• Solid long-term investment performance, with 54%, 58%, 76% and 84% of assets under management (�AUM�) outperforming relevant benchmarks on a one-, three-, five- and 10-year basis, respectively, as at 31 December 2021
• Fourth quarter 2021 operating income was US$157.6 million; fourth quarter 2021 adjusted operating income of US$239.7 million increased 3% compared to the same period a year ago
• Record AUM of US$432.3 billion increased 3% compared to the prior quarter, due to market performance partially offset by net outflows of US$(5.2) billion which were concentrated in Quantitative Equities
• Completed US$66.9 million of share buybacks during the fourth quarter and the Board declared quarterly dividend of US$0.38 per share
• Announces strategic decision to sell its Quantitative Equities subsidiary Intech Investment Management to a consortium of Intech management and certain non-executive directors

LONDON--(BUSINESS WIRE)--Janus Henderson Group plc (NYSE/ASX: JHG; �Janus Henderson�, �JHG�, �the Group�) published its fourth quarter 2021 results for the period ended 31 December 2021.

Fourth quarter 2021 operating income was US$157.6 million compared to US$248.3 million in the third quarter 2021 and US$227.0 million in the fourth quarter 2020. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$239.7 million in the fourth quarter 2021 compared to US$253.0 million in the third quarter 2021 and US$231.7 million in the fourth quarter 2020.

Fourth quarter 2021 diluted earnings per share of US$0.78 compared to US$1.14 in the third quarter 2021 and US$1.02 in the fourth quarter 2020. Adjusted diluted earnings per share of US$1.05 in the fourth quarter 2021 declined 9% compared to US$1.16 in the third quarter 2021 and increased 1% compared to US$1.04 in the fourth quarter 2020.

Management-Led Buyout of Quantitative Equities Subsidiary Intech

Janus Henderson today announced that it has made the strategic decision to sell its 97%-owned Quantitative Equities subsidiary, Intech Investment Management LLC (�Intech�), to a consortium comprised of Intech management and certain non-executive directors (�Management Buyout�). The Management Buyout is expected to enable both organisations to refocus on their key value propositions: Janus Henderson on providing active, fundamental investing; and Intech on delivering quantitative investment solutions for institutional investors. As part of this decision, JHG and Intech will enter into a transition services agreement that provides for continuation of support services to help ensure a seamless transition in operations and continuity in serving Intech�s clients. The transaction is expected to close in the first half of 2022.

With a focus on company strategy and execution, Jose Marques, PhD, former Head of Trading at Bridgewater Associates and current Chief Executive Officer at Entrypoint Capital, will join Intech as Chief Executive Officer. Adrian Banner, PhD, will continue to lead Intech�s investment teams and quantitative research initiatives as Chief Investment Officer. In addition to his current role as Chief Investment Strategist of Janus Henderson, Myron Scholes, PhD, will join the Intech Board in an advisory capacity.

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

�2021 was a year of significant progress towards our strategy of Simple Excellence. We launched new products in focus areas of growth including active ETFs, ESG and Fixed Income. We strengthened our leadership with key hires. We improved our platform through significant technology and data upgrades, and the strategic decision to sell Intech further simplifies our operating model. We are pleased to have reached an agreement with Intech that benefits both firms, providing Janus Henderson with increased operating efficiency and focus on fundamental, active investment, while fulfilling Intech�s desire to operate independently in the delivery of quantitative investment solutions.

�Our dedicated focus on our clients produced good momentum in our business. Flows into Fixed Income and Multi-Asset capabilities were robust and we saw good client demand in our Intermediary channel, particularly in the EMEA & LatAm and Asia Pacific regions, which had net inflows for the year. Investment performance remained solid, and combined with favourable markets, increased AUM to a record US$432.3 billion at year end. Our financial results were strong. We continued to generate significant cash flow and increased capital returns to shareholders through both dividends and share buybacks. As we enter 2022, we believe that the significant progress towards our strategic objectives and the momentum in our business positions Janus Henderson well on the path to sustained growth.�

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, JHG management evaluates the profitability of the Group and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See �Reconciliation of non-GAAP financial information� below for additional information.

DIVIDEND AND SHARE BUYBACK

On 2 February 2022, the Board declared a fourth quarter dividend in respect of the three months ended 31 December 2021 of US$0.38 per share. Shareholders on the register on the record date of 14 February 2022 will be paid the dividend on 28 February 2022. 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 July 2021, JHG purchased approximately 1.5 million of its ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on the ASX in the fourth quarter, for a total outlay of US$66.9 million.

Net tangible assets per share

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-US$ denominated AUM is translated into US$. Redemptions include impact of client switches.

Total Group comparative AUM and flows

Quarterly AUM and flows by capability

Average AUM

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 31 December 2021)

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, ETF-enhanced beta strategies, 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 31 December 2021. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 31 December 2021)

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. For the 1-, 3-, 5- and 10-year periods ending 31 December 2021, 43%, 57%, 55% and 64% of the 193, 184, 179 and 151 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 Janus Henderson. � 2021 Morningstar, Inc. All Rights Reserved.

FIRST QUARTER 2022 RESULTS

Janus Henderson intends to publish its first quarter 2022 results on 4 May 2022.

FOURTH QUARTER AND FULL-YEAR 2021 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 3 February 2022 on a conference call and webcast to be held at 8am EST, 1pm GMT, 12am AEDT (4 February).

Those wishing to participate should call:

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

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.

At 31 December 2021, Janus Henderson had approximately US$432 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).

FINANCIAL DISCLOSURES

Condensed consolidated statements of comprehensive income (unaudited)

Reconciliation of non-GAAP financial information

In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of US GAAP revenue, operating expenses, operating income, net income attributable to JHG and diluted earnings per share to adjusted revenue, adjusted operating expenses, adjusted operating income, adjusted net income attributable to JHG and adjusted diluted earnings per share.

Condensed consolidated balance sheets (unaudited)

Condensed consolidated statements of cash flows (unaudited)

STATUTORY DISCLOSURES

Associates and joint ventures

At 31 December 2021, 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:

• LongTail Alpha LLC ownership 20%

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.

Contacts

Investor enquiries:
Jim Kurtz

Co-Head Investor Relations (US)

+1 303 336 4529

[email protected]

Melanie Horton

Co-Head Investor Relations (Non-US)

+44 (0)20 7818 2905

[email protected]

Or

Investor Relations

[email protected]

Media enquiries:
Stephen Sobey

Head of Media Relations

+44 (0)20 7818 2523

[email protected]

Sarah Johnson

Director, Media Relations & Corp Comms

+1 720 364 0708

[email protected]

United Kingdom: Edelman Smithfield
Latika Shah

+44 (0)7950 671 948

[email protected]

Andrew Wilde

+44 (0)7786 022 022

[email protected]

Asia Pacific: Honner
Craig Morris

+61 2 8248 3757

[email protected]

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