on our financial statements and determined that it did not have a significant impact on us. However, in accordance with FASB Accounting Standards Codification (“ASC”) ASC Topic 740, Income Taxes, we recognized the income tax effects of the CARES Act in our financial statements for the first quarter of 2020, the reporting period during which the CARES Act was signed into law. ​

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interests
Noncontrolling Interests	Note 9 — Noncontrolling Interests Redeemable Noncontrolling Interests Redeemable noncontrolling interests as of March 31, 2020, and December 31, 2019, consisted of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 Consolidated seeded investment products ​ $ 448.7 ​ $ 662.8 Intech: ​ ​ ​ ​ ​ ​ Appreciation rights ​ ​ 12.0 ​ ​ 11.8 Founding member ownership interests ​ ​ 3.3 ​ ​ 3.3 Total redeemable noncontrolling interests ​ $ 464.0 ​ $ 677.9 ​ 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 seeded investment products may fluctuate from period to period and are impacted by changes in our relative ownership, changes in the amount of third-party investment in seeded products and volatility in the market value of the underlying securities included in the portfolios of seeded products. Redemptions of investments by third parties in any particular seeded product are redeemed from the net assets of such seeded product and cannot be redeemed from the assets of our other seeded products or from our other assets. The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the three months ended March 31, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Opening balance ​ $ 662.8 ​ $ 121.6 Changes in market value ​ (36.9) ​ 4.5 Changes in ownership ​ (171.6) ​ (4.2) Foreign currency translation ​ ​ (5.6) ​ ​ 0.1 Closing balance ​ $ 448.7 ​ $ 122.0 ​ Intech Intech ownership interests held by a founding member had an estimated fair value of $3.3 million as of March 31, 2020, representing an approximate 1.1% ownership of Intech. This founding member is entitled to retain his remaining Intech interests for the remainder of his life and has the option to require us to purchase his ownership interests in Intech at fair value. Intech appreciation rights are amortized using 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, 2020, and December 31, 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 Nonredeemable noncontrolling interests in: ​ ​ ​ ​ ​ ​ Seed capital investments ​ $ 5.3 ​ $ 6.7 Intech ​ 13.1 ​ 13.0 Total nonredeemable noncontrolling interests ​ $ 18.4 ​ $ 19.7 ​

Long-Term Incentive Compensatio

Long-Term Incentive Compensation	3 Months Ended
	Mar. 31, 2020
Long-Term Incentive Compensation
Long-Term Incentive Compensation	Note 10 — Long-Term Incentive and Employee Compensation We granted $125.9 million in long-term incentive awards during the three months ended March 31, 2020, which generally vest and will be recognized using a graded vesting method over a three

Retirement Benefit Plans

Retirement Benefit Plans	3 Months Ended
	Mar. 31, 2020
Retirement Benefit Plans
Retirement Benefit Plans	Note 11 — Retirement Benefit Plans We operate defined contribution retirement benefit plans and defined benefit pension plans. The main defined benefit pension plan sponsored by us is the defined benefit section of the Janus Henderson Group UK Pension Scheme (“JHGPS”). Net Periodic Benefit Credit The components of net periodic benefit credit in respect of defined benefit plans for the three months ended March 31, 2020 and 2019, include the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Service cost ​ $ (0.2) ​ $ (0.3) Interest cost ​ (4.3) ​ (4.7) Amortization of prior service cost ​ ​ (0.1) ​ ​ — Expected return on plan assets ​ 4.6 ​ 5.4 Net periodic benefit credit ​ $ — ​ $ 0.4 ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	Note 12 — Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss, net of tax for the three months ended March 31, 2020 and 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 ​ 2019 ​ ​ Foreign ​ Retirement benefit ​ ​ ​ ​ Foreign ​ Retirement ​ ​ ​ ​ currency asset, net Total currency asset, net Total Beginning balance ​ $ (386.2) ​ $ 19.1 ​ $ (367.1) ​ $ (448.2) ​ $ 24.7 ​ $ (423.5) Other comprehensive income (loss) ​ ​ (149.1) ​ ​ 0.1 ​ ​ (149.0) ​ ​ 36.8 ​ ​ — ​ ​ 36.8 Less: other comprehensive loss (income) attributable to noncontrolling interests ​ ​ 5.1 ​ ​ — ​ ​ 5.1 ​ ​ (0.1) ​ ​ — ​ ​ (0.1) Ending balance ​ $ (530.2) ​ $ 19.2 ​ $ (511.0) ​ $ (411.5) ​ $ 24.7 ​ $ (386.8) ​ The components of other comprehensive income (loss), net of tax for the three months ended March 31, 2020 and 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 ​ 2019 ​ ​ Pre-tax ​ Tax ​ ​ ​ Pre-tax ​ Tax ​ ​ ​ amount impact Net amount amount impact Net amount Foreign currency translation adjustments ​ $ (151.3) ​ $ 2.2 ​ $ (149.1) ​ $ 35.3 ​ $ 1.5 ​ $ 36.8 Retirement benefit asset, net ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — Total other comprehensive income (loss) ​ $ (151.2) ​ $ 2.2 ​ $ (149.0) ​ $ 35.3 ​ $ 1.5 ​ $ 36.8 ​

Earnings (Loss) and Dividends P

Earnings (Loss) and Dividends Per Share	3 Months Ended
	Mar. 31, 2020
Earnings (Loss) and Dividends Per Share
Earnings (Loss) and Dividends Per Share	​ Note 13 — Earnings (Loss) and Dividends Per Share Earnings (Loss) Per Share The following is a summary of the earnings (loss) per share calculation for the three months ended March 31, 2020 and 2019 (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Net income (loss) attributable to JHG ​ $ (247.0) ​ $ 94.1 Allocation of earnings to participating stock-based awards ​ ​ — ​ ​ (2.4) Net income (loss) attributable to JHG common shareholders ​ $ (247.0) ​ $ 91.7 ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding — basic ​ 182.4 ​ 191.8 Dilutive effect of non-participating stock-based awards ​ ​ — ​ ​ 0.7 Weighted-average common shares outstanding — diluted ​ 182.4 ​ 192.5 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share: ​ ​ ​ ​ ​ ​ Basic and diluted (two class) ​ $ (1.35) ​ $ 0.48 ​ ​ ​ ​ ​ ​ ​ ​ 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, ​ 2020 2019 Unvested nonparticipating stock awards 2.3 1.0 ​ Dividends Per Share The payment of cash dividends is within the discretion of our Board of Directors and depends on many factors, including, but not limited to, our results of operations, financial condition, capital requirements, legal requirements and general business conditions. The following is a summary of cash dividends paid during the three months ended March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividend ​ Date ​ Dividends paid ​ Date per share declared ​ (in US$ millions) paid $ 0.36 ​ February 3, 2020 $ 66.2 ​ March 5, 2020 ​ On April 29, 2020, our Board of Directors declared a cash dividend of $0.36 per share. The quarterly dividend will be paid on May 27, 2020, to shareholders of record at the close of business on May 11, 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	​ ​ Note 14 — Commitments and Contingencies Commitments and contingencies may arise in the normal course of business. As of March 31, 2020, there were no material changes in the commitments and contingencies as reported in our Annual Report on Form 10-K for the year ended December 31, 2019. Litigation and Other Regulatory Matters We are periodically involved in various legal proceedings and other regulatory matters. Eisenberg v. Credit Suisse AG and Janus Indices, Halbert v. Credit Suisse AG and Janus Indices, Qiu v. Credit Suisse AG and Janus Indices, and Y-GAR Capital v. Credit Suisse AG and Janus Indices ​ On March 15, 2018, a class action lawsuit was filed in the United States District Court for the Southern District of New York (“SDNY”) against Janus Index & Calculation Services LLC, which effective January 1, 2019, was renamed Janus Henderson Indices LLC (“Janus Indices”), a subsidiary of JHG, on behalf of a 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 Indices Halbert v. Credit Suisse AG and Janus Indices ​ On May 4, 2018, a third lawsuit, styled as a class action on behalf of investors who purchased XIV between January 29, 2018, and February 5, 2018, was filed against Janus Indices and Credit Suisse AG in the SDNY ( Qiu v. Credit Suisse AG and Janus Indices Halbert Qiu Eisenberg ​ On August 20, 2018, an amended complaint was filed in the Eisenberg Qiu Set Capital LLC, et al. v. Credit Suisse AG, et al. Set Capital ​ The defendants in Halbert — Credit Suisse and Janus Indices — jointly moved to dismiss the amended complaint. On August 22, 2019, the court granted in part and denied in part the defendants’ motion to dismiss the claims. The court dismissed all claims against Janus Indices — including all federal securities claims — other than a claim for negligent misrepresentation. On September 26, 2019, Janus Indices filed its answer to the complaint. As of March 31, 2020, the case remains in the discovery phase. ​ On February 7, 2019, a fourth lawsuit was filed against Janus Indices, Janus Distributors LLC, Janus Henderson Group plc and Credit Suisse in the United States District Court for the Eastern District of New York (“EDNY”) by certain investors in XIV ( Y-GAR Capital LLC v. Credit Suisse Group AG, et al. Y-GAR Y-GAR ​ We believe the remaining claims in these exchange-traded note lawsuits are without merit and are vigorously defending the actions. As of March 31, 2020, we cannot reasonably estimate possible losses from the remaining claims in the exchange-traded note lawsuits.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation In the opinion of management of Janus Henderson Group plc (“JHG,” “the Group,” “we,” “us,” “our” and similar terms), the accompanying unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly state our financial position, results of operations and cash flows 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 our Annual Report on Form 10-K for the year ended December 31, 2019. The December 31, 2019, condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statements through the issuance date.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted Implementation Costs — Cloud Computing Arrangements In August 2018, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for implementation costs incurred to develop or obtain internal-use software. The ASU is effective January 1, 2020, for calendar year-end companies and for the interim periods within those years. The ASU allows either a retrospective or prospective approach to all implementation costs incurred after adoption. We adopted the ASU effective January 1, 2020, using the prospective approach. There were no
Recent Accounting Pronouncements Not Yet Adopted	​ Recent Accounting Pronouncements Not Yet Adopted Retirement Benefit Plans In August 2018, the FASB issued an ASU that modifies the disclosure requirements for employers that sponsor defined benefit pension plans. The ASU removes, adds and clarifies a number of disclosure requirements related to sponsored benefit plans. The standard is effective January 1, 2021, for calendar year-end companies, and early adoption is permitted. We are evaluating the effect of adopting this new accounting standard.

Dispositions (Tables)

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2020
Dispositions
Schedule of gain on sale	​ ​ ​ ​ ​ Consideration received: ​ ​ ​ Cash ​ $ 38.6 Minimum earnout ​ 20.5 Less carrying amount of assets and liabilities: ​ ​ ​ Intangible assets ​ ​ 17.9 Other assets ​ 0.3 Less: Goodwill allocation ​ ​ 23.5 Net gain on sale, before taxes ​ $ 17.4

Consolidation (Tables)

Consolidation (Tables)	3 Months Ended
	Mar. 31, 2020
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 our Condensed Consolidated Balance Sheets, including our net interest in these products (in millions): ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2020 ​ 2019 Investment securities ​ $ 52.7 ​ $ 29.9 Cash and cash equivalents ​ ​ 5.7 ​ 1.5 Other current assets ​ ​ 14.4 ​ ​ 0.2 Accounts payable and accrued liabilities ​ ​ (8.6) ​ ​ (0.7) Total ​ ​ 64.2 ​ 30.9 Redeemable noncontrolling interests in consolidated VREs ​ ​ (43.2) ​ (6.3) JHG's net interest in consolidated VREs ​ $ 21.0 ​ $ 24.6

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of investment securities	Our investment securities as of March 31, 2020, and December 31, 2019, are summarized as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 Seeded investment products: ​ ​ ​ ​ ​ ​ Consolidated VIEs ​ $ 548.8 ​ $ 924.8 Consolidated VREs ​ ​ 52.7 ​ ​ 29.9 Unconsolidated VIEs and VREs ​ ​ 38.2 ​ ​ 31.4 Separate accounts ​ ​ 54.8 ​ ​ 60.8 Pooled investment funds ​ ​ 0.1 ​ ​ 0.1 Total seeded investment products ​ 694.6 ​ 1,047.0 Investments related to deferred compensation plans ​ 99.5 ​ 125.9 Other investments ​ ​ 5.3 ​ ​ 5.4 Total investment securities ​ $ 799.4 ​ $ 1,178.3 ​
Schedule of net unrealized gains (losses) on trading securities	Trading Securities Net unrealized gains (losses) on investment securities held as of the three months ended March 31, 2020 and 2019, are summarized as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Unrealized gains (losses) on investment securities held at period end $ (39.5) $ 11.1 ​
Schedule of net foreign currency translation gains (losses) on hedged seed investments denominated in foreign currencies and net gains (losses) associated with foreign currency forward contracts under net investment hedging	We recognized the following foreign currency translation losses on hedged seed investments denominated in currencies other than our functional currency and gains associated with foreign currency forward contracts under net investment hedge accounting for the three months ended March 31, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Foreign currency translation $ 3.0 $ 0.3 Foreign currency forward contracts ​ (3.0) ​ (0.3) Total ​ $ — ​ $ — ​
Schedule of investment gains (losses), net in Consolidated Statements of Comprehensive Income	Investment gains (losses), net on our Condensed Consolidated Statements of Comprehensive Income included the following for the three months ended March 31, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Seeded investment products and derivatives, net ​ $ (43.5) ​ $ 8.2 Other ​ (7.0) ​ 5.1 Investment gains (losses), net ​ $ (50.5) ​ $ 13.3 ​
Cash flows related to investment securities	Cash flows related to investment securities for the three months ended March 31, 2020 and 2019, are summarized as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 ​ 2019 ​ ​ ​ Sales, ​ ​ Sales, ​ ​ Purchases ​ settlements ​ Purchases ​ settlements ​ ​ and ​ and ​ and ​ and ​ ​ settlements ​ maturities ​ settlements ​ maturities Investment securities by consolidated seeded investment products ​ $ 2.9 ​ $ (108.2) ​ $ (176.7) ​ $ 222.8 Investment securities ​ ​ (15.1) ​ ​ 113.4 ​ ​ (42.8) ​ ​ 62.1
Not Designated as Hedging Instrument
Schedule of derivative instruments	We were party to the following derivative instruments as of March 31, 2020, and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional value ​ March 31, 2020 December 31, 2019 Futures ​ $ 117.4 ​ $ 222.9 Credit default swaps ​ ​ 150.2 ​ ​ 143.0 Total return swaps ​ ​ 45.4 ​ ​ 46.3 Foreign currency forward contracts ​ ​ 224.8 ​ ​ 327.8 ​
Seeded investment products
Schedule of derivative instruments	Certain of our 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 our Condensed Consolidated Balance Sheets. Gains and losses on these derivative instruments are classified within investment gains (losses), net in our Condensed Consolidated Statements of Comprehensive Income. Our consolidated seeded investment products were party to the following derivative instruments as of March 31, 2020, and December 31, 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Value ​ March 31, 2020 December 31, 2019 Futures ​ $ 137.6 ​ $ 88.3 Contracts for differences ​ ​ 12.8 ​ ​ 15.5 Credit default swaps ​ ​ 20.1 ​ ​ 0.1 Total return swaps ​ ​ 0.1 ​ ​ 0.1 Interest rate swaps ​ 18.7 ​ 19.4 Options ​ — ​ 1.0 Foreign currency forward contracts ​ 441.2 ​ 167.5 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Measurements
Schedule of assets and liabilities 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 and liabilities 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, 2020 (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 ​ $ 384.7 ​ $ — ​ $ — ​ $ 384.7 Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs ​ ​ 191.6 ​ ​ 349.6 ​ ​ 7.6 ​ ​ 548.8 Other investment securities ​ ​ 194.5 ​ ​ 56.1 ​ ​ — ​ ​ 250.6 Total investment securities ​ ​ 386.1 ​ ​ 405.7 ​ ​ 7.6 ​ ​ 799.4 Seed hedge derivatives ​ ​ — ​ 13.3 ​ ​ — ​ 13.3 Volantis contingent consideration ​ — ​ — ​ 2.7 ​ 2.7 Geneva contingent consideration ​ ​ — ​ ​ — ​ ​ 20.5 ​ ​ 20.5 Total assets ​ $ 770.8 ​ $ 419.0 ​ $ 30.8 ​ $ 1,220.6 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in consolidated seeded investment products ​ $ — ​ $ 17.7 ​ $ — ​ $ 17.7 Securities sold, not yet purchased ​ ​ 9.6 ​ ​ — ​ ​ — ​ ​ 9.6 Seed hedge derivatives ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ 0.2 Long-term debt (1) ​ ​ — ​ ​ 305.9 ​ ​ — ​ ​ 305.9 Deferred bonuses ​ ​ — ​ ​ — ​ ​ 74.3 ​ ​ 74.3 Total liabilities ​ $ 9.6 ​ $ 323.8 ​ $ 74.3 ​ $ 407.7 ​ (1) Carried at amortized cost and disclosed at fair value. ​ The following table presents assets and liabilities 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, 2019 (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 ​ $ 198.4 ​ $ — ​ $ — ​ $ 198.4 Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated VIEs ​ ​ 573.9 ​ ​ 341.0 ​ ​ 9.9 ​ ​ 924.8 Other investment securities ​ ​ 197.0 ​ ​ 56.5 ​ ​ — ​ ​ 253.5 Total investment securities ​ 770.9 ​ 397.5 ​ 9.9 ​ 1,178.3 Seed hedge derivatives ​ ​ — ​ 0.7 ​ ​ — ​ 0.7 Derivatives in consolidated seeded investment products ​ ​ — ​ ​ — ​ ​ — ​ ​ — Contingent consideration ​ ​ — ​ — ​ 2.9 ​ 2.9 Total assets ​ $ 969.3 ​ $ 398.2 ​ $ 12.8 ​ $ 1,380.3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in consolidated seeded investment products ​ $ — ​ $ 0.9 ​ $ — ​ $ 0.9 Securities sold, not yet purchased ​ ​ 26.5 ​ ​ — ​ ​ — ​ ​ 26.5 Seed hedge derivatives ​ ​ — ​ ​ 8.7 ​ ​ — ​ ​ 8.7 Long-term debt (1) ​ ​ — ​ ​ 330.0 ​ ​ — ​ ​ 330.0 Deferred bonuses ​ ​ — ​ ​ — ​ ​ 76.6 ​ ​ 76.6 Contingent consideration ​ ​ — ​ ​ — ​ ​ 21.2 ​ ​ 21.2 Total liabilities ​ $ 26.5 ​ $ 339.6 ​ $ 97.8 ​ $ 463.9 ​ (1) Carried at amortized cost and disclosed at 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 our material Level 3 assets included within consolidated VIEs as of March 31, 2020, and December 31, 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ Fair ​ Valuation ​ unobservable ​ ​ As of March 31, 2020 ​ value ​ technique ​ inputs ​ Inputs Investment securities of consolidated VIEs ​ $ 7.4 Discounted Discount rate 15% ​ ​ ​ ​ cash flow EBITDA multiple 4.73 ​ ​ ​ ​ ​ ​ Price-earnings ratio 8.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ Fair Valuation unobservable ​ As of December 31, 2019 ​ value technique inputs Inputs Investment securities of consolidated VIEs ​ $ 9.9 Discounted Discount rate 15% ​ ​ ​ ​ cash flow EBITDA multiple 5.92 ​ ​ ​ ​ ​ ​ Price-earnings ratio 11.09 ​
Schedule of maximum amount payable and fair value of Geneva, Perennial, Kapstream and VelocityShares contingent consideration	​
Schedule of changes in fair value of the recurring Level 3 fair value measurements for collective items	Changes in fair value of our Level 3 assets for the three months ended March 31, 2020 and 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Beginning of period fair value ​ $ 12.8 ​ $ 23.1 Geneva contingent consideration ​ ​ 20.5 ​ ​ — Settlements ​ — ​ (0.3) Movement recognized in net income ​ (2.2) ​ (3.1) Movements recognized in other comprehensive income ​ (0.3) ​ 0.1 End of period fair value ​ $ 30.8 ​ $ 19.8 ​
Schedule of changes in fair value of the recurring Level 3 fair value measurements for individual items	Changes in fair value of our individual Level 3 liabilities for the three months ended March 31, 2020 and 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent ​ Deferred ​ Contingent ​ Deferred ​ ​ consideration ​ bonuses ​ consideration ​ bonuses Beginning of period fair value ​ $ 21.2 ​ $ 76.6 ​ $ 61.3 ​ $ 68.5 Fair value adjustments ​ (7.1) ​ (4.9) ​ — ​ 2.6 Vesting of deferred bonuses ​ ​ — ​ ​ (2.3) ​ ​ — ​ ​ (3.4) Amortization of deferred bonuses ​ — ​ 9.8 ​ — ​ 13.9 Unrealized gains (losses) ​ 0.3 ​ — ​ 2.4 ​ — Distributions ​ (13.8) ​ — ​ (14.1) ​ — Foreign currency translation ​ (0.6) ​ (4.9) ​ 0.2 ​ 1.5 End of period fair value ​ $ — ​ $ 74.3 ​ $ 49.8 ​ $ 83.1 ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets
Summary of goodwill and intangible assets	The following tables present movements in our intangible assets and goodwill during the three months ended March 31, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ Foreign March 31, ​ ​ 2019 ​ Amortization ​ Disposal ​ Impairment ​ translation ​ 2020 Indefinite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment management agreements ​ $ 2,490.3 ​ $ — ​ $ — ​ $ (263.5) ​ $ (45.2) ​ $ 2,181.6 Trademarks ​ 380.8 ​ — ​ ​ — ​ ​ (7.7) ​ ​ (0.5) ​ 372.6 Definite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Client relationships ​ 364.7 ​ — ​ ​ (79.3) ​ ​ (92.6) ​ ​ (6.8) ​ 186.0 Accumulated amortization ​ (147.2) ​ (6.4) ​ ​ 61.4 ​ ​ — ​ ​ 3.7 ​ (88.5) Net intangible assets ​ $ 3,088.6 ​ $ (6.4) ​ $ (17.9) ​ $ (363.8) ​ $ (48.8) ​ $ 2,651.7 Goodwill ​ $ 1,504.3 ​ $ — ​ $ (23.5) ​ $ (123.5) ​ $ (50.2) ​ $ 1,307.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ Foreign March 31, ​ ​ 2018 ​ Amortization ​ Disposal ​ Impairment ​ translation ​ 2019 Indefinite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment management agreements ​ $ 2,495.5 ​ $ — ​ $ — ​ $ — ​ $ 9.2 ​ $ 2,504.7 Trademarks ​ 380.8 ​ — ​ ​ — ​ ​ — ​ ​ — ​ 380.8 Definite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Client relationships ​ 363.3 ​ — ​ ​ — ​ ​ — ​ ​ 1.2 ​ 364.5 Accumulated amortization ​ (116.3) ​ (7.4) ​ ​ — ​ ​ — ​ ​ (0.9) ​ (124.6) Net intangible assets ​ $ 3,123.3 ​ $ (7.4) ​ $ — ​ $ — ​ $ 9.5 ​ $ 3,125.4 Goodwill ​ $ 1,478.0 ​ $ — ​ $ — ​ $ — ​ $ 15.6 ​ $ 1,493.6
Client relationships
Goodwill and Intangible Assets
Schedule of expected future amortization	Expected future amortization expense related to client relationships is summarized below (in millions): ​ ​ ​ ​ Future amortization Amount 2020 (remainder of year) ​ $ 7.1 2021 ​ ​ 9.4 2022 ​ 9.4 2023 ​ 9.2 2024 ​ 8.0 Thereafter ​ 54.4 Total ​ $ 97.5

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt
Components of debt	Our debt as of March 31, 2020, and December 31, 2019, consisted of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ Carrying Fair Carrying Fair ​ ​ value ​ value ​ value ​ value 4.875% Senior Notes due 2025 ​ $ 315.5 ​ $ 305.9 ​ $ 316.2 ​ $ 330.0 ​

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Taxes
Schedule of effective income tax rates	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ 2020 2019 ​ Effective tax rate ​ 19.4 % 23.0 % ​

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interests
Summary of redeemable noncontrolling interests	Redeemable noncontrolling interests as of March 31, 2020, and December 31, 2019, consisted of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 Consolidated seeded investment products ​ $ 448.7 ​ $ 662.8 Intech: ​ ​ ​ ​ ​ ​ Appreciation rights ​ ​ 12.0 ​ ​ 11.8 Founding member ownership interests ​ ​ 3.3 ​ ​ 3.3 Total redeemable noncontrolling interests ​ $ 464.0 ​ $ 677.9 ​
Schedule of movement in redeemable noncontrolling interests in consolidated seeded investment products	Redeemable noncontrolling interests in consolidated seeded investment products may fluctuate from period to period and are impacted by changes in our relative ownership, changes in the amount of third-party investment in seeded products and volatility in the market value of the underlying securities included in the portfolios of seeded products. Redemptions of investments by third parties in any particular seeded product are redeemed from the net assets of such seeded product and cannot be redeemed from the assets of our other seeded products or from our other assets. The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the three months ended March 31, 2020 and 2019 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Opening balance ​ $ 662.8 ​ $ 121.6 Changes in market value ​ (36.9) ​ 4.5 Changes in ownership ​ (171.6) ​ (4.2) Foreign currency translation ​ ​ (5.6) ​ ​ 0.1 Closing balance ​ $ 448.7 ​ $ 122.0 ​
Summary of nonredeemable noncontrolling interests	Nonredeemable noncontrolling interests as of March 31, 2020, and December 31, 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 Nonredeemable noncontrolling interests in: ​ ​ ​ ​ ​ ​ Seed capital investments ​ $ 5.3 ​ $ 6.7 Intech ​ 13.1 ​ 13.0 Total nonredeemable noncontrolling interests ​ $ 18.4 ​ $ 19.7

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019, include the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Service cost ​ $ (0.2) ​ $ (0.3) Interest cost ​ (4.3) ​ (4.7) Amortization of prior service cost ​ ​ (0.1) ​ ​ — Expected return on plan assets ​ 4.6 ​ 5.4 Net periodic benefit credit ​ $ — ​ $ 0.4

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 ​ 2019 ​ ​ Foreign ​ Retirement benefit ​ ​ ​ ​ Foreign ​ Retirement ​ ​ ​ ​ currency asset, net Total currency asset, net Total Beginning balance ​ $ (386.2) ​ $ 19.1 ​ $ (367.1) ​ $ (448.2) ​ $ 24.7 ​ $ (423.5) Other comprehensive income (loss) ​ ​ (149.1) ​ ​ 0.1 ​ ​ (149.0) ​ ​ 36.8 ​ ​ — ​ ​ 36.8 Less: other comprehensive loss (income) attributable to noncontrolling interests ​ ​ 5.1 ​ ​ — ​ ​ 5.1 ​ ​ (0.1) ​ ​ — ​ ​ (0.1) Ending balance ​ $ (530.2) ​ $ 19.2 ​ $ (511.0) ​ $ (411.5) ​ $ 24.7 ​ $ (386.8)
Components of other comprehensive income (loss), net of tax	The components of other comprehensive income (loss), net of tax for the three months ended March 31, 2020 and 2019, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2020 ​ 2019 ​ ​ Pre-tax ​ Tax ​ ​ ​ Pre-tax ​ Tax ​ ​ ​ amount impact Net amount amount impact Net amount Foreign currency translation adjustments ​ $ (151.3) ​ $ 2.2 ​ $ (149.1) ​ $ 35.3 ​ $ 1.5 ​ $ 36.8 Retirement benefit asset, net ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — Total other comprehensive income (loss) ​ $ (151.2) ​ $ 2.2 ​ $ (149.0) ​ $ 35.3 ​ $ 1.5 ​ $ 36.8

Earnings (Loss) and Dividends_2

Earnings (Loss) and Dividends Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings (Loss) and Dividends Per Share
Summary of earnings (loss) per share calculation	The following is a summary of the earnings (loss) per share calculation for the three months ended March 31, 2020 and 2019 (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2020 2019 Net income (loss) attributable to JHG ​ $ (247.0) ​ $ 94.1 Allocation of earnings to participating stock-based awards ​ ​ — ​ ​ (2.4) Net income (loss) attributable to JHG common shareholders ​ $ (247.0) ​ $ 91.7 ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding — basic ​ 182.4 ​ 191.8 Dilutive effect of non-participating stock-based awards ​ ​ — ​ ​ 0.7 Weighted-average common shares outstanding — diluted ​ 182.4 ​ 192.5 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share: ​ ​ ​ ​ ​ ​ Basic and diluted (two class) ​ $ (1.35) ​ $ 0.48 ​ ​ ​ ​ ​ ​ ​ ​
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, ​ 2020 2019 Unvested nonparticipating stock awards 2.3 1.0 ​
Schedule of cash dividends declared and paid	The following is a summary of cash dividends paid during the three months ended March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividend ​ Date ​ Dividends paid ​ Date per share declared ​ (in US$ millions) paid $ 0.36 ​ February 3, 2020 $ 66.2 ​ March 5, 2020 ​

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Accounting Standards Update 2018-15
Recent Accounting Pronouncements
Capitalized implementation costs	$ 0

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Millions	Mar. 17, 2020	Mar. 31, 2020
Dispositions
Net gain on sale, before taxes		$ 17.4
Geneva
Dispositions
Ownership sold (as a percent)	100.00%
Consideration received	$ 38.6
Period of time for earnout payments	5 years
Net gain on sale, before taxes	$ 17.4
Geneva | Minimum
Dispositions
Contingent consideration	20.5
Geneva | Maximum
Dispositions
Contingent consideration	$ 35

Dispositions - Gain on Sale (De

Dispositions - Gain on Sale (Details) - USD ($) $ in Millions	Mar. 17, 2020	Mar. 31, 2020
Less carrying amount of assets and liabilities:
Net gain on sale, before taxes		$ 17.4
Geneva
Consideration received
Cash	$ 38.6
Less carrying amount of assets and liabilities:
Intangible assets	17.9	79.3
Other assets	0.3
Less: Goodwill allocation	23.5	$ 23.5
Net gain on sale, before taxes	17.4
Geneva | Minimum
Consideration received
Contingent consideration	$ 20.5

Consolidation - VIEs (Details)

Consolidation - VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Unconsolidated VIEs
Investment securities	$ 8.1	$ 9.9

Consolidation - VREs (Details)

Consolidation - VREs (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Other current assets	$ 110.4	$ 116
Consolidated VREs
Investment securities	52.7	29.9
Cash and cash equivalents	5.7	1.5
Other current assets	14.4	0.2
Accounts payable and accrued liabilities	(8.6)	(0.7)
Total	64.2	30.9
Redeemable noncontrolling interests in consolidated VREs	(43.2)	(6.3)
JHG's net interest in consolidated VREs	21	24.6
Unconsolidated VREs
Investment securities	$ 30.1	$ 21.5

Investment Securities - General

Investment Securities - General Disclosure (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Short-term investments:
Estimated Fair Value	$ 799.4		$ 1,178.3
Unrealized gains (losses) on investment securities held at period end	(39.5)	$ 11.1
Assets
Derivative assets	13.3
Liabilities
Derivative liabilities	0.2
Net gains (losses) in net income related to:
Foreign currency translation	3	0.3
Foreign currency forward contracts	(3)	$ (0.3)
Securities sold, not yet purchased	9.6
Seeded investment products
Short-term investments:
Seeded investment products	694.6		1,047
Investment securities | Separate accounts
Short-term investments:
Seeded investment products	54.8		60.8
Investment securities | Pooled investment funds
Short-term investments:
Seeded investment products	0.1		0.1
Investment securities | Investments related to deferred compensation plans
Short-term investments:
Estimated Fair Value	99.5		125.9
Investment securities | Other investments
Short-term investments:
Estimated Fair Value	5.3		5.4
Consolidated VIEs | Investment securities
Short-term investments:
Seeded investment products	548.8		924.8
Consolidated VREs | Investment securities
Short-term investments:
Seeded investment products	52.7		29.9
Unconsolidated VIEs and VREs | Investment securities
Short-term investments:
Seeded investment products	38.2		31.4
Consolidated | Credit default swap, selling protection contracts | Seeded investment products
Short-term investments:
Notional value of derivative	1.7		2.2
Assets
Notional value of derivative	1.7		2.2
Futures | Derivative Instruments | Not Designated as Hedging Instrument
Short-term investments:
Notional value of derivative	117.4		222.9
Assets
Notional value of derivative	117.4		222.9
Futures | Derivative Instruments | Seeded investment products
Short-term investments:
Notional value of derivative	137.6		88.3
Assets
Notional value of derivative	137.6		88.3
Credit default swaps | Derivative Instruments | Not Designated as Hedging Instrument
Short-term investments:
Notional value of derivative	150.2		143
Assets
Notional value of derivative	150.2		143
Credit default swaps | Derivative Instruments | Seeded investment products
Short-term investments:
Notional value of derivative	20.1		0.1
Assets
Notional value of derivative	20.1		0.1
Total return swaps | Derivative Instruments | Seeded investment products
Short-term investments:
Notional value of derivative	0.1		0.1
Assets
Notional value of derivative	0.1		0.1
Total return swaps and index swaps | Derivative Instruments | Not Designated as Hedging Instrument
Short-term investments:
Notional value of derivative	45.4		46.3
Assets
Notional value of derivative	45.4		46.3
Foreign currency forward contracts | Derivative Instruments | Not Designated as Hedging Instrument
Short-term investments:
Notional value of derivative	224.8		327.8
Assets
Notional value of derivative	224.8		327.8
Foreign currency forward contracts | Derivative Instruments | Seeded investment products
Short-term investments:
Notional value of derivative	441.2		167.5
Assets
Notional value of derivative	$ 441.2		$ 167.5

Investment Securities - Offsett

Investment Securities - Offsetting Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Assets
Derivative Asset	$ 13.3
Liabilities
Derivative liabilities	0.2
Derivative Instrument Denominated in Foreign Currency
Investment gains (losses), net	(50.5)	$ 13.3
Cash flows related to investment securities
Purchases and settlements	98.3	19.3
Seeded investment products | Consolidated | Credit default swap, selling protection contracts
Seeded investment products, credit protection
Notional value of derivative	$ 1.7		$ 2.2
Fair value of credit default swap contracts			0
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
Seeded investment products and derivatives
Derivative Instrument Denominated in Foreign Currency
Investment gains (losses), net	$ (43.5)	8.2
Other investments
Derivative Instrument Denominated in Foreign Currency
Investment gains (losses), net	(7)	5.1
Investment securities
Cash flows related to investment securities
Purchases and settlements	(15.1)	(42.8)
Sales, settlements and maturities	113.4	62.1
Investment securities | Seeded investment products | Consolidated
Cash flows related to investment securities
Purchases and settlements	2.9	(176.7)
Sales, settlements and maturities	(108.2)	$ 222.8
Derivative Instruments | Seeded investment products | Futures
Seeded investment products, credit protection
Notional value of derivative	137.6		88.3
Derivative Instruments | Seeded investment products | Contracts for differences
Seeded investment products, credit protection
Notional value of derivative	12.8		15.5
Derivative Instruments | Seeded investment products | Interest rate swaps
Seeded investment products, credit protection
Notional value of derivative	18.7		19.4
Derivative Instruments | Seeded investment products | Total return swaps
Seeded investment products, credit protection
Notional value of derivative	0.1		0.1
Derivative Instruments | Seeded investment products | Credit default swaps
Seeded investment products, credit protection
Notional value of derivative	20.1		0.1
Derivative Instruments | Seeded investment products | Options
Seeded investment products, credit protection
Notional value of derivative			1
Derivative Instruments | Seeded investment products | Foreign currency forward contracts
Seeded investment products, credit protection
Notional value of derivative	$ 441.2		$ 167.5

Fair Value Measurements - Level

Fair Value Measurements - Level of Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Derivative assets	$ 13.3
Liabilities
Derivative liabilities	0.2
Securities sold, not yet purchased	9.6
Total redeemable noncontrolling interests	464	$ 677.9
Geneva
Liabilities
Contingent consideration	0
Seeded investment products
Liabilities
Total redeemable noncontrolling interests	448.7	662.8	$ 122	$ 121.6
Unconsolidated VIEs
Assets
Total investment securities	8.1	9.9
Intech Founders
Liabilities
Total redeemable noncontrolling interests	3.3	3.3
Consolidated | Seeded investment products
Liabilities
Total redeemable noncontrolling interests	448.7	662.8
Consolidated VIEs
Assets
Total investment securities	548.8	924.8
Fair value measurements, recurring
Assets
Cash equivalents	384.7	198.4
Contingent consideration		2.9
Total assets	1,220.6	1,380.3
Liabilities
Securities sold, not yet purchased	9.6	26.5
Long-term debt	305.9	330
Contingent consideration		21.2
Total liabilities	407.7	463.9
Fair value measurements, recurring | Deferred bonuses
Liabilities
Derivative liabilities	74.3
Current portion of long-term debt		76.6
Fair value measurements, recurring | Volantis
Assets
Contingent consideration	2.7
Fair value measurements, recurring | Geneva
Assets
Contingent consideration	20.5
Fair value measurements, recurring | Investment securities
Assets
Total investment securities	799.4	1,178.3
Fair value measurements, recurring | Seed hedge derivatives
Assets
Derivative assets	13.3	0.7
Liabilities
Derivative liabilities	0.2	8.7
Fair value measurements, recurring | Level 1
Assets
Cash equivalents	384.7	198.4
Total assets	770.8	969.3
Liabilities
Securities sold, not yet purchased	9.6	26.5
Total liabilities	9.6	26.5
Fair value measurements, recurring | Level 1 | Investment securities
Assets
Total investment securities	386.1	770.9
Fair value measurements, recurring | Level 2
Assets
Total assets	419	398.2
Liabilities
Long-term debt	305.9	330
Total liabilities	323.8	339.6
Fair value measurements, recurring | Level 2 | Investment securities
Assets
Total investment securities	405.7	397.5
Fair value measurements, recurring | Level 2 | Seed hedge derivatives
Assets
Derivative assets	13.3	0.7
Liabilities
Derivative liabilities	0.2	8.7
Fair value measurements, recurring | Level 3
Assets
Contingent consideration		2.9
Total assets	30.8	12.8
Liabilities
Contingent consideration		21.2
Total liabilities	74.3	97.8
Fair value measurements, recurring | Level 3 | Deferred bonuses
Liabilities
Derivative liabilities	74.3
Current portion of long-term debt		76.6
Fair value measurements, recurring | Level 3 | Volantis
Assets
Contingent consideration	2.7
Fair value measurements, recurring | Level 3 | Geneva
Assets
Contingent consideration	20.5
Fair value measurements, recurring | Level 3 | Investment securities
Assets
Total investment securities	7.6	9.9
Fair value measurements, recurring | Unconsolidated VIEs | Investment securities
Assets
Total investment securities	250.6	253.5
Fair value measurements, recurring | Unconsolidated VIEs | Level 1 | Investment securities
Assets
Total investment securities	194.5	197
Fair value measurements, recurring | Unconsolidated VIEs | Level 2 | Investment securities
Assets
Total investment securities	56.1	56.5
Fair value measurements, recurring | Consolidated | Seeded investment products
Liabilities
Derivative liabilities	17.7	0.9
Fair value measurements, recurring | Consolidated | Level 2 | Seeded investment products
Liabilities
Derivative liabilities	17.7	0.9
Fair value measurements, recurring | Consolidated VIEs | Level 3
Assets
Total investment securities	7.4	9.9
Fair value measurements, recurring | Consolidated VIEs | Investment securities
Assets
Total investment securities	548.8	924.8
Fair value measurements, recurring | Consolidated VIEs | Level 1 | Investment securities
Assets
Total investment securities	191.6	573.9
Fair value measurements, recurring | Consolidated VIEs | Level 2 | Investment securities
Assets
Total investment securities	349.6	341
Fair value measurements, recurring | Consolidated VIEs | Level 3 | Investment securities
Assets
Total investment securities	$ 7.6	$ 9.9

Fair Value Measurements - Valua

Fair Value Measurements - Valuation techniques and significant unobservable inputs (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Consolidated VIEs | Level 3 | Fair value measurements, recurring | Discounted cash flow
Changes in fair value
Discount rate	15.00%	15.00%
EBITDA multiple	4.73%	5.92%
Price-earnings ratio	8.86	11.09
Consolidated VIEs
Changes in fair value
Investment securities	$ 548.8	$ 924.8
Consolidated VIEs | Level 3 | Fair value measurements, recurring
Changes in fair value
Investment securities	$ 7.4	$ 9.9

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Consideration (Details) $ in Millions	Mar. 31, 2020USD ($)
Kapstream
Fair value included in:
Contingent consideration	$ 0

Fair Value Measurements - Dispo

Fair Value Measurements - Disposal of Geneva (Details) - Geneva - USD ($) $ in Millions	Mar. 17, 2020	Mar. 31, 2020
Dispositions
Consideration received	$ 38.6
Period of time for earnout payments	5 years
Contingent consideration		$ 0
Minimum
Dispositions
Contingent consideration	$ 20.5
Maximum
Dispositions
Contingent consideration	$ 35

Fair Value Measurements - Acqui

Fair Value Measurements - Acquisition of Kapstream (Details) $ in Millions	1 Months Ended			3 Months Ended
	Feb. 29, 2020USD ($)	Feb. 28, 2019USD ($)	Feb. 28, 2018USD ($)	Mar. 31, 2020USD ($)	Jan. 31, 2017USD ($)item
Business acquisition
Contingent consideration adjustment				$ (7.1)
Kapstream
Business acquisition
Ownership interest acquired (as a percent)					49.00%
Contingent cash consideration paid, for revenue target achieved	$ 13.8	$ 14.1	$ 15.3
Fair value of contingent consideration liability				$ 0
Number of installments | item					3
Kapstream | Maximum
Business acquisition
Fair value of contingent consideration liability					$ 43

Fair Value Measurements - Dis_2

Fair Value Measurements - Disposal of Volantis (Details) - USD ($) $ in Millions	Apr. 01, 2017	Mar. 31, 2020	Dec. 31, 2019
Dispositions
Revenue forecasting period		3 years
Volantis
Dispositions
Period of performance of investee for recognizing consideration	3 years
Volantis | Discontinued Operations, Disposed of by Sale
Dispositions
Percentage of share for consideration of sale	10.00%
Fair value of contingent consideration		$ 2.7	$ 2.9
Business Combination, Contingent Consideration, Asset		$ 2.7	$ 2.9

Fair Value Measurements - Lev_2

Fair Value Measurements - Level 3 Rollforward (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Changes in fair value
Foreign currency translation	$ 3	$ 0.3
Change in fair value of Level 3 assets
Balance at the beginning of period, Asset value	12.8	23.1	$ 23.1
Geneva sell off	20.5
Settlements		(0.3)
Movements recognized in net income	(2.2)	(3.1)
Movements recognized in other comprehensive income	(0.3)	0.1
Balance at the end of period, Asset value	30.8	19.8	12.8
Consolidated VIEs
Changes in fair value
Investment securities	548.8		924.8
Level 3 | Fair value measurements, recurring | Consolidated VIEs
Changes in fair value
Investment securities	$ 7.4		$ 9.9
Level 3 | Fair value measurements, recurring | Discounted cash flow | Consolidated VIEs
Changes in fair value
Price-earnings ratio	8.86		11.09
Level 3 | Fair value measurements, recurring | Contingent consideration
Changes in fair value
Balance at the beginning of period, Liability Value	$ 21.2	61.3	$ 61.3
Fair value adjustments	(7.1)
Unrealized gains (losses)	0.3	2.4
Distributions	(13.8)	(14.1)
Foreign currency translation	(0.6)	0.2
Balance at the end of period, Liability Value		49.8	21.2
Level 3 | Fair value measurements, recurring | Deferred bonuses
Changes in fair value
Balance at the beginning of period, Liability Value	76.6	68.5	68.5
Fair value adjustments	(4.9)	2.6
Vesting of deferred bonuses	(2.3)	(3.4)
Amortization of deferred bonuses	(9.8)	(13.9)
Foreign currency translation	(4.9)	1.5
Balance at the end of period, Liability Value	$ 74.3	$ 83.1	$ 76.6

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 17, 2020
Definite-lived intangible assets:
Foreign currency translation			$ 1.2
Accumulated amortization, balance at the beginning of the period		$ (147.2)	(116.3)
Amortization		(6.4)	(7.4)
Foreign currency translation		3.7	(0.9)
Accumulated amortization, balance at the end of the period	$ (88.5)	(88.5)	(124.6)
Net intangible assets
Net intangible assets, balance at the beginning of the period		3,088.6	3,123.3
Amortization		(6.4)	(7.4)
Impairment		(363.8)
Foreign currency translation		(48.8)	9.5
Net intangible assets, balance at the end of the period	2,651.7	2,651.7	3,125.4
Goodwill
Goodwill, balance at the beginning of the period		1,504.3	1,478
Impairment		123.5
Foreign currency translation		(50.2)	15.6
Goodwill, balance at the end of the period	1,307.1	1,307.1	1,493.6
The amount of fair value greater than carrying value for goodwill				$ 123.5
Goodwill and intangible assets impairment		487.3
Sale
Intangible assets, net	2,651.7	3,088.6	3,125.4	2,651.7
Future Amortization:
2020 (remainder of year)				7.1
2021				9.4
2022				9.4
2023				9.2
2024				8
Thereafter				54.4
Total				97.5
Geneva
Indefinite-lived intangible assets:
Disposal				79.3	$ 17.9
Definite-lived intangible assets:
Disposal				79.3	17.9
Accumulated amortization, balance at the end of the period	61.4	61.4
Net intangible assets
Impairment		(17.9)
Goodwill
Disposal				(23.5)	$ (23.5)
Sale
Ownership sold (as a percent)					100.00%
Intangible assets, net					$ 17.9
Allocated goodwill				23.5	$ 23.5
Client relationships
Definite-lived intangible assets:
Balance at the beginning of the period		364.7	363.3
Impairment	92.6	92.6
Foreign currency translation		(6.8)
Balance at the end of the period	186	186	364.5
Investment management agreements
Indefinite-lived intangible assets:
Balance at the beginning of the period		2,490.3	2,495.5
Impairment	263.5	(263.5)
Foreign currency translation		(45.2)	9.2
Balance at the end of the period	2,181.6	2,181.6	2,504.7
Goodwill
Indefinite-Lived Intangible Assets	2,181.6	2,181.6	2,504.7	2,181.6
Impairment	(263.5)	263.5
Trademarks
Indefinite-lived intangible assets:
Balance at the beginning of the period		380.8	380.8
Impairment	7.7	(7.7)
Foreign currency translation		(0.5)
Balance at the end of the period	372.6	372.6	380.8
Goodwill
Indefinite-Lived Intangible Assets	372.6	372.6	$ 380.8	$ 372.6
Impairment	$ (7.7)	$ 7.7

Debt (Details)

Debt (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
4.875% Senior Notes due 2025
Components of debt
Interest rate (as a percent)	4.875%
Other Disclosures
Face value of debt issued	$ 300
Unamortized premium, net	15.5
4.875% Senior Notes due 2025 | Carrying value
Components of debt
Total debt	315.5	$ 316.2
4.875% Senior Notes due 2025 | Fair value
Components of debt
Total debt	305.9	$ 330
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

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2020	Apr. 01, 2020	Mar. 27, 2020	Mar. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income taxes
Effective tax rate (as a percent)						19.40%	23.00%
Impairment of goodwill and intangible assets						$ 487.3
Unrecognized tax liability				$ 12.6		12.6		$ 14.1
Anticipated decrease in income tax contingency reserves in the next 12 months				$ 0.5		$ 0.5
Carryback period for Federal Net Operating Losses per the CARES Act			5 years
UK
Income taxes
Statutory corporation tax rate (as a percentage)		17.00%		19.00%		19.00%
UK | Forecast
Income taxes
Statutory corporation tax rate (as a percentage)	19.00%
UK | Forecast | Minimum
Income taxes
Adjustment to deferred tax assets and liabilities					$ 6
UK | Forecast | Maximum
Income taxes
Adjustment to deferred tax assets and liabilities					$ 9

Noncontrolling Interests - Rede

Noncontrolling Interests - Redeemable (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Mar. 31, 2020
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	$ 677.9		$ 677.9	$ 464
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance	677.9
Closing balance	464		677.9
Seeded investment products
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	448.7	$ 122	121.6	448.7
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance	662.8	121.6	121.6
Changes in market value	(36.9)	4.5
Changes in ownership	(171.6)	(4.2)
Foreign currency translation	(5.6)	0.1
Closing balance	448.7	$ 122	662.8
Intech Founders
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	3.3		3.3	$ 3.3
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance	3.3
Closing balance	3.3		3.3
Remaining interest (as a percent)				1.10%
Consolidated | Seeded investment products
Redeemable Noncontrolling Interests
Total redeemable noncontrolling interests	662.8		662.8	$ 448.7
Roll forward of redeemable noncontrolling interests in consolidated seed investment products
Opening balance	662.8
Closing balance	448.7		662.8
Intech | Intech
Redeemable Noncontrolling Interests
INTECH appreciation rights	$ 12		$ 11.8

Noncontrolling Interests - Nonr

Noncontrolling Interests - Nonredeemable (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Nonredeemable noncontrolling interests
Total nonredeemable noncontrolling interests	$ 18.4	$ 19.7
Seeded investment products
Nonredeemable noncontrolling interests
Total nonredeemable noncontrolling interests	5.3	6.7
Intech
Nonredeemable noncontrolling interests
Total nonredeemable noncontrolling interests	$ 13.1	$ 13

Long-Term Incentive and Employe

Long-Term Incentive and Employee Compensation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Long-Term Incentive and Employee Compensation
Long-term incentive awards granted	$ 125.9
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 - Actu

Retirement benefit plans - Actuarial gains(losses), benefit cost, cash flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Components of net periodic benefit cost
Service cost	$ (0.2)	$ (0.3)
Interest cost	(4.3)	(4.7)
Expected return on plan assets	4.6	5.4
Amortization of prior service cost	$ (0.1)
Net periodic benefit credit		$ 0.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	$ 4,886.5
Less: other comprehensive loss (income) attributable to noncontrolling interests	5.1	$ (0.1)
Ending balance	4,375
Accumulated other comprehensive loss
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	(367.1)	(423.5)
Other comprehensive income (loss)	(149)	36.8
Less: other comprehensive loss (income) attributable to noncontrolling interests	5.1	(0.1)
Ending balance	(511)	(386.8)
Foreign currency translation adjustments
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	(386.2)	(448.2)
Other comprehensive income (loss)	(149.1)	36.8
Less: other comprehensive loss (income) attributable to noncontrolling interests	5.1	(0.1)
Ending balance	(530.2)	(411.5)
Retirement benefit asset, net
Changes in accumulated other comprehensive loss, net of tax
Beginning balance	19.1	24.7
Other comprehensive income (loss)	0.1
Ending balance	$ 19.2	$ 24.7

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other comprehensive income, net of tax
Pre-tax amount	$ (151.2)	$ 35.3
Tax impact	(2.2)	(1.5)
Net amount	(149)	36.8
Other comprehensive income (loss)	(149)	36.8
Foreign currency translation adjustments
Other comprehensive income, net of tax
Pre-tax amount	(151.3)	35.3
Tax impact	(2.2)	(1.5)
Net amount	(149.1)	$ 36.8
Retirement benefit asset, net
Other comprehensive income, net of tax
Pre-tax amount	0.1
Net amount	$ 0.1

Earnings (Loss) and Dividends_3

Earnings (Loss) and Dividends Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Apr. 29, 2020	Mar. 05, 2020	Feb. 03, 2020	Mar. 31, 2020	Mar. 31, 2019
Earnings (loss) per share
Net income (loss) attributable to JHG				$ (247)	$ 94.1
Less: Allocation of earnings to participating stock-based awards					(2.4)
Net income (loss) attributable to JHG common shareholders				$ (247)	$ 91.7
Weighted-average common shares outstanding - basic				182.4	191.8
Dilutive effect of non-participating stock-based awards					0.7
Weighted-average common shares outstanding - diluted				182.4	192.5
Earnings (loss) per share:
Basic and diluted (two class)				$ (1.35)	$ 0.48
Cash dividend declared (in dollars per share)	$ 0.36		$ 0.36
Cash dividends paid		$ 66.2		$ 66.2	$ 69.7
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				2.3	1