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Janus Henderson Group plc Reports Third Quarter 2019 Diluted EPS of US$0.58, or US$0.64 on an Adjusted Basis

October 30, 2019

LONDON--(BUSINESS WIRE)--Oct 30, 2019--

Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published its third quarter 2019 results for the period ended 30 September 2019.

Third quarter 2019 net income attributable to JHG was US$112.1 million compared to US$109.4 million in the second quarter 2019 and US$111.2 million in the third quarter 2018. Adjusted net income attributable to JHG, adjusted for one-time, acquisition and transaction related costs, of US$124.7 million increased 4% compared to US$119.7 million in the second quarter 2019 and declined 10% compared to US$138.6 million in the third quarter 2018.

Third quarter 2019 diluted earnings per share was US$0.58 compared to US$0.56 in the second quarter 2019 and US$0.55 in the third quarter 2018. Adjusted diluted earnings per share of US$0.64 increased 5% compared to US$0.61 in the second quarter 2019 and declined 7% versus US$0.69 in the third quarter 2018.

Dick Weil, Chief Executive Officer of Janus Henderson Group plc, stated:

“Our third quarter results reflect a continuation of the improving trends we have seen across the Group. Our strong financial foundation is allowing us to continue to invest in our business while balancing strict business discipline and returning excess cash to shareholders.

“We are pleased that firm-wide investment performance continues to be strong, and in areas that were previously experiencing weaker performance we are seeing signs of improvement. This combination is leading to new business and market share gains across a number of regions and capabilities.

“That said, despite the improvement, we remain cautious about the net flow outlook for the balance of 2019 as we continue to see headwinds in several areas of our business.”

SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)

The Group presents its financial results in US$ and in accordance with accounting principles generally accepted in the United States of America (‘US GAAP’ or ‘GAAP’). However, in the opinion of Management, the profitability of the Group and its ongoing operations is best evaluated using additional non-GAAP financial measures on an adjusted basis. See adjusted statements of income reconciliation for additional information.

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

30 Sep

 

30 Jun

 

30 Sep

 

 

 

2019

 

2019

 

2018

 

GAAP basis:

 

 

 

 

 

 

 

Revenue

 

536.0

 

535.9

 

581.2

 

Operating expenses

 

392.4

 

417.4

 

432.9

 

Operating income

 

143.6

 

118.5

 

148.3

 

Operating margin

 

26.8

%

22.1

%

25.5

%

Net income attributable to JHG

 

112.1

 

109.4

 

111.2

 

Diluted earnings per share

 

0.58

 

0.56

 

0.55

 

 

 

 

 

 

 

 

 

Adjusted basis:

 

 

 

 

 

 

 

Revenue

 

433.2

 

434.4

 

468.9

 

Operating expenses

 

273.0

 

282.4

 

288.4

 

Operating income

 

160.2

 

152.0

 

180.5

 

Operating margin

 

37.0

%

35.0

%

38.5

%

Net income attributable to JHG

 

124.7

 

119.7

 

138.6

 

Diluted earnings per share

 

0.64

 

0.61

 

0.69

 

Third quarter 2019 adjusted revenue of US$433.2 million declined from the second quarter 2019 result of US$434.4 million as slightly higher average AUM and one additional calendar day were offset by a lower net management fee margin. Third quarter 2019 adjusted operating income of US$160.2 million improved from US$152.0 million in the second quarter 2019, primarily driven by a decline in long-term incentive plan expenses and lower seasonal marketing expenses.

DIVIDEND AND SHARE BUYBACK

On 29 October 2019, the Board declared a third quarter dividend in respect of the three months ended 30 September 2019 of US$0.36 per share. Shareholders on the register on the record date of 11 November 2019 will be paid the dividend on 25 November 2019. Janus Henderson does not offer a dividend reinvestment plan.

As part of the US$200 million on-market buyback programme approved by the Board in February, JHG purchased approximately 4.2 million of its ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on the ASX in the third quarter, for a total outlay of US$81 million.

Net tangible assets per share

US$

 

30 Sep 2019

 

31 Dec 2018

Net tangible assets / (liabilities) per ordinary share

 

1.21

 

1.32

Net tangible assets are defined by the ASX as being total assets less intangible assets less total liabilities ranking ahead of, or equally with, claims of ordinary shares.

AUM AND FLOWS (in US$ billions)

FX reflects movement in AUM resulting from changes in foreign currency rates as non-USD denominated AUM is translated into USD. Redemptions include impact of client switches. The reclassification in the fourth quarter 2018 reflects an operational reclassification of an existing client’s funds.

Total Group comparative AUM and flows

 

 

Three months ended

 

 

30 Sep

 

30 Jun

 

30 Sep

 

 

2019

 

2019

 

2018

Opening AUM

 

359.8

 

 

357.3

 

 

370.1

 

Sales

 

15.3

 

 

15.6

 

 

17.7

 

Redemptions

 

(18.8

)

 

(25.4

)

 

(22.0

)

Net sales / (redemptions)

 

(3.5

)

 

(9.8

)

 

(4.3

)

Market / FX

 

(0.2

)

 

12.3

 

 

12.3

 

Closing AUM

 

356.1

 

 

359.8

 

 

378.1

 

Quarterly AUM and flows by capability

 

 

 

 

Fixed
Income
 

 

 Quantitative
Equities

 

 

 

 

 

 

 

 

Equities

 

 

 

Multi-Asset

 

Alternatives

 

Total

AUM 30 Sep 2018

 

199.2

 

 

74.5

 

 

52.9

 

 

34.6

 

 

16.9

 

 

378.1

 

Sales

 

8.6

 

 

4.7

 

 

0.3

 

 

2.3

 

 

0.7

 

 

16.6

 

Redemptions

 

(12.7

)

 

(6.0

)

 

(1.4

)

 

(2.0

)

 

(2.9

)

 

(25.0

)

Net sales / (redemptions)

 

(4.1

)

 

(1.3

)

 

(1.1

)

 

0.3

 

 

(2.2

)

 

(8.4

)

Market / FX

 

(29.2

)

 

(1.3

)

 

(7.5

)

 

(2.5

)

 

(0.7

)

 

(41.2

)

Reclassification

 

1.7

 

 

0.5

 

 

 

(2.2

)

 

 

AUM 31 Dec 2018

 

167.6

 

 

72.4

 

 

44.3

 

 

30.2

 

 

14.0

 

 

328.5

 

Sales

 

6.9

 

 

4.9

 

 

0.7

 

 

2.2

 

 

0.9

 

 

15.6

 

Redemptions

 

(9.8

)

 

(7.7

)

 

(1.7

)

 

(1.5

)

 

(2.3

)

 

(23.0

)

Net sales / (redemptions)

 

(2.9

)

 

(2.8

)

 

(1.0

)

 

0.7

 

 

(1.4

)

 

(7.4

)

Market / FX

 

24.1

 

 

2.9

 

 

6.3

 

 

2.5

 

 

0.4

 

 

36.2

 

AUM 31 Mar 2019

 

188.8

 

 

72.5

 

 

49.6

 

 

33.4

 

 

13.0

 

 

357.3

 

Sales

 

6.9

 

 

5.5

 

 

0.2

 

 

2.1

 

 

0.9

 

 

15.6

 

Redemptions

 

(12.9

)

 

(5.2

)

 

(4.3

)

 

(1.5

)

 

(1.5

)

 

(25.4

)

Net sales / (redemptions)

 

(6.0

)

 

0.3

 

 

(4.1

)

 

0.6

 

 

(0.6

)

 

(9.8

)

Market / FX

 

8.5

 

 

0.7

 

 

2.1

 

 

1.1

 

 

(0.1

)

 

12.3

 

AUM 30 Jun 2019

 

191.3

 

 

73.5

 

 

47.6

 

 

35.1

 

 

12.3

 

 

359.8

 

Sales

 

6.0

 

 

6.1

 

 

0.3

 

 

2.4

 

 

0.5

 

 

15.3

 

Redemptions

 

(8.0

)

 

(4.7

)

 

(2.7

)

 

(2.0

)

 

(1.4

)

 

(18.8

)

Net sales / (redemptions)

 

(2.0

)

 

1.4

 

 

(2.4

)

 

0.4

 

 

(0.9

)

 

(3.5

)

Market / FX

 

(1.1

)

 

0.1

 

 

0.4

 

 

0.8

 

 

(0.4

)

 

(0.2

)

AUM 30 Sep 2019

 

188.2

 

 

75.0

 

 

45.6

 

 

36.3

 

 

11.0

 

 

356.1

 

Average AUM

 

 

Three months ended

 

 

30 Sep

 

30 Jun

 

30 Sep

 

 

2019

 

2019

 

2018

Equities

 

189.5

 

190.5

 

197.8

Fixed Income

 

74.4

 

72.0

 

75.9

Quantitative Equities

 

47.0

 

48.4

 

52.1

Multi-Asset

 

35.8

 

34.2

 

33.7

Alternatives

 

11.5

 

12.6

 

17.3

Total

 

358.2

 

357.7

 

376.8

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 30 September 2019)

Capability

 

1 year

 

3 years

 

5 years

 

Equities

 

75

%

74

%

80

%

Fixed Income

 

63

%

94

%

90

%

Quantitative Equities

 

39

%

26

%

25

%

Multi-Asset

 

90

%

91

%

93

%

Alternatives

 

96

%

99

%

100

%

Total

 

70

%

74

%

78

%

Note: Outperformance is measured based on composite performance gross of fees vs primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees vs zero for absolute return strategies, (2) fund net of fees vs primary index or (3) fund net of fees vs Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable.

Cash management vehicles, ETFs, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 5% of AUM as at 30 September 2019. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 30 September 2019)

Capability

 

1 year

 

3 years

 

5 years

 

Equities

 

84

%

79

%

87

%

Fixed Income

 

53

%

53

%

55

%

Quantitative Equities

 

97

%

57

%

97

%

Multi-Asset

 

87

%

88

%

89

%

Alternatives

 

38

%

37

%

56

%

Total

 

78

%

74

%

82

%

Note: Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and Australian Managed Investment Schemes. The top two Morningstar quartiles represent funds in the top half of their category based on total return. On an asset-weighted basis, 82% of total mutual fund AUM was in the top 2 Morningstar quartiles for the 10‑year period ended 30 September 2019. For the 1‑, 3‑, 5‑ and 10‑year periods ending 30 September 2019, 64%, 58%, 63% and 62% of the 204, 198, 182 and 147 total mutual funds, respectively, were in the top 2 Morningstar quartiles.

Analysis based on ‘primary’ share class (Class I Shares, Institutional Shares or share class with longest history for US Trusts; Class A Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by JHG. © 2019 Morningstar, Inc. All Rights Reserved.

FOURTH QUARTER AND FULL-YEAR 2019 RESULTS

Janus Henderson intends to publish its fourth quarter and full-year 2019 results on 4 February 2020.

THIRD QUARTER 2019 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 30 October 2019 on a conference call and webcast to be held at 8am EDT, 12pm GMT, 11pm AEDT.

Those wishing to participate should call:

United Kingdom

0800 358 6377 (toll free)

US & Canada

800 239 9838 (toll free)

Australia

1 800 573 793 (toll free)

All other countries

+1 323 794 2551 (this is not a toll free number)

Conference ID

8263607

Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website ( www.janushenderson.com/IR ).

About Janus Henderson

Janus Henderson Group is a leading global active asset manager dedicated to helping investors achieve long-term financial goals through a broad range of investment solutions, including equities, fixed income, quantitative equities, multi-asset and alternative asset class strategies.

The firm has approximately US$356 billion in assets under management (at 30 September 2019), more than 2,000 employees, and offices in 28 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).

 

 

Three months ended

 

 

30 Sep

 

30 Jun

 

30 Sep

(in US$ millions, except per share data or as noted)

 

2019

 

 

2019

 

 

2018

 

Revenue:

 

 

 

 

 

 

Management fees

 

446.2

 

 

446.4

 

 

498.7

 

Performance fees

 

1.4

 

 

3.5

 

 

(6.0

)

Shareowner servicing fees

 

39.3

 

 

38.3

 

 

40.2

 

Other revenue

 

49.1

 

 

47.7

 

 

48.3

 

Total revenue

 

536.0

 

 

535.9

 

 

581.2

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Employee compensation and benefits

 

147.9

 

 

146.5

 

 

159.5

 

Long-term incentive plans

 

42.2

 

 

49.2

 

 

61.1

 

Distribution expenses

 

102.8

 

 

101.5

 

 

112.3

 

Investment administration

 

11.2

 

 

11.1

 

 

12.2

 

Marketing

 

5.5

 

 

8.1

 

 

7.1

 

General, administrative and occupancy

 

67.6

 

 

67.7

 

 

59.9

 

Depreciation and amortisation

 

15.2

 

 

33.3

 

 

20.8

 

Total operating expenses

 

392.4

 

 

417.4

 

 

432.9

 

 

 

 

 

 

 

 

Operating income

 

143.6

 

 

118.5

 

 

148.3

 

 

 

 

 

 

 

 

Interest expense

 

(3.5

)

 

(4.2

)

 

(4.0

)

Investment gains (losses), net

 

4.0

 

 

4.8

 

 

(8.3

)

Other non-operating income, net

 

4.7

 

 

28.5

 

 

2.3

 

Income before taxes

 

148.8

 

 

147.6

 

 

138.3

 

Income tax provision

 

(35.7

)

 

(35.3

)

 

(33.2

)

Net income

 

113.1

 

 

112.3

 

 

105.1

 

Net loss (income) attributable to noncontrolling interests

 

(1.0

)

 

(2.9

)

 

6.1

 

Net income attributable to JHG

 

112.1

 

 

109.4

 

 

111.2

 

Less: allocation of earnings to participating stock-based awards

 

(3.1

)

 

(3.2

)

 

(3.0

)

Net income attributable to JHG common shareholders

 

109.0

 

 

106.2

 

 

108.2

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding (in millions)

 

187.9

 

 

190.2

 

 

195.2

 

Diluted weighted-average shares outstanding (in millions)

 

188.3

 

 

190.7

 

 

195.9

 

 

 

 

 

 

 

 

Diluted earnings per share (in US$)

 

0.58

 

 

0.56

 

 

0.55

 

Adjusted statements of income (unaudited)

The following are reconciliations of US GAAP basis revenues, operating income, net income attributable to JHG and diluted earnings per share to adjusted revenues, adjusted operating income, adjusted net income attributable to JHG and adjusted diluted earnings per share.

 

 

Three months ended

 

 

30 Sep

 

30 Jun

 

30 Sep

(in US$ millions, except per share data or as noted)

 

2019

 

 

2019

 

 

2018

 

Reconciliation of revenue to adjusted revenue

 

 

 

 

 

 

Revenue

 

536.0

 

 

535.9

 

 

581.2

 

Distribution expenses 1

 

(102.8

)

 

(101.5

)

 

(112.3

)

Adjusted revenue

 

433.2

 

 

434.4

 

 

468.9

 

 

 

 

 

 

 

 

Reconciliation of operating income to adjusted operating income

 

 

 

 

 

 

Operating income

 

143.6

 

 

118.5

 

 

148.3

 

Employee compensation and benefits 2

 

5.4

 

 

3.1

 

 

8.1

 

Long-term incentive plans 2

 

(0.2

)

 

(0.2

)

 

10.0

 

General, administration and occupancy 2

 

4.1

 

 

5.3

 

 

1.3

 

Depreciation and amortisation 3

 

7.3

 

 

25.3

 

 

12.8

 

Adjusted operating income

 

160.2

 

 

152.0

 

 

180.5

 

 

 

 

 

 

 

 

Operating margin

 

26.8

 

%

22.1

 

%

25.5

 

Adjusted operating margin

 

37.0

 

%

35.0

 

%

38.5

 

 

 

 

 

 

 

 

Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG

Net income attributable to JHG

 

112.1

 

 

109.4

 

 

111.2

 

Employee compensation and benefits 2

 

5.4

 

 

3.1

 

 

8.1

 

Long-term incentive plans 2

 

(0.2

)

 

(0.2

)

 

10.0

 

General, administration and occupancy 2

 

4.1

 

 

5.3

 

 

1.3

 

Depreciation and amortisation 3

 

7.3

 

 

25.3

 

 

12.8

 

Interest expense 4

 

0.4

 

 

1.0

 

 

0.8

 

Investment gains (losses), net

 

(1.0

)

 

1.0

 

 

Other non-operating income (expenses), net 4

 

(0.2

)

 

(22.6

)

 

2.5

 

Income tax provision 5

 

(3.2

)

 

(2.6

)

 

(8.1

)

Adjusted net income attributable to JHG

 

124.7

 

 

119.7

 

 

138.6

 

Less: allocation of earnings to participating stock-based awards

 

(3.4

)

 

(3.5

)

 

(3.7

)

Adjusted net income attributable to JHG common shareholders

 

121.3

 

 

116.2

 

 

134.9

 

 

 

 

 

 

 

 

Weighted-average diluted common shares outstanding – diluted (two class) (in millions)

 

188.3

 

 

190.7

 

 

195.9

 

Diluted earnings per share (two class) (in US$)

 

0.58

 

 

0.56

 

 

0.55

 

Adjusted diluted earnings per share (two class) (in US$)

 

0.64

 

 

0.61

 

 

0.69

______________________________________________________

Condensed consolidated balance sheets (unaudited)

 

 

30 Sep

 

31 Dec

(in US$ millions)

 

2019

 

2018

Assets:

 

 

 

 

Cash and cash equivalents

 

736.3

 

880.4

Investment securities

 

224.3

 

291.8

Property, equipment and software, net

 

74.4

 

69.5

Intangible assets and goodwill, net

 

4,518.4

 

4,601.3

Assets of consolidated variable interest entities

 

404.3

 

323.9

Other assets

 

1,008.2

 

745.0

Total assets

 

6,965.9

 

6,911.9

 

 

 

 

 

Liabilities, redeemable noncontrolling interests and equity:

 

 

 

 

Long-term debt

 

316.9

 

319.1

Deferred tax liabilities, net

 

717.7

 

729.9

Liabilities of consolidated variable interest entities

 

7.0

 

6.5

Other liabilities

 

963.5

 

859.5

Redeemable noncontrolling interests

 

216.2

 

136.1

Total equity

 

4,744.6

 

4,860.8

Total liabilities, redeemable noncontrolling interests and equity

 

6,965.9

 

6,911.9

Condensed consolidated statements of cash flows (unaudited)

 

 

Three months ended

 

 

30 Sep

 

30 Jun

 

30 Sep

(in US$ millions)

 

2019

 

 

2019

 

 

2018

 

Cash provided by (used for):

 

 

 

 

 

 

Operating activities

 

173.2

 

 

117.7

 

 

246.6

 

Investing activities

 

(36.1

)

 

(39.8

)

 

31.9

 

Financing activities

 

(107.5

)

 

(77.2

)

 

(182.4

)

Effect of exchange rate changes

 

13.1

 

 

(9.6

)

 

(3.8

)

Net change during period

 

42.7

 

 

(8.9

)

 

92.3

 

STATUTORY DISCLOSURES

Associates and joint ventures

At 30 September 2019, the Group holds interests in the following associates and joint ventures managed through shareholder agreements with third party investors, accounted for under the equity method:

Basis of preparation

In the opinion of management of Janus Henderson Group plc, the condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly present the financial position, results of operations and cash flows of JHG in accordance with US GAAP. Such financial statements have been prepared in accordance with the instructions to Form 10‑Q pursuant to the rules and regulations of the 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. The financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in Janus Henderson Group’s Annual Report on Form 10‑K for the year ended 31 December 2018, on file with the SEC (Commission file no. 001‑38103). Events subsequent to the balance sheet date have been evaluated for inclusion in the financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements.

Corporate governance principles and recommendations

In the opinion of the Directors, the financial records of the Group have been properly maintained, and the Condensed Consolidated Financial Statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the Group. This opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.

This document includes statements concerning potential future events involving Janus Henderson Group plc that could differ materially from the events that actually occur. The differences could be caused by a number of factors including those factors identified in Janus Henderson Group’s Annual Report on Form 10‑K for the fiscal year ended 31 December 2018, on file with the Securities and Exchange Commission (Commission file no. 001‑38103), including those that appear under headings such as ‘Risk Factors’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’. Many of these factors are beyond the control of JHG and its management. Any forward-looking statements contained in this document are as at the date on which such statements were made. Janus Henderson Group assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected results expressed or implied therein will not be realised.

Annualised, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

The information, statements and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

Not all products or services are available in all jurisdictions.

Mutual funds in the US are distributed by Janus Henderson Distributors.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a US fund prospectus or, if available, a summary prospectus containing this and other information, please contact your investment professional or call 800.668.0434. Read it carefully before you invest or send money.

Janus Henderson, Janus, Henderson, Intech, Alphagen and Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

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CONTACT: Investor enquiries:

John Groneman

Global Head of Investor Relations

+44 (0) 20 7818 2106

john.groneman@janushenderson.com

Jim Kurtz

Investor Relations Manager

+1 (303) 336 4529

jim.kurtz@janushenderson.com

Or

Investor Relations

investor.relations@janushenderson.com

Media enquiries:

North America:

Erin Passan

+1 (949) 922 2112

epassan@gagnierfc.com

EMEA:

Sarah de Lagarde

+44 (0) 20 7818 2626

sarah.delagarde@janushenderson.com

United Kingdom: FTI Consulting

Tom Blackwell

+ 44 (0) 20 3727 1051

tom.blackwell@FTIConsulting.com

Asia Pacific: Honner

Jessica Effeney

+ 61 2 8248 3745

jessica@honner.com.au

KEYWORD: COLORADO EUROPE UNITED STATES UNITED KINGDOM NORTH AMERICA

INDUSTRY KEYWORD: FINANCE CONSULTING BANKING ACCOUNTING PROFESSIONAL SERVICES

SOURCE: Janus Henderson

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PUB: 10/30/2019 04:00 AM/DISC: 10/30/2019 04:00 AM

http://www.businesswire.com/news/home/20191030005077/en