Janus Henderson job cuts help drive $72m savings

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Janus Henderson job cuts have contributed to cost synergies exceeding expectations five months on from its merger.

Headcount reduction was named in the asset manager’s Q3 results as the largest contributor to $72m of savings from cost synergies.

Total net inflows of $700m contribute to a total $360.5bn assets under management.

“We are seeing green shoots in the cross-revenue opportunities, brought about by our global distribution footprint, expanded product set and collaborative culture,” co-chief executives Dick Weil and Andrew Formica said in a joint statement.

They say flows were driven by investment performance with strong demand across equity, fixed income and alternatives.

“We are encouraged by the levels of engagement, support and relationships developing with clients, globally,” the pair says.

The group had expected pre-tax net cost synergies of $85m in the first 12 months, but they have now revised that to $90m. They have also revised their annualised figure for three years from completion to $125m from $110m.