JHG - Earnings call transcript Q1 2021 | Janus Henderson Group plc

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning and welcome to the Janus Henderson Results Briefing Conference Call. [Operator Instructions] I would now like to turn the conference over to Mr. Dick Weil, CEO. Please go ahead.

Dick Weil

Welcome everyone to the first quarter 2021 earnings call for Janus Henderson Group. as joined and Roger our Weil Thompson. Dick usual, by I'm CFO, I'm

update on take presentation, calls through this on start fourth inherent you calls, to of deeper we've business quarter second we previous with brief As today's a said and and In hand first we and it reporting. that a quarter versus third we thinking short-term strategy. giving use the the who over quarterly to in our the a results view quarter our the to that's the run through more and I'll results you I'll and in calls by detail. line To of extent, Roger, give summary take quarterly business in will view long-term use then

following As your remarks, prepared always, take we'll questions. our

X. Slide to Turning

performance Our respective three benchmarks over remains XX% beating assets with their investment of to solid years. our

Equities, three in Equity seeing of talked we've particular. earnings pockets one years. recent calls. perform first bonds. European and in Our In are for outperforming have also investment we our we're what improved markets growth And strength we're Fixed quarter U.S. and in which strategies, and in performance over mid well volatile In Income, teams cap our continue class. seeing a difficult benchmarks SMID AUM of through to continue was very about XX% They've over to on

of flows seeing headline benefit we're markets, rose flow to net the trends. of underlying the With Underneath negative AUM positive important billion, billion. X% $XXX our $X.X offsetting result,

diverse of gross sales seeing we're flows strategies business, and results and across intermediary strong improved our with in example, For capabilities. we're seeing range a positive

is consistent the you this path $X.X excluding last and billion in growth but prior first the quarter, negative which growth in with for we quarter, business. equity to As up disappointing. we flows organic We're that achieved in quarter, our aiming told growth I've our quant starts quarters, ended

path year, should be INTECH linear, not aim. flows Our this aside, to we more is be delivering our for our positive setting business that's but consistently going not quantitative and

were Our to financial just year-on-year, the prior performance fourth the strong fees and results of up in for earned but very passed. because down quarter strong prior quarter that the quarter compared

Our to prior up XX% quarter, adjusted but fourth EPS decreased compared that was year-on-year.

as strong we Finally, progressive we evaluate increase inorganically, strategically buybacks dividend returning to market both remain excess $XXX our and policy, share of a to X% secondary continue cash completed committed earnings to to In $X.XX in shareholders. a our to grow share. at opportunities to quarter, Dai-ichi Today, we're given organically pleased we million offering. dividend the business, announce

more now over take it you me results the detail. turn Roger through Let to to in

Roger Thompson

you, and Dick, joining thanks us. Thank everyone for

remain performance performance. be very the best play At strategies. benchmark continues three first performance peers and five-year a solid is one, and represented its flows basis. three represented in compared over Turning decline in And from at of periods, the two to the a very are XX%, to comparative which three to assets on XX%, balanced one, of to of page, reflects ahead be on in strong. one-year look basis. the five-year top of or all XX% you a respective to balance fourth XX% and see and can of five-year level, better a deeper one indicators for can the investment quartile five-year as in and primarily fact, tend in the the of on appendix, good time and our Investment XX% the the Morningstar as which of Slide as is longer-term XX%, was you The with compared March. metrics, but on is quarter the AUM strategy, quartiles Relative firmwide XX% a AUM three XXst see performance basis their XX% total performance beating X Morningstar generating benchmarks

total to flows. turning Now company

$X.X net $X.X For billion compared outflows billion quarter. last were to the quarter,

said, trends. improving mark just this significant some strengths Dick As and

you Fixed next saw as couple slides, in European the well In outflows. channel, within we've Equities, well Intermediary Multi-Asset EMEA, clarity the Over of and capabilities and in where I'll provide summary, through in talk these seen we as as as of result Estate strength reopening and and especially our underperformance outflows growth at was short-term Securities, to mid-cap The Fund with along Property outflows outflows SMID the equity Perkins. Real impacted Equities, quantitative Sciences Equities. Sustainable and strategies, by the of quarter Life UK fourth related U.S. our Income

lumpy let's Fixed of to distribution Net type. in Intermediary net lower to first $XX.X Pacific quarter. sales fourth We're the Institutional sales billion, quarter flows global confident billion. that channel gross to which take strengthen U.S. LatAm and outflows partially taken intermediary $X.X for continue Income client steps the represent compared the inflows the quarter were in and Intermediary capabilities. saw the were outflows Multi-Asset regions, institutional resulting the shows X, inflows by we've and the in pipeline Slide strong positive will diverse gross but lead our move ever, is the equity a quarter $X.X flows EMEA, Now the a fourth region, By to breakdown results the billion, of products. team and offset footprint Equity, has opportunities were and best for Asia across strong range a and quarter, to by the range quarter be will in quarter. These globalize broad After across growth. were of

were strategies, $XXX were strategies and Equity Responsible and by X Perkins the the quarter which flows and Life Slide of as outflows SMID in of Chicago. supermarket channel, in quarter breakdown self-directed shows U.K. outflows by net direct the primarily and flows as Equity European capability. two These $X.X the for quarter. Global the growth, dedicated the first for were by by mid outflows Sciences. were investors Sustainable several strategies by value ESG finally of the offset net The managed quarterly retail U.S. million cap Income partially for Finally, well non-U.S. outflows billion. the restructuring includes driven team led in

March. have quarter, high Perkins, the totaled in align credit changing and AUM we income income quarter reopening in inflows balanced strategies of our a opportunity. the we continues Slide And tactical talked were Regarding $XXX week presentation the maintain that strategies fixed retail the right Fixed outflows million equity well during and product, we first of Multi-Asset significantly at U.S. standard we of flows. by the in of large XXst came Flows as were our the size which wide which driven April. $X.X value, better Income inflows income. the run international positive quarter. U.S. first were seeing into clients. multisector to announced see positive the of product range XX% outflow a needs and into alternative Elsewhere made that strong income, global Quantitative with the finally, quarter. Australia. value Therefore, UK the outflows Property is cap previously promising income and liquidating million were turned flows Fund during We're decision within portfolio our strategies realized of we're statement the the from $XXX return property these about as end positive back strategic and outflow in value Total $XXX since for slowed plus was as across Fixed the which The value, million the flows in $XXX into reopens $XXX then. X approximately of yield, have absolute products were to pleased strategy. the of our including has from global alternatives, the to rate continued by million, performed multi-strategy billion. first million in quarter, of GAAP first

financial X look Moving at summary the to Slide a results. for

year-on-year. significantly are the X% quarter Total assets to by is income financial market higher XX% in the strong rate prior quarter up but a quarter, same more XX% strong seasonal quarter, was net the the first very as the Average from adjusted to the quarter. seasonally from from the quarter revenues quarter compared down Our X% management AUM million, higher the influenced $XXX prior results in gains. prior fees to increased decreased the The comparison compared offset and than primarily performance strong and period for fourth prior to quarter's prior first performance operating average Adjusted by the year was fee fees. ago. up

year accounting quarterly basis margin up adjustments over year the year the the basis to change points assets quarter and operating million include but was of the XX.X year industry. fee management adjusted and fourth during points of a which compression our fees of made Adjusted $X.XX the points, million the sixth were basis that compared adjusted outlined XX% $X.XX the diluted results. quarter the we've $X.XX in XX, drove quarter higher will prior and quarter points seasonally EPS financial in state First repeat. period quarter. marks biggest quarter, were prior ago. and for during the compared for margin The the drivers does some up quarter the margins, $XX Finishing for fee Net was positive the and QX ago, higher in revenue quarter must impact and On increase not I performance drivers Slide fees management first versus was QX. phase quarter of the XX.X% a lower Performance which a in first management management for X.X was basis to XX.X% million revenue strong $XX the up quarter in margins straight XX.X a prior a from quarter strong XX.X fees from representing by This quarter X% fee ago. net ago. in here. which related XX% the the a $XX up rate strong, average approximately in to

driven results strategy. was absolute return The first by the primarily quarter

quarter quarter. first For a mutual was negative the compared prior fees, the in fund to million $X negative results $X performance million

funds moving the performance fees we've range June, potential few to performance of than the and there's in performance as quarter therefore over fees European by is on second some a update strategies in significantly prior I measurement to quarter, Many the ongoing performance annual provide in an Before publicly performance years, today good. investment Horizon the Whilst with wanted three available fees. good our which a in prior of been that earn quarter seen sit on, is the are is unknown, years. very here SICAV which has second period particularly fees higher we these

the operating quarter which compensation, employee up which includes operating expenses first X% X% expenses on was of result by to payroll taxes XX% and to in Turning up and higher were quarter. variable compensation. taxes XX. a contributions fixed due the the $XXX quarter. was largely as primarily retirement costs, LTI seasonal was Adjusted prior up quarter, vestings from million, Adjusted quarter, a the to from in triggered with Slide Adjusted compared the prior coupled fourth variable the annual payroll

results The guidance first from expenses ratio in The ratio adjusted on from comp-to-revenue vestings. was payroll to seasonally higher taxes wages higher quarter LTI compared XX.X%. those primarily

For Adjusted higher the guidance. offset prior year, marketing expenses G&A, of full in lower by anticipate our X% XX% range a partially to lower still to is quarter primarily were we non-comp the XX% from prior operating compared expenses. line which with

expense expectation remains non-comp operating growth XXXX, single the unchanged. of of mid digits For

XX.X%. recurring our quarter first the was for effective rate Finally, tax

and primarily million payment a from offering Cash Turning look liquidity. $XXX of compensation March, XX, of were Dai-ichi. in $XXX and of our equivalents by the million, variable of is to annual our Slide the participation resulting cash secondary which as decrease a XXst at

our given also investments we we've cash of The first MD&A the position true XX-Q capital our more seasonal aligns that with discuss section we lowest it cash of resources as several you, agree related that how following slides represents and in the our to accurately liquidity and Please note and and excluding this filings. VREs liquidity feedback XX-K quarter cash and typically VIEs needs. from our is from begun

to Board the Finally, profitability X% the given pleased capital that paying with from profits. increase per of a I'm at payout strong and progressive $X.XX dividend liquidity position prior approved an aligns with cash firm, share a This our has increase dividend, quarterly returning level. the and very philosophy grows investors our of

capital look Lastly, Slide XX our a at is management.

eight our said to previously, committed this results returning shareholders you we those we've last As on slide see the cash and remain can excess to over quarters.

During has $XX the dividends paid mentioned, the shareholders X% as I've just approximately to we first and declared the quarterly quarter, dividend. in million increase a Board in

offering. for stock Dai-ichi also our of million secondary We X.X through the shares purchased $XXX million

we've That's average Since that 'XX, over on our outstanding in dividend months, yield buyback we've XX%. the reduction return XX starting last plus period our shares distributed $XXX XX% reduced and dividends. the million accretive Over buybacks the over via program QX of based cash the a by shares in outstanding.

XXXX, Regarding calls remainder the for and position future cash earnings flow we'll additional buybacks provide on our cash of as generation. evaluate updates we

back Now it Q&A. I'd like for over turn operator to to the

Operator

Thank would go first ahead. Actual could certain the recent and to recent from in the discussed like filings not in from with made of statements. sections comes statements Form from Instructions] to, a SEC. to due Factors forward-looking of other those question results you. that more statements matters Company's projected but Risk Worthington in I today's and most Ken [Operator the you forward-looking Please forward-looking Your described differ JPMorgan. the XX-K limited constitute call, factors, conference those remind may materially including, number

Kenneth Worthington

taking fees, they've them, lot on of flow. your and is investors cash you ascribe question. flow not first Thank Maybe while to performance for comments value cash ramped, tend my on a to

rising So stream? how greatest do from this for you think greatest shareholder this shareholders revenue value the driving from increasing - fees its about and leveraging

Roger Thompson

Roger. Thanks for Ken, it's question. the

fees it. fees the with other the largely got we're we've performance performance thing some SICAV adding, And we're that diversity think fees in come we're winning, thing performance we of a that very is that with it's important through. the business I - QX, we've saw the QX. is the got on adding In of strong

strength to I I and think agree stronger fees. on So Investment management I valued. fees. decent the that is performance it We probably to yes, some you, But I yes, - fees a basis the fees of expect think see In performance diversity, would and be to is do doesn't a same expect QX, broad multiple, with it regular level. have performance opportunity think the merit Janus final we as for with performance, performance fees we QX as we would - some three said, looking sit need numbers sort I numbers but years hasn't years. for in we prior today, we beat the the haven't strong were improved And as here for you obviously Henderson some to from got - that's where know in see to before significantly past. yet, back as we that of the expect look over quite come

Kenneth Worthington

are some have stable distribution a been of step source steps outflows new this could time guys that what results that of you and to inflows. the think pace to slow here the has be even self-directed to you just maybe the possibly for take channel and channel next you then And the outflows the taken opening improve in channel? It turn back further investors, may of

Roger Thompson

got that add say. that outflow. I that business and And a the to a Yes, of early book - brand exactly we've been business we is very It think in we've last it primarily and a strong reopened have sizable year. as you summer that something stem it's some is therefore flow It's for.

around ideas got have we So that.

I some it's early started and come days growth, that of the very example, for but Institutional. to bigger still and Intermediary have advertising, they're channel, think for going drivers through Ken We

Operator

Fannon comes Please from Your ahead. go next Jefferies. Dan question from

James Steele

This Thanks James is question. taking Dan. on actually for Steele for our

you. else? seed So following flows if anywhere impact I divestment the just on this some or any they of for firstly, is that on provided curious know was Dai-ichi, I just there quarter

Roger Thompson

for the Thanks James. Hi, question.

was, first some I it think, shareholders guess, pleased a think register. and yes, got as welcome the the we to the onto new - I thing divestiture I is, the were success we've

holdings. - an - call, important But exactly individual say which the up on for the us that Dai-ichi is $XX an divulge quarter. about say, business, client is I we and any said our is prior just billion, important clients don't the Japanese let's we that can't Dai-ichi of is on As slightly

James Steele

has hired into stuff And technology. doing to your then just of positive investment net I with few kind that the thanks. Okay, ESG improved, of of a you've performance know some ex-quant. dig you've to wanted Head getting things, goal a flow done

or about? you likely are curious, - you what do you initiative to think excited just what is most net is that to positive So back which bring most

Dick Weil

Yes.

I think combination Dick this it's question. for that that is - Thanks here. the

and good experience. risk client It's hard management on they're of in investment experience. off in We've say, the Cain that magic investment returns. excellent not Life. things. just team the deliver is difficult client We the what sort been then to underpins performance have deliver risk deliver really you improving isn't will of it's one suite the working The that of combination of the mission this performance, in as need continues team investment to answer our work the to how have trick business think I makes investing, really volatile difference question. you been investment have system. technology to that The right these that's part of that's to that those Suzanne clients It really and that thing. facing sort strong the through and one to markets the adjusted and things and

Roger Thompson

range the some our had And of SICAV the go in pleased just some really Intermediary. to in of and business with our into quarter positive for QX. growth the rates annualized strong flows XX% fund Europe, of another is and in XX% Dublin facts, We've sort we're intermediary

and real got Asia. there of U.S. about the talked certain we as a outflows, positive Equity. flows across seeing range capabilities. some got we are strength in U.S., We've positives in of it's in So We've areas some Australia but

much the of continuation seen. nature In lumpy can there there that's minimal more have what we our good as So of QX that are we be just seeing were flows it's Institutional, business. a see you intermediary. there in already acceleration to The the and hopefully QX institutional and is

all things. need those we So

one it's its opposed bit on own. said, of everything to a little Dick as thing As

Operator

Jarden. Elizabeth from question comes Your Miliatis go ahead. from Please next

Elizabeth Miliatis

I ones of put numbers. a couple on specific

sort tax on the to of non-controlling interest, year? about the of it the is that? the you've you. of what for was on the you what contrary previously, a because of then growing any in think indicated rate have, I the is the sort a rest a give so Could numbers does around out how seasonality much adjustment And might quarter into Firstly, swing color this we you're bit Thank us loss. than secondly, come And lower previously that quarter it should think little? that you there

Roger Thompson

there. on whilst tax our yes, no where rates are XX% rates Yes, are. guidance XX% - tax change to Hi, to the they

yes, for rather in consolidate right. with like got funds What same the then guidance. stays seeded, clients So little our increasing UK it's get as U.S. of happens On the years' slightly I you're guidance which we stick know deferred to quarter, back largely XX% given normally into comes bit say, well. a of And rate the current and expecting obviously, the we've same rate, to XX% I an was NCI, the tax a tax, for NCI got we've of underlying rates, Once rate can time. that our get change current have Life quarter - rates. a and year a in couple then tax move statutory books, this low but not in in but that as in I we tax just our rate given the the is think the investing out. which you of that increase a But with vestings we'll

going same see way investment our the normally you'd guidance. something of So

of the negative go You which or incredibly investment pretty performance a quarter clients largely out this because XX over way overall in, They performance. this fund, quarter But significant is can investing months. its which last got was both in slightly same in coming see reversal NCI. has well a performed one the

is across entire quarter. you direction through NCI, numbers That's feed same in were there more a but So Elizabeth. reversal We move they our detail this book, you'd our positive. in like in take why the that can if

Operator

from ahead. go question Please Your comes from Stadnik MS. Andrei next

Andrei Stadnik

with have - potential additional I wanted is around like that Henderson something area questions. accelerating in Is opportunity? some seems sustainable strategies as quite sustainable of space given many first quite is to of investing, the doesn't an worth ask doesn't My that's - JHG such question instead competitors. two Janus doing of it buybacks

Dick Weil

like road going convert to here. some parts are be management asset into exact to and of qualified Dick the of is of right Yes, not likely sort sort it of them us more take down competitors Andrei, to that road methodology and people's time assets sure. may of we the some challenged and cautiously business fullness be existing take. some of very be our used the than large proved that to in concerned ESG of be be to the exclusion looks We're may to ESG methodology

hired we've - are investing. ESG we of So a head

and support collection. infrastructure We are to ESG data and building out teams better a research

We it line uncomfortable, at we're we We're as some, are to go-forward as but rules European it's basis. that proper so do because categories moving that not we trend want accordance subject you'll to right limiter. some product into see quality possible little level quality path can start that's as aggressively a and a we sort think moving and in quite down of we their that highest with quick path accelerating the the of think a bit our on as off to

Roger Thompson

little add fund get a I don't we funds Andrei. confident we've to to we - that, already Yes, want that and me Yes, one their with. let are very bit article articulate got

in But declaring see a ESG. You others how are cautious that to the during in are the things will way, adding said as interested course again, Dick year. we of some of

expect we've more a probably from Janus you'd been, bit little cautious. Dick Henderson, as As said,

our We business well. investing across as are

our space. critical working is into technology it We're As which adding on and ESG We're client We're Dick data, this. around has Paul. LaCoursiere said, Paul joined. building also under resource

over and year. course product and So investments products there there some the the are extensions you'll of see

Andrei Stadnik

I you. And ask wanted around… question, my second to Thank

Roger Thompson

gone sustainable product that a ago. this. gone $X say just was years. new one of was strategy I - which billion That has We absolutely existence fund We're for going $X at has XX exceptional sorry, has couple through billion in to do the that No, not piece. was and billion through have $X global been an years

specific areas well. So are as growing in we some

Andrei. Sorry,

Andrei Stadnik

Thank net and you. were September they there wanted Was inflows anything or had to specific around was that in the there movement some the That's you Fixed substantially ask than slow quarters. lower was in it flows, of quarter, positive December just down but momentum there? important. Income I the the rates the

Roger Thompson

quite Yes, last to share, share nothing specific. share taken rather. bonds We're We year was U.S. and this the slow. quarter, Intermediary the market a obviously was market quarter taking U.S., wins the any change particularly for in so the substantial in market still in or We've market have continuing and in overall Fixed it Fixed for take Income, growth but everywhere didn't institutional

particular in as see exceptional Fixed grow nothing that can we performance to business. look our forward is write to you So continue about to Income and with,

Operator

Your from next question go comes Please from Bank Mike Carrier ahead. America. of

Mike Carrier

the provide you just Thanks context calculated? can of performance magnitude fees, taking performance how Just a opportunity are the strategy SICAV on get the the the with or questions. Probably some quarter. European that fees to sense, for with

Roger Thompson

with carry they're they're funds so fees fees got and it, - of a all funds, mixture mean can public Yes, and them. performance performance on those annual some there but of with listed quarterly I see and is all you higher have funds

say, let's where look from it fees say through want - carriers we for of annual because and those quarterly that's those can through I So over it fees you and of but multiple things a if answer. the you fees can annual to to mixture, years, model can high Again, talk come to past. carries it, is it's but short help the which watermark

Mike Carrier

on that's of how yet the likely and like weaker to inflows rebound the won curious in given to the impact be? of you're in given some to just happening need get that Okay. shorter-term the noticing the guys Income, it sounds And thoughts, just the sense to an you how how side, you that's much Multi-Asset, much get want or are then want maybe impact still performance your area, recoup performance back the maybe just some cap equity Intermediary, kind Fixed SMID strain seeing to on mostly trajectory of on the that's timing, to where you

Dick Weil

overall what side, we're through very done cap long side by on a but a last but on XX during Well, been by is mitigated the significant timing, that mid predict. strategies a strong and but have with by been but for far. strategies But have particularly that crisis the to been the - terms has now, question month, in mid right really the the European strong, significant we've the now sensitive is in strong say and out the base ground that of seeing some back, that They're that there Intermediary coming under the space little made have the mid to seeing the more cap has our these outflow well channel around the seen places strong the we'll Henderson But we to growth but last performance, obviously in of have now performance challenge where March, enough around now sort and intermediary educated, merger. strategy, in business performance enough been flows, last in us lot and exciting rest since the SMID strong in fact strong. frankly and the enough that pretty plus of sensitive to are and so growth And the definitely April is back of pressure than difficult we're and in to sensitive it's time, intermediary come SMID more successful here are it's strength the small that's and have is U.S. have quite intermediary the to it's year. U.S. years growth loyal. of right super the some month and of and to Intermediary assets month went Demain to that offset outweigh the couple limits than not historically particular, you're COVID the But cap back can and channel more than year client over a path is the just after has run Brian superb goes given future which hard period it those been that this build Janus quite and for years where other so from

Operator

next Henning comes Please Your from go ahead. from question Ed CLSA.

Ed Henning

Thanks my for taking questions.

improve you Firstly, or can question, my growth first to up continued intermediary hold the please. believe continue your in do even margin channel forward is going

Roger Thompson

fee or… management on margin that Is

Ed Henning

on management fee Yes, margin.

Roger Thompson

both Okay. the yes. same for The is, answer is

We continue if yes. business, business, our line to that increase. we we to grow the will margin the fall as should fee bottom well, management Intermediary that so yes, see grow And

Ed Henning

you're Intermediary And you business? can confident grow

Roger Thompson

- just We're equity, good of of of selling mean well. - part neutral. part Yes, we're yes, a Dick distributor high and selling we're as said. strategic selling We're selling selling is as These market what product to a I selling prices. at good we're that - bond. European sorry, and lot we're selling We're at yield. are

equity growth the was annualized. European in quarter Our XX%

we this differentiator. product. that and grow where and want again we fee not sustain be is is rates, can think to business are a continue you're which we or can is good what selling something But yes, seeing That at. across So, you to I flows very increase

So we be pressure fee is wrong. the industry, that can There to do in expect continue. that

clients good product very of performance are continue, and that building pricing and see fee and that. are happy to expect we with the but We the selling

Ed Henning

one, the you then the progressive Thank policy. And about talked you. just second dividend

we about a ratio? quarter first 'XX. that? you how quarter, bit just the since us It varies quarter you little dividends to should increased just of remind do target from have haven't think a payout Can You obviously

Roger Thompson

We target. a That's opposed as ratio. result don't have a to payout a

we've progressive you As a dividend. got say,

which capital part said we and you've rise earnings should of year earnings earnings very done we with that Yes, You expecting moment. used see much consistently on return risen view with as buyback where the they top got over and rise are it accordion that, at to an effectively years. three year expect of last the this we've as our markets and rise we're have of again to

other in with set, stocks our comparison is our yield is competitive Our - yield pretty pretty in healthy.

is increase took quarter Again a beats I Board We've lot - leverage, very the sheet deliberately. a of covered. without in is except conservative you about obviously have to at market the past. progressive $X.XX be think dividend covenant of in this the at but - again in where cut is decision increase one not want also it There they a very with enough talked extremis. balance very you dividend a well the we And So and intentions the levels of that stock that the can debt. lower to are, very is the we well market enough would covered would that right levels

we'll and So about talk $X.XX come. dividend the comfortable that in further increase to in years with progressive further return and capital Board are hopefully increases

Operator

question from next go from Goldman Your Blostein comes Alex Sachs. ahead. Please

Ryan Bailey

I more and you speak the a of to of if excluding healthy pretty and mentioned fee Institutional sources products And could just This with within being quant? the could to on outflows the is was if what back Bailey what wondering in actually you then was associated broadly Ryan the of rates just Roger, recently behalf pipeline just I have guess it. there some think Alex. pipeline come of are was I sort we Institutional. wondering I

Roger Thompson

to and be going half I the See minutes. for there past who let great came my institutional the the a years. That's Nick was our pipeline from this start, of out with I because hear Adam, team, couple Institutional is taken just capital runs on actually supposed globally. to When out was started - morning business our XX - me what's it morning learnings

product. So both by and It's the diverse is pipeline geography by growing.

are a obviously fee the higher around we There product as well fee index fee UK, church. which fee broad it the lower as the some as lower We've talked it's other mix, areas want some Your QX. at - in opportunities a some pretty here big been helps end. in mandate question about is We well. adding

over second last with coming talked build you where do. a bit the learned we phase isn't what in XX win can to Nick and that's areas how of and is months we've and - from little looking something last the were want the that about we made bright we to - that last So some

ago. Graham us with a those yes, do. positive consultant building got So, consultants. field, few months out joined relations as relationships Richard but work We're to really we've global a head

in - to done So got overall still do. work but this lot to work still but do, there's we we've Institutional,

that, is I outflows, of the terms that spread. it's a this comes of is to of probably In specific think couple dollars billion Outside outflows there anything say well is biggest driver. fairly really quarter, mind, I'd of which INTECH

Ryan Bailey

event, to kind the of tuck-ins a, maybe understand it's back your $XXX able And to coming into then so - rightsizing; sounds you b, that wanted then; to other that. products? of any that recapture like XQ a million I just And just of correctly, I confirm the were Perkins

Roger Thompson

I million first those we we in $XXX had closing part that focus in we've and is both out guess the got as real million strategies from QX this are value U.S. it's about strength $XXX quarters. the the areas Perkins rightsize on We the businesses. in and

in $XXX Perkins. expect million QX, is but QX in million you that So about included from in those $XXX should this outflows

Sorry, what sorry, your question, of half second was Ryan? - the Alex

Ryan Bailey

you're if into Just other incremental to and recapture any million platform? that of products $XXX able

Dick Weil

about to skinning closure seeing that carry of caused and the different we shift I of then we're Roger quarter products. strategic be some move to those changes that thought into team weren't some we personnel started and is and you're talking not of able past those which that Perkins them really that's that We effects don't where so spread we'll described. quarter aware. and involved But some successful could made in results across, this and he focusing product think, and as the changing they some on around next the

Operator

from question Nigel Please next Citi. from ahead. Your go comes Pittaway

Nigel Pittaway

first all, higher X% to basically of of quarters. just than guidance average XQ be quarter, to the the first on non-comp of going guys, it's Hi drop I in a retention despite cost for X% three the means further that sort was little bit hoping delve into in the remaining

that you come is about and any specific that's can what going be through spent So to being all G&A on? more

Roger Thompson

our I unlock obviously expectations continued saying. that COVID. of Hi, what Part from is Nigel. a is of that Yes, we're think

the is some - as but more again [indiscernible] clients good. client So come in positive, we're through, which we which more particularly we are starting visits, see U.S., view seeing to some,

to I We'd which the think, been ways again to levels, positive again, better those us year. communicating to see XXXX not back we've marketing go accelerate expecting increase. we'll over of expect be of but developed about. we're to Again to course we with flows we've to would talking clients, that get leveraging expect the that

So drivers will in think math. the you're biggest that I they are But that. - drive right the yes the

mid-single us digit QX. to the about being us get to higher mean For X% in would

Nigel Pittaway

was mean Okay, come of in obviously, mentioned on changing thanks I obviously drop just that - you then sort quartile down sort fund. sort for end, in PMs as that. of was And of you've the that I

quarter going to you're pretty of that with the that be transition sort time? despite level that in So still at terms to the in worry comfortable drop of a smooth that's nothing much about down

Dick Weil

to performance but we're the as accountability of of some that marketplace. well accountable the continues - some ahead for a in sensitive but we're than in Right in always peers hasn't in still it less but we're We're the little and to ahead I moment. more confident transition it's valuation subject served now of and done, than team. of index, the think the recent still that in fund many think peers can history. confident as its be probably well index the its and at executed run I It's ways we've process, that

as Marc a case through that his look the will transition accountable leadership and performance as transition. we're executing that we in affect we're past. and So done. the that portfolio and to can the future for now, be Pinto We we're own gotten think manager that But confident well we've it's model very and grateful

Roger Thompson

ahead But all numbers three, as top time periods. XX-year that the of fund board. It's said, five across Dick decile think is I over benchmark and

good I So a space, Nigel. think we're in

Nigel Pittaway

Thank Okay. you.

Dick Weil

it And to continues sell well.

Operator

Cordukes comes question Suisse. final ahead. Credit Please from Our from go James

James Cordukes

distributing distribution Japan? that you so you've working impacted into about agreement the products still much that Do with Dai-ichi there Just as your talk still circling you not and new a in that So quick just that has Are the there? money, to opportunity? Is anything cooperation Japan. region. changed? you worked an but where one Dai-ichi within Can on back view has efforts - that new

Dick Weil

Dai-ichi, Mr. He about review recently. a senior talked with that out the have to new Yes, company a it of done a very also ways opportunity. we and and lineup an the expand office as management, view to whole of a had our [indiscernible] Japan. do in work other partnership can possibilities this as Chairman We to talk from executive our but to senior together Japanese lot product we the to we us deepen Dai-ichi, has

welcome who very Mr. of agreement. say across good So the the very our on of has on relationship built so is us. senior that's addition leadership team much to but words trusted respected not healthy and nothing the relationships is for It's the I and of the member is [indiscernible] team written Dai-ichi based he the people would between come and honored a very and news and the it's based

Operator

today's concludes attending This Thank for conference our you you. today. Thank call presentation.

You may now disconnect.

Janus Henderson (JHG) 1 May 212021 Q1 Earnings call transcript