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Section 1: 8-K (8-K)

0001274173false00012741732020-02-042020-02-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 4, 2020

Commission File Number 001-38103

Graphic

JANUS HENDERSON GROUP PLC

(Exact name of registrant as specified in its charter)

Jersey, Channel Islands
(State or other jurisdiction of
incorporation or organization)

98-1376360
(I.R.S. Employer
Identification No.)

201 Bishopsgate

London, United Kingdom
(Address of principal executive offices)

EC2M3AE
(Zip Code)

+44 (0) 20 7818 1818

(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.50 Per Share Par Value

JHG

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 2.02Results of Operations and Financial Condition.

On February 4, 2020, Janus Henderson Group plc (“JHG”) issued a press release reporting its financial results for the fourth quarter and full year 2019. Copies of that press release and the earnings presentation are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith.

Exhibit
Number

    

Description

99.1

Janus Henderson Group plc press release reporting its financial results for the fourth quarter and full year 2019.

99.2

Janus Henderson Group plc fourth quarter and full year 2019 earnings presentation.

104

Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Janus Henderson Group plc

Date: February 4, 2020

By:

/s/ Roger Thompson

Roger Thompson

Chief Financial Officer

3

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

jhg_Ex99_1

Exhibit 99.1

Picture 2

 

Janus Henderson Group plc Reports Fourth Quarter 2019 Diluted EPS of US$0.59,

or US$0.65 on an Adjusted Basis

·

Strong investment performance, with 76% and 77% of assets under management (‘AUM’) outperforming relevant benchmarks on a 3 and 5 year basis, respectively, as at 31 December 2019

·

Fourth quarter 2019 operating income of US$154.3 million and adjusted operating income of US$171.0 million

·

AUM of US$374.8 billion, up 5% compared to the prior quarter, as a result of strong markets and favourable FX partially offset by net outflows

·

Completed US$13 million of share buybacks during the fourth quarter concluding the US$200 million share buyback programme

·

Board declared quarterly dividend of US$0.36 per share and approved additional authorisation of US$200 million of buybacks through April 2021

LONDON — 4 February 2020 — Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published its fourth quarter and full year 2019 results for the period ended 31 December 2019.

Fourth quarter 2019 operating income was US$154.3 million compared to US$143.6 million in the third quarter 2019 and US$150.0 million in the fourth quarter 2018. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, of US$171.0 million increased 7% compared to US$160.2 million in the third quarter 2019 and increased 3% compared to US$145.3 million in the fourth quarter 2018.

Fourth quarter 2019 diluted earnings per share was US$0.59 compared to US$0.58 in the third quarter 2019 and US$0.54 in the fourth quarter 2018. Adjusted diluted earnings per share of US$0.65 increased 2% compared to US$0.64 in the third quarter 2019 and increased 10% versus US$0.59 in the fourth quarter 2018.

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

“2019 for Janus Henderson was a year marked by large outflows but also excellent investment performance, growing momentum in our retail businesses around the world and important progress towards our strategic objectives.  Our business is generating good cash flow which was returned to shareholders through dividends and a US$200 million share buyback. Strong markets and our investment performance have more than offset outflows resulting in AUM being 14% higher than a year ago, which creates a good starting point for 2020.

 

“I am optimistic about the outlook for the firm. With the talent and leadership that we have added, and the strength of the existing team, I believe the firm is well positioned. I remain confident that our excellent investment performance, alongside our clear strategy and strong financial position, will drive positive outcomes for clients, shareholders and employees.”

 

Page | 1

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 adjusted statements of income reconciliation for additional information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

 

 

31 Dec

 

30 Sep

 

31 Dec

 

31 Dec

 

31 Dec

 

 

    

2019

    

2019

    

2018

 

2019

    

2018

 

GAAP basis:

 

  

 

  

 

 

 

  

 

  

 

Revenue

 

601.2

 

536.0

 

545.1

 

2,192.4

 

2,306.4

 

Operating expenses

 

446.9

 

392.4

 

395.1

 

1,651.5

 

1,656.6

 

Operating income

 

154.3

 

143.6

 

150.0

 

540.9

 

649.8

 

Operating margin

 

25.7

%  

26.8

%  

27.5

%  

24.7

%  

28.2

%  

Net income attributable to JHG

 

112.0

 

112.1

 

106.8

 

427.6

 

523.8

 

Diluted earnings per share

 

0.59

 

0.58

 

0.54

 

2.21

 

2.61

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted basis:

 

  

 

  

 

 

 

  

 

  

 

Revenue

 

463.1

 

433.2

 

442.7

 

1,748.1

 

1,859.7

 

Operating expenses

 

292.1

 

273.0

 

277.4

 

1,121.5

 

1,133.7

 

Operating income

 

171.0

 

160.2

 

165.3

 

626.6

 

726.0

 

Operating margin

 

36.9

%  

37.0

%  

37.3

%  

35.8

%  

39.0

%  

Net income attributable to JHG

 

123.9

 

124.7

 

117.5

 

478.3

 

549.6

 

Diluted earnings per share

 

0.65

 

0.64

 

0.59

 

2.47

 

2.74

 

Fourth quarter 2019 adjusted revenue of US$463.1 million increased from the third quarter 2019 result of US$433.2 million due to higher average AUM and a higher net management fee margin, and higher performance fees. Fourth quarter 2019 adjusted operating income of US$171.0 million improved from US$160.2 million in the third quarter 2019, primarily driven by positive market and currency movements and higher performance fees.

DIVIDEND AND SHARE BUYBACK

On 3 February 2020, the Board declared a fourth quarter dividend in respect of the three months ended 31 December 2019 of US$0.36 per share. Shareholders on the register on the record date of 18 February 2020 will be paid the dividend on 5 March 2020. 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 2019, JHG purchased approximately 0.5 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$13 million.

Additionally, on 3 February 2020, and subject to formally appointing a corporate broker, the Board approved JHG commencing a new on-market buyback programme in 2020, on a date to be determined and announced by JHG. The Group intends to spend up to US$200 million to buy its ordinary shares on the NYSE and its CDIs on the ASX over 12 months. Further information regarding the proposed on-market buyback programme will be announced immediately prior to its finalisation and formal launch.

 

During the first quarter 2020, the firm will purchase shares on market for the annual share grants associated with 2019 variable compensation, which is not connected with the above Board approval. As a firm policy, Janus Henderson does not issue new shares to employees as part of its annual compensation practices.


Net tangible assets per share

 

 

 

 

 

 

US$

    

31 Dec 2019

    

31 Dec 2018

Net tangible assets / (liabilities) per ordinary share

 

1.68

 

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.

Page | 2

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

 

31 Dec

 

30 Sep

 

31 Dec

 

31 Dec

 

31 Dec

 

    

2019

    

2019

    

2018

 

2019

    

2018

Opening AUM

 

356.1

 

359.8

 

378.1

 

328.5

 

370.8

Sales

 

18.7

 

15.3

 

16.6

 

65.2

 

71.1

Redemptions

 

(25.4)

 

(18.8)

 

(25.0)

 

(92.6)

 

(89.2)

Net sales / (redemptions)

 

(6.7)

 

(3.5)

 

(8.4)

 

(27.4)

 

(18.1)

Market / FX

 

25.4

 

(0.2)

 

(41.2)

 

73.7

 

(24.2)

Closing AUM

 

374.8

 

356.1

 

328.5

 

374.8

 

328.5

 

Quarterly AUM and flows by capability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Fixed

    

Quantitative

    

 

    

 

    

 

 

 

Equities

 

Income

 

Equities

 

Multi-Asset

 

Alternatives

 

Total

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

Sales

 

9.4

 

5.6

 

0.3

 

2.7

 

0.7

 

18.7

Redemptions

 

(10.7)

 

(8.4)

 

(3.6)

 

(1.3)

 

(1.4)

 

(25.4)

Net sales / (redemptions)

 

(1.3)

 

(2.8)

 

(3.3)

 

1.4

 

(0.7)

 

(6.7)

Market / FX

 

17.1

 

2.6

 

2.9

 

2.1

 

0.7

 

25.4

AUM 31 Dec 2019

 

204.0

 

74.8

 

45.2

 

39.8

 

11.0

 

374.8

 

Average AUM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

 

31 Dec

 

30 Sep

 

31 Dec

 

31 Dec

 

31 Dec

 

    

2019

    

2019

    

2018

 

2019

    

2018

Equities

 

194.5

 

189.5

 

179.5

 

189.4

 

190.7

Fixed Income

 

74.2

 

74.4

 

73.0

 

73.5

 

76.6

Quantitative Equities

 

44.8

 

47.0

 

47.6

 

47.1

 

50.3

Multi-Asset

 

37.8

 

35.8

 

32.2

 

35.0

 

32.5

Alternatives

 

11.1

 

11.5

 

15.5

 

12.1

 

17.6

Total

 

362.4

 

358.2

 

347.8

 

357.1

 

367.7

 

Page | 3

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 31 December 2019)

 

 

 

 

 

 

 

 

 

Capability

    

1 year

    

3 years

    

5 years

    

Equities

 

67

%

76

%

80

%

Fixed Income

 

82

%

84

%

92

%

Quantitative Equities

 

37

%

40

%

16

%

Multi-Asset

 

91

%

91

%

93

%

Alternatives

 

94

%

99

%

100

%

Total

 

69

%

76

%

77

%

 

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 31 December 2019. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 31 December 2019)

 

 

 

 

 

 

 

 

 

Capability

    

1 year

    

3 years

    

5 years

    

Equities

 

88

%

87

%

77

%

Fixed Income

 

70

%

55

%

56

%

Quantitative Equities

 

22

%

22

%

19

%

Multi-Asset

 

93

%

89

%

90

%

Alternatives

 

36

%

74

%

95

%

Total

 

83

%

82

%

76

%

 

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%, 80%, 74%, 82% and 82% of total mutual fund AUM were in the top 2 Morningstar quartiles for the 10-year periods ended 31 Dec 2018, 31 Mar 2019, 30 Jun 2019, 30 Sep 2019 and 31 Dec 2019, respectively. For the 1-, 3-, 5- and 10-year periods ending 31 Dec 2019, 64%, 56%, 59% and 62% of the 201, 195, 183 and 146 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.

FIRST QUARTER 2020 RESULTS

Janus Henderson intends to publish its first quarter 2020 results on 30 April 2020.

Page | 4

FOURTH QUARTER AND FULL YEAR 2019 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 4 February 2020 on a conference call and webcast to be held at 8am EST, 1pm GMT, 12am AEDT (5 February).

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

2506300

 

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$375 billion in assets under management (at 31 December 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).

 

 

 

Investor enquiries:

 

Media enquiries:

Jim Kurtz

 

Sarah de Lagarde

Investor Relations Manager
+1 (303) 336 4529

 

Director, Corporate Communications

+44 (0) 20 7818 2626

[email protected]

 

[email protected]

 

 

 

Or

 

United Kingdom: FTI Consulting

 

Investor Relations

 

Tom Blackwell

+ 44 (0) 20 3727 1051

[email protected]

 

[email protected]

 

 

 

 

 

Asia Pacific: Honner

 

 

Kieron Stevenson

 

 

+ 61 2 8248 3747

 

 

[email protected]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page | 5

FINANCIAL DISCLOSURES

Condensed consolidated statements of comprehensive income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

 

31 Dec

 

30 Sep

 

31 Dec

 

31 Dec

 

31 Dec

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

    

2019

    

2019

    

2018

 

2019

    

2018

Revenue:

 

 

 

 

 

 

 

 

 

 

Management fees

 

457.8

 

446.2

 

452.3

 

1,792.3

 

1,947.4

Performance fees

 

18.3

 

1.4

 

3.5

 

17.6

 

7.1

Shareowner servicing fees

 

71.9

 

39.3

 

37.0

 

185.4

 

154.2

Other revenue

 

53.2

 

49.1

 

52.3

 

197.1

 

197.7

Total revenue

 

601.2

 

536.0

 

545.1

 

2,192.4

 

2,306.4

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

163.1

 

147.9

 

155.8

 

602.5

 

613.0

Long-term incentive plans

 

44.5

 

42.2

 

32.3

 

184.3

 

188.6

Distribution expenses

 

138.1

 

102.8

 

102.4

 

444.3

 

446.7

Investment administration

 

13.8

 

11.2

 

11.6

 

47.9

 

46.9

Marketing

 

10.0

 

5.5

 

12.8

 

31.1

 

37.9

General, administrative and occupancy

 

60.3

 

67.6

 

62.4

 

260.8

 

253.7

Depreciation and amortisation

 

17.1

 

15.2

 

17.8

 

80.6

 

69.8

Total operating expenses

 

446.9

 

392.4

 

395.1

 

1,651.5

 

1,656.6

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

154.3

 

143.6

 

150.0

 

540.9

 

649.8

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(3.3)

 

(3.5)

 

(4.0)

 

(15.1)

 

(15.7)

Investment gains (losses), net

 

12.1

 

4.0

 

(15.3)

 

34.2

 

(40.9)

Other non-operating income (expenses), net

 

(5.8)

 

4.7

 

13.5

 

23.5

 

68.6

Income before taxes

 

157.3

 

148.8

 

144.2

 

583.5

 

661.8

Income tax provision

 

(36.9)

 

(35.7)

 

(43.4)

 

(137.8)

 

(162.2)

Net income

 

120.4

 

113.1

 

100.8

 

445.7

 

499.6

Net loss (income) attributable to noncontrolling interests

 

(8.4)

 

(1.0)

 

6.0

 

(18.1)

 

24.2

Net income attributable to JHG

 

112.0

 

112.1

 

106.8

 

427.6

 

523.8

Less: allocation of earnings to participating stock-based awards

 

(3.1)

 

(3.1)

 

(2.8)

 

(11.7)

 

(12.7)

Net income attributable to JHG common shareholders

 

108.9

 

109.0

 

104.0

 

415.9

 

511.1

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding (in millions)

 

183.6

 

187.9

 

193.3

 

188.0

 

195.0

Diluted weighted-average shares outstanding (in millions)

 

184.1

 

188.3

 

194.1

 

188.6

 

195.9

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (in US$)

 

0.59

 

0.58

 

0.54

 

2.21

 

2.61

 

Page | 6

Adjusted statements of income (unaudited)

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

 

 

31 Dec

 

30 Sep

 

31 Dec

 

31 Dec

 

31 Dec

 

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

    

2019

    

2019

    

2018

 

2019

    

2018

 

Reconciliation of revenue to adjusted revenue

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

601.2

 

536.0

 

545.1

 

2,192.4

 

2,306.4

 

Management fees1

 

(48.0)

 

(45.6)

 

(48.6)

 

(189.6)

 

(221.5)

 

Shareowner servicing fees1

 

(62.7)

 

(30.4)

 

(27.9)

 

(149.4)

 

(117.1)

 

Other revenue1

 

(27.4)

 

(26.8)

 

(25.9)

 

(105.3)

 

(108.1)

 

Adjusted revenue

 

463.1

 

433.2

 

442.7

 

1,748.1

 

1,859.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of operating expenses to adjusted operating expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

446.9

 

392.4

 

395.1

 

1,651.5

 

1,656.6

 

Employee compensation and benefits2

 

(6.3)

 

(5.4)

 

(4.4)

 

(19.1)

 

(21.4)

 

Long-term incentive plans2

 

0.2

 

0.2

 

0.2

 

0.8

 

(10.6)

 

Distribution expenses1

 

(138.1)

 

(102.8)

 

(102.4)

 

(444.3)

 

(446.7)

 

Investment administration2

 

 —

 

 —

 

 —

 

 —

 

(0.7)

 

Marketing2

 

 —

 

 —

 

(0.1)

 

 —

 

 —

 

General, administration and occupancy2

 

(3.2)

 

(4.1)

 

(1.9)

 

(20.0)

 

(6.8)

 

Depreciation and amortisation3

 

(7.4)

 

(7.3)

 

(9.1)

 

(47.4)

 

(36.7)

 

Adjusted operating expenses

 

292.1

 

273.0

 

277.4

 

1,121.5

 

1,133.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income

 

171.0

 

160.2

 

165.3

 

626.6

 

726.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

25.7

%

26.8

%

27.5

%

24.7

%

28.2

%

Adjusted operating margin

 

36.9

%

37.0

%

37.3

%

35.8

%

39.0

%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Net income attributable to JHG

 

112.0

 

112.1

 

106.8

 

427.6

 

523.8

 

Employee compensation and benefits2

 

6.3

 

5.4

 

4.4

 

19.1

 

21.4

 

Long-term incentive plans2

 

(0.2)

 

(0.2)

 

(0.2)

 

(0.8)

 

10.6

 

Investment administration2

 

 —

 

 —

 

 —

 

 —

 

0.7

 

Marketing2

 

 —

 

 —

 

0.1

 

 —

 

 —

 

General, administration and occupancy2

 

3.2

 

4.1

 

1.9

 

20.0

 

6.8

 

Depreciation and amortisation3

 

7.4

 

7.3

 

9.1

 

47.4

 

36.7

 

Interest expense4

 

0.2

 

0.4

 

0.9

 

2.5

 

3.1

 

Investment gains (losses), net

 

 —

 

(1.0)

 

 —

 

 —

 

 —

 

Other non-operating income (expenses), net4

 

(1.9)

 

(0.2)

 

0.3

 

(24.3)

 

(46.0)

 

Income tax provision5

 

(3.1)

 

(3.2)

 

(5.8)

 

(13.2)

 

(7.5)

 

Adjusted net income attributable to JHG

 

123.9

 

124.7

 

117.5

 

478.3

 

549.6

 

Less: allocation of earnings to participating stock-based awards

 

(3.4)

 

(3.4)

 

(3.2)

 

(13.1)

 

(13.4)

 

Adjusted net income attributable to JHG common shareholders

 

120.5

 

121.3

 

114.3

 

465.2

 

536.2

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

184.1

 

188.3

 

194.1

 

188.6

 

195.9

 

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

 

0.59

 

0.58

 

0.54

 

2.21

 

2.61

 

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

 

0.65

 

0.64

 

0.59

 

2.47

 

2.74

 


1

JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed-through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-

Page | 7

party intermediaries. JHG management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue.

2

Adjustments primarily represent integration costs in relation to the Merger, including severance costs, legal costs and consulting fees. JHG management believes these costs do not represent the ongoing operations of the Group.

3

Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts.  The year ended 31 December 2019 also included a US$18 million impairment of certain mutual fund contracts. JHG management believes these non-cash and acquisition-related costs do not represent the ongoing operations of the Group.

4

2019 adjustments primarily represent contingent consideration adjustments associated with acquisitions prior to the Merger and increased debt expense as a consequence of the fair value uplift on debt due to acquisition accounting. JHG management believes these costs do not represent the ongoing operations of the Group.

5

The tax impact of the adjustments is calculated based on the US or foreign statutory tax rate as they relate to each adjustment. Certain adjustments are either not taxable or not tax-deductible.

 

Condensed consolidated balance sheets (unaudited)

 

 

 

 

 

 

 

 

31 Dec

 

31 Dec

(in US$ millions)

    

2019

    

2018

Assets:

 

  

 

  

Cash and cash equivalents

 

733.9

 

880.4

Investment securities

 

253.5

 

291.8

Property, equipment and software, net

 

84.7

 

69.5

Intangible assets and goodwill, net

 

4,592.9

 

4,601.3

Assets of consolidated variable interest entities

 

1,010.9

 

323.9

Other assets

 

945.8

 

745.0

Total assets

 

7,621.7

 

6,911.9

 

 

 

 

 

Liabilities, redeemable noncontrolling interests and equity:

 

  

 

  

Long-term debt

 

316.2

 

319.1

Deferred tax liabilities, net

 

729.1

 

729.9

Liabilities of consolidated variable interest entities

 

57.1

 

6.5

Other liabilities

 

935.2

 

859.5

Redeemable noncontrolling interests

 

677.9

 

136.1

Total equity

 

4,906.2

 

4,860.8

Total liabilities, redeemable noncontrolling interests and equity

 

7,621.7

 

6,911.9

 

Condensed consolidated statements of cash flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

 

31 Dec

 

30 Sep

 

31 Dec

 

31 Dec

 

31 Dec

(in US$ millions)

    

2019

    

2019

    

2018

 

2019

    

2018

Cash provided by (used for):

 

  

 

  

 

  

 

  

 

  

Operating activities

 

207.0

 

173.2

 

243.3

 

463.2

 

670.8

Investing activities

 

(364.7)

 

(36.1)

 

13.0

 

(389.3)

 

100.9

Financing activities

 

176.0

 

(107.5)

 

(127.8)

 

(207.0)

 

(616.8)

Effect of exchange rate changes

 

4.5

 

13.1

 

(8.0)

 

13.0

 

(32.5)

Net change during period

 

22.8

 

42.7

 

120.5

 

(120.1)

 

122.4

 

Page | 8

STATUTORY DISCLOSURES

Associates and joint ventures

At 31 December 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:

·

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. Such financial statements have been prepared in accordance with the instructions to Form 10‑K 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.

Page | 9

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

 

Page | 10

(Back To Top)

Section 3: EX-99.2 (EX-99.2)

Exhibit 99.2

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Dick Weil Chief Executive Officer Roger Thompson Chief Financial Officer Janus Henderson Group 4Q19 and FY19 results presentation Tuesday 4 February 2020

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Dick Weil Chief Executive Officer 4Q19 and FY19 results presentation 2019 results and 2020 outlook

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2 FY19 results FY19 FY18 3 year investment outperformance¹ 76% 61% Net flows (US$27.4bn) (US$18.1bn) Total AUM US$374.8bn US$328.5bn US GAAP diluted EPS US$2.21 US$2.61 Adjusted diluted EPS² US$2.47 US$2.74 Dividend per share US$1.44 US$1.40 Key metrics – FY19 vs FY18 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 30. 2 See adjusted financial measures reconciliation on slides 36 and 37 for additional information. • Investment performance strengthened during 2019 • Total AUM increased 14%, reflecting strong markets partially offset by net outflows • Adjusted diluted EPS of US$2.47 • Declared and distributed US$272m in dividends • Completed US$200m buyback in 2019; Board approved additional authorisation of US$200m in 2020

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3 Principal components of 2019 net flows 2019 flows (US$bn) 13.6 14.7 14.3 17.5 (17.0) (16.1) (14.4) (19.6) (3.4) (1.4) (0.1) (2.1) 1Q19 2Q19 3Q19 4Q19 Represents US$305bn in AUM as at 31 Dec 2019 Note: Numbers may not cast due to rounding. 2019 flows reflect outflows from four concentrated areas (27.4) (10.8) (3.7) (3.1) (2.7) (7.1) Total Company Net Flows Quantitative Equities Global Emerging Markets Core Plus Fixed Income European Equities Remaining Business

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4 8.5 10.5 21.4 22.1 1.3 1.3 (18.3) (21.5) (27.8) (19.9) (2.3) (2.7) (9.8) (11.0) (6.3) 2.1 (1.1) (1.4) (39%) (25%) Intermediary (46%)1 1H19 2H19 30% 28% 2019 flows by client type 2019 flows by client type (US$bn) Annualised gross sales2 Redemptions Sales Net sales / (redemptions) Annualised gross redemptions2 2019 outflows reflect significant improvement in Intermediary with elevated outflows in Institutional Institutional (35%)1 1H19 2H19 Self-directed (19%)1 1H19 2H19 (28%) (32%) (8%) (8%) 13% 16% 4% 4% 1 Represents percentage of AUM as at 31 Dec 2019 by Client Type. 2 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. Numbers may not cast due to rounding.

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5 Our outlook is encouraging Net outflows mask many encouraging results we see across our business Investment performance People and talent Winning new business • 69%, 76% and 77% of AUM beating benchmarks over the 1, 3 and 5 year time periods, respectively1 • 83%, 82% and 76% of mutual fund AUM in top 2 Morningstar quartiles over 1, 3 and 5 year time periods, respectively2 • 85% of US mutual fund AUM has a 4 or 5 star Overall Morningstar Rating3 • Attracting outstanding talent alongside a strong existing team • Intermediary momentum; capturing market share in key retail markets • Newly globalised Institutional business is rebuilding pipeline • Strategic products grew substantially across Equities, Fixed Income and Multi-Asset capabilities Financial strength • Strong cash flow generation and balance sheet is supporting ongoing investments in the business to meet evolving client needs • Returning excess cash to shareholders via dividends and share repurchases 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 30. 2 The top two Morningstar quartiles represent funds in the top half of their category based on total return. Full performance disclosures detailed in the appendix on slide 31. 3 Based on risk-adjusted returns for Class I / Institutional Shares, or share class with longest history. Full performance disclosures detailed in the appendix on slide 44.

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Roger Thompson Chief Financial Officer 4Q19 and FY19 results presentation 4Q19 business and financial results

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7 4Q19 results 4Q19 3Q19 3 year investment outperformance¹ 76% 74% Net flows (US$6.7bn) (US$3.5bn) Total AUM US$374.8bn US$356.1bn US GAAP diluted EPS US$0.59 US$0.58 Adjusted diluted EPS² US$0.65 US$0.64 Dividend per share US$0.36 US$0.36 Key metrics – 4Q19 vs 3Q19 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 30. 2 See adjusted financial measures reconciliation on slides 36 and 37 for additional information. • AUM of US$374.8bn reflects strong markets partially offset by net outflows • Adjusted diluted EPS of US$0.65 improved on 7% growth in adjusted operating income • Declared US$0.36 per share dividend and completed US$13m of share buybacks finishing the US$200m buyback programme

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8 Capability 1 year 3 years 5 years Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total Capability 1 year 3 years 5 years Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total Investment performance Total company investment performance remains strong % of mutual fund AUM in top 2 Morningstar quartiles (as at 31 Dec 2019) % of AUM outperforming benchmark (as at 31 Dec 2019) Note: Full performance disclosures detailed in the appendix on slides 30 and 31. Past performance is no guarantee of future results. The top two Morningstar quartiles represent funds in the top half of their category based on total return. Refer to slide 31 for the 10-year period, percent of funds in the top 2 quartiles for all periods, and description and quantity of funds included in the analysis. 67% 76% 80% 82% 92% 84% 37% 16% 94% 40% 93% 91% 100% 99% 91% 69% 76% 77% 88% 87% 77% 70% 56% 55% 22% 19% 36% 22% 90% 89% 95% 74% 93% 83% 82% 76%

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9 20.0 19.7 17.1 17.7 16.6 15.6 15.6 15.3 18.7 (22.9) (22.4) (19.8) (22.0) (25.0) (23.0) (25.4) (18.8) (25.4) (2.9) (2.7) (2.7) (4.3) (8.4) (7.4) (9.8) (3.5) (6.7) 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Total flows Total flows 4Q17 to 4Q19 (US$bn) Redemptions Sales Net sales / (redemptions) 22% 21% 18% 19% 17% 19% 18% 17% 21% Annualised gross sales¹ Annualised gross redemptions¹ Net outflows driven by higher redemptions offset by higher gross sales 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. (25%) (24%) (21%) (24%) (26%) (28%) (29%) (21%) (29%)

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10 Principal components of 4Q19 net flows 4Q19 flows (US$bn) 14.8 13.6 14.7 14.3 17.5 (20.3) (17.0) (16.1) (14.4) (19.6) (5.5) (3.4) (1.4) (0.1) (2.1) 4Q18 1Q19 2Q19 3Q19 4Q19 Represents US$305bn in AUM as at 31 Dec 2019 4Q19 flows driven by Institutional outflows (6.7) (3.3) (0.8) (0.3) (0.2) (2.1) Total Company Net Flows Quantitative Equities Global Emerging Markets Core Plus Fixed Income European Equities Remaining Business

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11 Statement of income Note: See adjusted financial measures reconciliation on slides 36 and 37 for additional information. US GAAP and adjusted US GAAP Adjustments Adjusted US GAAP Adjustments Adjusted Revenue Management fees 457.8 1,792.3 Performance fees 18.3 17.6 Shareowner servicing fees 71.9 185.4 Other revenue 53.2 197.1 Total revenue 601.2 (138.1) 463.1 2,192.4 (444.3) 1,748.1 Operating expenses Employee compensation and benefits 163.1 602.5 Long-term incentive plans 44.5 184.3 Distribution expenses 138.1 444.3 Investment administration 13.8 47.9 Marketing 10.0 31.1 General, administrative and occupancy 60.3 260.8 Depreciation and amortisation 17.1 80.6 Total operating expenses 446.9 (154.8) 292.1 1,651.5 (530.0) 1,121.5 Operating income 154.3 16.7 171.0 540.9 85.7 626.6 3 months ended 31 Dec 2019 Year ended 31 Dec 2019 US$m

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12 US$, except margin data 4Q19 3Q19 Change 4Q19 vs 3Q19 FY19 FY18 Change FY19 vs FY18 Average AUM 362.4bn 358.2bn 1% 357.1bn 367.7bn (3%) Total revenue 601.2m 536.0m 12% 2,192.4m 2,306.4m (5%) Operating income 154.3m 143.6m 7% 540.9m 649.8m (17%) Operating margin 25.7% 26.8% (1.1ppt) 24.7% 28.2% (3.5ppt) US GAAP diluted EPS 0.59 0.58 2% 2.21 2.61 (15%) Adjusted revenue 463.1m 433.2m 7% 1,748.1m 1,859.7m (6%) Adjusted operating income 171.0m 160.2m 7% 626.6m 726.0m (14%) Adjusted operating margin 36.9% 37.0% (0.1ppt) 35.8% 39.0% (3.2ppt) Adjusted diluted EPS 0.65 0.64 2% 2.47 2.74 (10%) Summary financial results Summary of results Note: See adjusted financial measures reconciliation on slides 36 and 37 for additional information. US GAAP and adjusted

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13 4Q19 adjusted revenue drivers Revenue 4Q19 revenue reflects higher performance fees, average AUM and fee margin Adjusted revenue – FY18 vs FY19 (US$m) Note: See adjusted financial measures reconciliation on slides 36 and 37 for additional information. 1 Net margin based on management fees net of distribution expenses. • Net management fee margin increased 0.5bps in 4Q19 reflecting markets and mix shift from lower fee outflows and higher fee inflows • Performance fees increased in FY19 driven by improvement in US mutual fund performance fees US$m, except margin data 4Q19 3Q19 Change Total adjusted revenue 463.1 433.2 7% Management fees 409.8 400.6 2% Performance fees 18.3 1.4 nm Shareowner servicing fees 9.2 8.9 3% Other revenue 25.8 22.3 16% Average net¹ mgmt fee margin 44.9bps 44.4bps 0.5bps 1,602.7 1,725.9 17.6 7.1 36.0 37.1 91.8 89.6 1,748.1 1,859.7 FY19 FY18 Management fees Performance fees Shareowner servicing fees Other revenue

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14 Adjusted operating expenses – 3Q19 vs 4Q19 (US$m) Operating expenses Note: See adjusted financial measures reconciliation on slides 36 and 37 for additional information. Increase in compensation drove higher expenses US$m 4Q19 US GAAP Adjustments 4Q19 adjusted 3Q19 adjusted Change 4Q19 adjusted vs 3Q19 adjusted Employee compensation and benefits 163.1 (6.3) 156.8 142.5 10% Long-term incentive plans 44.5 0.2 44.7 42.4 5% Total compensation expenses 207.6 (6.1) 201.5 184.9 9% Distribution expenses 138.1 (138.1) –– nm Investment administration 13.8 – 13.8 11.2 23% Marketing 10.0 – 10.0 5.5 82% General, administrative and occupancy 60.3 (3.2) 57.1 63.5 (10%) Depreciation and amortisation 17.1 (7.4) 9.7 7.9 23% Non-staff operating expenses 239.3 (148.7) 90.6 88.1 3% Total operating expenses 446.9 (154.8) 292.1 273.0 7% 292.1 14.3 2.3 (6.4) 273.0 2.6 4.5 1.8 3Q19 Compensation and benefits LT incentive plans Investment administration Marketing General, admin. and occupancy Depreciation and amortisation 4Q19

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15 1 Includes seed investments of US$461.8m (including investment securities of consolidated variable interest entities of US$359.9m), investments related to deferred compensation plans of US$117.0m and other investments of US$5.4m as at 30 September 2019; includes seed investments of US$1,047.0m (including investment securities of consolidated variable interest entities of US$924.8m), investments related to deferred compensation plans of US$125.9m and other investments of US$5.4m as at 31 December 2019. 2 Includes cash and cash equivalents of consolidated variable interest entities of US$37.4m and US$62.6m as at 30 September 2019 and 31 December 2019, respectively. Balance sheet • Cash and cash equivalents increased 3%, as cash flow generation more than offset capital return and seed investments • Significant increase in investment securities due to new seed investments and consolidation of certain seed investments • Board declared a dividend of US$0.36 per share to be paid on 5 March to shareholders on record at the close of business on 18 February • Repurchased 0.5m shares for US$13m, completing buyback programme authorised in February 2019; Board approved additional buyback authorisation of US$200m Strong liquidity position Investment securities¹ Cash and cash equivalents² 2025 maturity Balance sheet profile – carrying value (30 Sep 2019 vs 31 Dec 2019) (US$m) 31 Dec 2019 30 Sep 2019 773.7 796.5 584.2 1,178.3 1,357.9 1,974.8 316.9 316.2 Cash and investments Debt Cash and investments Debt

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16 Capital management On 3 February 2020, the Board authorised an additional on-market share buyback of up to US$200 million Note: JHG purchases shares on market for the annual share grants associated with variable compensation, which is not included in the above share repurchases. Numbers may not cast due to rounding. 1 Total shares outstanding reflect amounts disclosed on forms 10-Q or 10-K for each respective quarter. Quarterly capital return 1Q18 to 4Q19 Dividend paid / share $0.32 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 Debt repayment (US$m) 81.6 0.3 13.5 ––––– Shares repurchased (m) –– 1.8 2.2 1.3 3.5 4.2 0.5 Total shares outstanding1 (m) 200.4 200.4 198.6 196.4 195.2 191.6 187.5 187.0 71.2 69.2 69.7 68.6 67.8 66.3 49.9 49.9 30.9 75.2 81.3 12.5 63.1 71.6 121.1 119.1 100.6 143.8 149.1 78.8 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Dividends Share repurchases

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Conclusion Dick Weil Chief Executive Officer

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18 Our strategy: Simple Excellence Produce dependable investment outcomes Focus on quality and stability of investment performance Excel in client experience Deliver industry- leading client experiences that drive client loyalty and increase duration Develop new growth initiatives Build the businesses of tomorrow Focus and increase operational efficiency Standardise the global model and modernise our infrastructure Proactive risk and control environment Embed understanding and ownership of risk and controls at all levels and establish strong feedback loops for learning & improvement

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19 Conclusion Business fundamentals are improving • Investment performance is strong and remains the best leading indicator of future success • Improving flow trends are beginning to reflect the great investment performance • Intermediary flows turned positive in 2H 2019 across several regions with momentum carrying into 2020 • Strategic products have grown meaningfully, including Balanced, Multi-Sector and Strategic Fixed Income • Changes in portfolio leadership and management we believe will benefit clients in 2020 and beyond • Our financial foundation is solid, allowing investment in the business while returning excess cash to shareholders

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Q&A

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Appendix

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22 46% 35% 19% Intermediary Institutional Self-directed 54% 20% 12% 11% 3% Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Assets under management as at 31 Dec 2019 56% 30% 14% North America EMEA & LatAm Asia Pacific By client type By capability By client location US$204.0bn US$74.8bn US$45.2bn US$39.8bn US$11.0bn US$172.7bn US$132.1bn US$70.0bn US$208.8bn US$111.6bn US$54.4bn AUM: US$374.8bn

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23 Investment management capabilities Diversified product range Equities US$204.0bn AUM 31 Dec 2019 US$374.8bn Fixed Income US$74.8bn Multi-Asset US$39.8bn Self-directed Intermediary Intermediary Institutional Institutional Institutional Quantitative Equities US$45.2bn Equities (56bps1) • Wide range of equity strategies encompassing different geographic focuses and investment styles Fixed Income (26bps1) • Coverage across the asset class, applying a wide range of differentiated techniques Quantitative Equities (20bps1) • Intech applies advanced mathematics and systematic portfolio rebalancing intended to harness the volatility of movements in stock prices Multi-Asset (50bps1) • US teams manage US and global asset allocation strategies; UK teams include asset allocation specialists, traditional multi-manager investors, and those focused on alternative asset classes Alternatives (69bps1) • A cross-asset class combination of alpha generation, risk management, and efficient beta replication strategies, including multi-strategy, liquid alternatives, agriculture and global commodities/managed futures Alternatives US$11.0bn 1 Full-year 2019 average net management fee margin; net margin based on management fees net of distribution expenses. Full-year 2018 average net management fee margins were: Equity (59bps), Fixed Income (28bps), Quantitative Equity (22bps), Multi-Asset (47bps) and Alternatives (73bps).

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24 Largest strategies by capability Note: Numbers may not cast due to rounding. Capability Strategy AUM (US$bn) 31 Dec 2019 US Mid Cap Growth 29.3 US Concentrated Growth 18.2 US Research Growth Equity 16.7 US SMID Cap Growth 13.2 Global Life Sciences 10.6 Core Plus Fixed Income 12.7 Buy & Maintain Credit 10.0 Global Strategic Fixed Income 7.7 Kapstream Absolute Return Income 7.2 Australian Fixed Income 4.6 Intech Global Large Cap Core ex-Japan 9.0 Intech US Enhanced Plus 6.5 Intech Global Large Cap Core 5.1 Intech US Broad Large Cap Growth 3.3 Intech Global Enhanced Index ex-Australia ex-Tobacco 1% Risk 2.4 Balanced 33.4 UK Income and Growth 1.9 Multi Manager 1.3 Global Adaptive Capital Appreciation 0.3 Multi Asset - Institutional 0.3 UK Large Cap Absolute Return Equity 5.6 Property 2.8 Global Commodities 0.6 Europe Large Cap Long/Short 0.6 Concentrated Pan Europe Equity 0.4 Total 203.8 Equity Fixed Income Multi-Asset Alternatives Quantitative Equities

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25 4Q19 flows by capability 9.4 5.6 0.3 2.7 0.7 (10.7) (8.4) (3.6) (1.3) (1.4) (1.3) (2.8) (3.3) 1.4 (0.7) Equities Fixed Income Quantitative Equities Multi-Asset Alternatives 4Q19 flows by capability (US$bn) Annualised gross sales¹ Redemptions Sales Net sales / (redemptions) 20% 30% 3% 29% 24% (23%) (45%) (31%) (14%) (49%) Annualised gross redemptions¹ 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.

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26 Flows: Equities and Fixed Income 8.6 6.9 6.9 6.0 9.4 (12.7) (9.8) (12.9) (8.0) (10.7) (4.1) (2.9) (6.0) (2.0) (1.3) 4Q18 1Q19 2Q19 3Q19 4Q19 4.7 4.9 5.5 6.1 5.6 (6.0) (7.7) (5.2) (4.7) (8.4) (1.3) (2.8) 0.3 1.4 (2.8) 4Q18 1Q19 2Q19 3Q19 4Q19 Equities (US$bn) Fixed Income (US$bn) Redemptions Sales Net sales / (redemptions) Annualised gross sales¹ Annualised gross redemptions¹ 17% 17% 15% 12% 20% 25% 27% 30% 33% 30% (25%) (24%) (27%) (17%) (23%) (32%) (43%) (28%) (25%) (45%) Note: Reflects operational reclassification of existing client’s funds in 4Q18 as detailed on slide 29. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.

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27 2.3 2.2 2.1 2.4 2.7 (2.0) (1.5) (1.5) (2.0) (1.3) 0.3 0.7 0.6 0.4 1.4 4Q18 1Q19 2Q19 3Q19 4Q19 0.3 0.7 0.2 0.3 0.3 (1.4) (1.7) (4.3) (2.7) (3.6) (1.1) (1.0) (4.1) (2.4) (3.3) 4Q18 1Q19 2Q19 3Q19 4Q19 0.7 0.9 0.9 0.5 0.7 (2.9) (2.3) (1.5) (1.4) (1.4) (2.2) (1.4) (0.6) (0.9) (0.7) 4Q18 1Q19 2Q19 3Q19 4Q19 Flows: Quantitative Equities, Multi-Asset and Alternatives Quantitative Equities (US$bn) Multi-Asset (US$bn) Alternatives (US$bn) 3% 7% 2% 2% 3% Annualised gross sales¹ Annualised gross redemptions¹ Redemptions Sales Net sales / (redemptions) 27% 29% 25% 27% 29% 18% 25% 28% 16% 24% (11%) (16%) (35%) (22%) (31%) (22%) (20%) (18%) (22%) (14%) (69%) (64%) (48%) (45%) (49%) Note: Reflects operational reclassification of existing client’s funds in 4Q18 as detailed on slide 29. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.

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28 Total net flows by capability 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total net flows by capability 4Q17 to 4Q19 (US$bn) Note: Reflects operational reclassification of existing client’s funds in 4Q18 as detailed on slide 29. (2.9) (2.7) (2.7) (4.3) (7.4) (8.4) (9.8) (3.5) (6.7)

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29 AUM and flows by capability All data in US$bn Equities Fixed Income Quantitative 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) Reclassification1 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 Sales 9.4 5.6 0.3 2.7 0.7 18.7 Redemptions (10.7) (8.4) (3.6) (1.3) (1.4) (25.4) Net sales / (redemptions) (1.3) (2.8) (3.3) 1.4 (0.7) (6.7) Market / FX 17.1 2.6 2.9 2.1 0.7 25.4 AUM 31 Dec 2019 204.0 74.8 45.2 39.8 11.0 374.8 1 Reflects operational reclassification of existing client’s funds.

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30 Investment performance % of AUM outperforming benchmark 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 31 Dec 2018, 30 Sep 2019 and 31 Dec 2019, and represent 4% of AUM for all other periods. Capabilities defined by Janus Henderson. 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 67% 55% 71% 64% 69% 77% 73% 74% 83% 75% 74% 80% 67% 76% 80% Fixed Income 36% 88% 93% 58% 92% 89% 61% 90% 89% 63% 94% 90% 82% 84% 92% Quantitative Equities 20% 11% 15% 15% 14% 12% 32% 11% 39% 39% 26% 25% 37% 40% 16% Multi-Asset 81% 90% 91% 88% 91% 91% 90% 91% 92% 90% 91% 93% 91% 91% 93% Alternatives 35% 94% 100% 89% 98% 100% 39% 100% 100% 96% 99% 100% 94% 99% 100% Total 55% 61% 72% 60% 69% 74% 66% 72% 80% 70% 74% 78% 69% 76% 77% Capability 4Q18 1Q19 2Q19 3Q19 4Q19

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31 Mutual fund investment performance % of mutual fund AUM in top 2 Morningstar quartiles 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%, 80%, 74%, 82% and 82% of total mutual fund AUM were in the top 2 Morningstar quartiles for the 10-year periods ended 31 Dec 2018, 31 Mar 2019, 30 Jun 2019, 30 Sep 2019 and 31 Dec 2019, respectively. For the 1-, 3-, 5- and 10-year periods ending 31 Dec 2019, 64%, 56%, 59% and 62% of the 201, 195, 183 and 146 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. © 2019 Morningstar, Inc. All Rights Reserved. 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 67% 63% 85% 78% 72% 86% 85% 70% 88% 84% 79% 87% 88% 87% 77% Fixed Income 46% 28% 57% 68% 42% 48% 50% 50% 51% 53% 53% 55% 70% 55% 56% Quantitative Equities 98% 17% 100% 63% 3% 97% 61% 3% 51% 97% 57% 97% 22% 22% 19% Multi-Asset 89% 89% 88% 84% 86% 88% 87% 87% 88% 87% 88% 89% 93% 89% 90% Alternatives 26% 93% 59% 93% 33% 94% 32% 58% 58% 38% 37% 56% 36% 74% 95% Total 65% 62% 80% 78% 67% 81% 78% 68% 81% 78% 74% 82% 83% 82% 76% 4Q19 Capability 4Q18 1Q19 2Q19 3Q19

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32 Mutual fund investment performance (cont’d) Group 39 30 55 56 45 30 44 43 52 51 47 55 51 54 50 26 48 23 22 38 32 23 25 23 31 33 26 30 28 26 65 78 78 78 83 62 67 68 74 82 80 81 81 82 76 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 % of mutual fund AUM in top 2 Morningstar quartiles Equities 34 18 55 57 45 26 45 40 50 50 46 58 53 53 50 33 60 31 27 43 37 28 30 29 37 39 27 35 34 27 67 78 85 84 88 63 72 70 79 87 85 86 88 87 77 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 1 year 3 year 5 year 1 year 3 year 5 year 2nd quartile 1st quartile Note: Full performance disclosures detailed on slide 31. Numbers may not cast due to rounding.

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33 52 39 38 40 5 3 3 3 3 48 4 4 40 4 46 24 23 57 22 12 53 19 52 93 47 57 15 98 63 61 97 22 17 3 3 57 22 100 97 51 97 19 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Mutual fund investment performance (cont’d) Fixed Income 33 37 38 42 19 14 24 27 41 29 15 18 21 35 28 13 31 12 11 51 13 18 22 12 26 42 30 30 19 28 46 68 50 53 70 28 42 50 53 55 57 48 51 55 56 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 % of mutual fund AUM in top 2 Morningstar quartiles Quantitative Equities 1 year 3 year 5 year 1 year 3 year 5 year 2nd quartile 1st quartile Note: Full performance disclosures detailed on slide 31. Numbers may not cast due to rounding.

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34 Mutual fund investment performance (cont’d) Multi-Asset 84 82 83 85 86 83 84 84 86 86 84 84 85 87 87 4 2 4 2 6 6 2 2 2 3 5 4 3 2 3 89 84 87 87 93 89 86 87 88 89 88 88 88 89 90 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 % of mutual fund AUM in top 2 Morningstar quartiles Alternatives 1 33 31 5 31 31 31 56 57 31 24 25 61 2 38 31 93 33 27 6 43 2 37 27 32 95 26 93 32 38 36 93 33 58 37 74 59 94 58 56 95 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 1 year 3 year 5 year 1 year 3 year 5 year 2nd quartile 1st quartile Note: Full performance disclosures detailed on slide 31. Numbers may not cast due to rounding.

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35 US GAAP: statement of income 3 months ended Year ended 31 Dec 2019 30 Sep 2019 31 Dec 2018 31 Dec 2019 31 Dec 2018 Revenue Management fees 457.8 446.2 452.3 1,792.3 1,947.4 Performance fees 18.3 1.4 3.5 17.6 7.1 Shareowner servicing fees 71.9 39.3 37.0 185.4 154.2 Other revenue 53.2 49.1 52.3 197.1 197.7 Total revenue 601.2 536.0 545.1 2,192.4 2,306.4 Operating expenses Employee compensation and benefits 163.1 147.9 155.8 602.5 613.0 Long-term incentive plans 44.5 42.2 32.3 184.3 188.6 Distribution expenses 138.1 102.8 102.4 444.3 446.7 Investment administration 13.8 11.2 11.6 47.9 46.9 Marketing 10.0 5.5 12.8 31.1 37.9 General, administrative and occupancy 60.3 67.6 62.4 260.8 253.7 Depreciation and amortisation 17.1 15.2 17.8 80.6 69.8 Total operating expenses 446.9 392.4 395.1 1,651.5 1,656.6 Operating income 154.3 143.6 150.0 540.9 649.8 Interest expense (3.3) (3.5) (4.0) (15.1) (15.7) Investment gains (losses), net 12.1 4.0 (15.3) 34.2 (40.9) Other non-operating income (expenses), net (5.8) 4.7 13.5 23.5 68.6 Income before taxes 157.3 148.8 144.2 583.5 661.8 Income tax provision (36.9) (35.7) (43.4) (137.8) (162.2) Net income 120.4 113.1 100.8 445.7 499.6 Net loss (income) attributable to noncontrolling interests (8.4) (1.0) 6.0 (18.1) 24.2 Net income attributable to JHG 112.0 112.1 106.8 427.6 523.8 Less: allocation of earnings to participating stock-based awards (3.1) (3.1) (2.8) (11.7) (12.7) Net income attributable to JHG common shareholders 108.9 109.0 104.0 415.9 511.1 Diluted weighted-average shares outstanding (m) 184.1 188.3 194.1 188.6 195.9 Diluted EPS (in US$) 0.59 0.58 0.54 2.21 2.61 US$m, except per share data or as noted

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36 Note: Reconciliation to be used in conjunction with slide 37. Footnotes included on slide 38. Alternative performance measures Reconciliation of adjusted financial measures 3 months ended Year ended 31 Dec 2019 30 Sep 2019 31 Dec 2018 31 Dec 2019 31 Dec 2018 Reconciliation of revenue to adjusted revenue Revenue 601.2 536.0 545.1 2,192.4 2,306.4 Management fees1 (48.0) (45.6) (48.6) (189.6) (221.5) Shareowner servicing fees1 (62.7) (30.4) (27.9) (149.4) (117.1) Other revenue1 (27.4) (26.8) (25.9) (105.3) (108.1) Adjusted revenue 463.1 433.2 442.7 1,748.1 1,859.7 Reconciliation of operating expenses to adjusted operating expenses Operating expenses 446.9 392.4 395.1 1,651.5 1,656.6 Employee compensation and benefits2 (6.3) (5.4) (4.4) (19.1) (21.4) Long-term incentive plans2 0.2 0.2 0.2 0.8 (10.6) Investment administration2 ––––(0.7) Marketing2 ––(0.1) –– Distribution expenses1 (138.1) (102.8) (102.4) (444.3) (446.7) General, administrative and occupancy2 (3.2) (4.1) (1.9) (20.0) (6.8) Depreciation and amortisation3 (7.4) (7.3) (9.1) (47.4) (36.7) Adjusted operating expenses 292.1 273.0 277.4 1,121.5 1,133.7 Adjusted operating income 171.0 160.2 165.3 626.6 726.0 Operating margin 25.7% 26.8% 27.5% 24.7% 28.2% Adjusted operating margin 36.9% 37.0% 37.3% 35.8% 39.0% US$m, except margin data

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37 Alternative performance measures (cont’d) Reconciliation of adjusted financial measures Note: Reconciliation to be used in conjunction with slide 36. Footnotes included on slide 38. 3 months ended Year ended 31 Dec 2019 30 Sep 2019 31 Dec 2018 31 Dec 2019 31 Dec 2018 Reconciliation of net income to adjusted net income attributable to JHG Net income attributable to JHG 112.0 112.1 106.8 427.6 523.8 Employee compensation and benefits2 6.3 5.4 4.4 19.1 21.4 Long-term incentive plans2 (0.2) (0.2) (0.2) (0.8) 10.6 Investment administration2 –––– 0.7 Marketing2 –– 0.1 –– General, administrative and occupancy2 3.2 4.1 1.9 20.0 6.8 Depreciation and amortisation3 7.4 7.3 9.1 47.4 36.7 Interest expense4 0.2 0.4 0.9 2.5 3.1 Investment gains (losses), net –(1.0) ––– Other non-operating income (expense)4 (1.9) (0.2) 0.3 (24.3) (46.0) Income tax provision5 (3.1) (3.2) (5.8) (13.2) (7.5) Adjusted net income attributable to JHG 123.9 124.7 117.5 478.3 549.6 Diluted earnings per share (in US$) 0.59 0.58 0.54 2.21 2.61 Adjusted diluted earnings per share (in US$) 0.65 0.64 0.59 2.47 2.74 US$m, except per share data

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38 Alternative performance measures (cont’d) Footnotes to reconciliation of adjusted financial measures 1 JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed-through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue. 2 Adjustments primarily represent integration costs in relation to the Merger, including severance costs, legal costs and consulting fees. JHG management believes these costs do not represent the ongoing operations of the Group. 3 Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. JHG management believes these non-cash and acquisition-related costs do not represent the ongoing operations of the Group. 4 2019 adjustments primarily represent contingent consideration adjustments associated with acquisitions prior to the Merger and increased debt expense as a consequence of the fair value uplift on debt due to acquisition accounting. Adjustments for the year ended 31 December 2018 primarily represent fair value movements on options issued to Dai-ichi in addition to contingent consideration costs associated with acquisitions prior to the merger. JHG management believes these costs do not represent the ongoing operations of the Group. 5 The tax impact of the adjustments is calculated based on the US or foreign statutory tax rate as they relate to each adjustment. Certain adjustments are either not taxable or not tax-deductible.

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39 4Q19 (US$m) 3Q19 (US$m) 4Q18 (US$m) AUM generating 4Q19 pfees (US$bn) # of funds generating 4Q19 pfees Frequency Timing SICAVs 0.2 0.0 0.1 0.2 2 23 Annually; 2 Quarterly 23 at June; 2 on quarter Offshore Absolute Return 0.2 0.2 0.3 0.7 5 Annually Various Segregated Mandates1 19.3 2.5 14.7 13.7 26 Quarterly/ Annually Various UK OEICs & Unit Trusts 0.3 0.0 0.0 0.0 1 Quarterly Various Investment Trusts 0.0 0.0 0.0 0.0 0 Annually Various US Mutual Funds2 (1.7) (1.3) (11.5) 48.4 11 Monthly Monthly Total 18.3 1.4 3.6 63.1 45 Performance fees Note: Performance fees include prior quarter accrual true-ups. 1 Segregated Mandates includes Private Accounts, Managed CDOs and Private Equity. 2 AUM data presents US Mutual Fund AUM subject to performance fees as at 31 December 2019. Janus Investment Funds and Janus Aspen Series Portfolios are counted as distinct and separate funds.

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40 1Q 2Q 3Q 4Q 12.4 Performance fees US$63bn non-US mutual fund AUM eligible to earn performance fees across all periods 1 Other includes Offshore Absolute Return, Investment Trusts and Managed CDOs. Pay-out timing of AUM subject to performance fees (Non-US mutual fund AUM in US$bn as at 31 Dec 2019) SICAVs Segregated mandates UK OEICs / UTs Other¹ Quarterly payment Annual payment 35.4 33.4 31.3 19.5 0.6 AUM subject to quarterly performance fees does not change quarter over quarter 14.5 16.5 18.9 (11.5) (1.7) 0.1 0.3 0.3 14.7 19.1 0.3 0.3 4Q18 4Q19 Performance fees – 4Q18 vs 4Q19 (US$m) SICAVs Segregated mandates UK OEICs / UTs US mutual funds Other¹ 3.6 13.5 4Q18 eligible non-US mutual fund AUM: US$32.1bn 4Q19 eligible non-US mutual fund AUM: US$35.4bn

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41 US mutual funds with performance fees Mutual funds with performance fees¹ AUM 31 Dec 2019 US$m Benchmark Base fee Performance fee2 Performance cap/(floor) vs benchmark 4Q19 P&L impact US$’000 Research Fund 15,355 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (4,659) Forty Fund and Portfolio 15,190 Russell 1000® Growth Index 0.64% ± 15 bps ± 8.50% 1,303 Global Research Fund and Portfolio 3,784 MSCI World IndexSM 0.60% ± 15 bps ± 6.00% 988 Small Cap Value Fund 3,842 Russell 2000® Value Index 0.72% ± 15 bps ± 5.50% 894 Mid Cap Value Fund and Portfolio 3,456 Russell Midcap® Value Index 0.64% ± 15 bps ± 4.00% 529 Contrarian Fund 3,220 S&P 500® Index 0.64% ± 15 bps ± 7.00% (1,009) Overseas Fund and Portfolio 2,114 MSCI All Country World ex-U.S. IndexSM 0.64% ± 15 bps ± 7.00% 416 Research Portfolio³ 550 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (175) Global Real Estate Fund 532 FTSE EPRA / NAREIT Global Index 0.75% ± 15 bps ± 4.00% 104 Global Value Fund 200 MSCI World IndexSM 0.64% ± 15 bps ± 7.00% (86) Large Cap Value Fund 116 Russell 1000® Value Index 0.64% ± 15 bps ± 3.50% (9) Small-Mid Cap Value Fund4 63 Russell 2500TM Value Index 0.70% ± 15 bps ± 5.00% 31 Asia Equity Fund 27 MSCI All Country Asia ex-Japan IndexSM 0.92% ± 15 bps ± 7.00% 3 Total 48,447 (1,670) Note: AUM data shown on a managed view. Numbers may not cast due to rounding. 1 The funds listed have a performance-based investment advisory fee that adjusts up or down based on performance relative to a benchmark over 36-month rolling periods. Please see the funds’ Statements of Additional Information for more details and benchmark information. 2 Adjustment of ± 15 bps assumes constant assets and could be higher or lower depending on asset fluctuations. 3 Until 1 May 2020, the Portfolio’s performance during the portion of the performance measurement period prior to 1 May 2017 will be compared to the Portfolio's former benchmark, the Core Growth Index (50% S&P 500® Index / 50% Russell 1000® Growth Index). Prior to 1 May 2017, the performance fee hurdle was ± 4.5% vs the Core Growth Index. 4 Until 1 August 2022, the Fund’s performance during the portion of the performance measurement period prior to 1 August 2019 will be compared to the Fund's former benchmark, the Russell 3000® Value Index.

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42 Long-term incentive compensation Estimated future long-term incentive compensation amortisation US$m Amount remaining to expense 2020 2021 2022 2023 2024 2017 annual grant 6 6 –––– 2018 annual grant 30 24 6 ––– 2019 annual grant 74 48 21 4 1 – 2020 annual grant1 130 66 43 18 2 – Other2 86 13 23 15 9 6 Total long-term incentive compensation 326 177 93 37 12 6 Note: 2017 and 2018 annual grants generally vest over three and four years. 2019 and 2020 annual grants generally vest over three years. Assumed no forfeitures in future periods. Assumed no change in future values related to market or currency, which would impact expense related to cash based awards (MFSAs and DEP funds) and social security expense upon vesting. 1 Estimated 2020 annual grant based on amounts expected to be granted associated with the annual award process. Actual awards are expected to come in between US$125 and US$135 million. 2 Includes retention and recruiting awards; other subsidiary grants and social security expense. Social security expense is estimated based on amount of existing awards expected to vest in that year.

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43 Contacts Investor enquiries Jim Kurtz Investor Relations Manager +1 (303) 336 4529 [email protected] Investor Relations [email protected] Media enquiries Sarah de Lagarde +44 (0) 20 7818 2626 [email protected] United Kingdom: FTI Consulting Tom Blackwell +44 (0) 20 3727 1051 [email protected] Asia Pacific: Honner Kieron Stevenson +61 2 8248 3747 [email protected]

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44 Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. The Morningstar RatingTM for funds, or ‘star rating’, is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Ratings may vary by share class. As at 31 Dec 2019, 77%, 70% and 70% of US mutual fund assets under management have a 4 or 5 star Morningstar RatingTM for the 3-, 5-, and 10-year periods, respectively. As at 31 Dec 2019, 53%, 58%, 49% and 46% of US mutual funds have a 4 or 5 star Morningstar RatingTM for the Overall, 3-, 5-, and 10-year periods, respectively. Based on primary share class (Class I Shares, Institutional Shares or share class with longest history) for 55, 55, 53 and 39 funds for the Overall, 3-, 5- and 10-year periods, respectively. Ratings and/or 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 rating/ranking. When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period. Forward looking information This presentation 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 the company and its management. Any forward-looking statements contained in this presentation are as of the date on which such statements were made. The company 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. No public offer The information, statements and opinions contained in this presentation 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 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 and Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Investors 201 Bishopsgate, London EC2M 3AE Tel: 020 7818 1818 Fax: 020 7818 1819

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