Janus Capital Group Inc (JNS)’s Fourth Quarter And Full Year 2014 Earnings Conference Call Transcript

Sure, I think we have already called out that there are assets in products they sponsor have been rising nicely. I am looking at Jennifer did we call out there the one month’s revenue contribution?

Jennifer McPeek – Chief Financial Officer

We did not, but I can certainly provide it. So, we only had a month of revenue in there this quarter and that was I thinking about $1.2 million, so hopefully that’s helpful to you in modeling that separately. Their assets have gone up, but they move day to day, so this is a little bit more volatile of the asset stream than you see in kind of long term investment products because they are used by very short term investors.

Dick Weil – Chief Executive Officer

Right. We recall that substantially all of their currents assets are in exchange-traded notes and those notes are tools for professional investors, and they are not aimed at a buy and hold clientele as much as tools that would be used on a shorter-term basis by professional investors. And there’s a consequence, the potential volatility of those numbers is quite high. But that revenue that Jennifer mentioned is substantially driven by their ETN business.
And looking ahead I think we have been clear that we are looking forward to using their strengths to launch some ETFs. In particular, we’ve signaled that we are looking hard at the opportunities for Mr. Gross to manage an ETF, and certainly we are, and we will be getting back to you with more information on that as it becomes appropriate in the coming months.

Tom Whitehead – Morgan Stanley

Okay. Great. Thanks for taking my questions.

Operator

We will take our next question from Michael Kim from Sandler O’Neill.

Michael Kim – Sandler O’Neill

Thanks, good morning. First I know you called out the separate account win for the unconstrained bond strategy last quarter, but just wondering if you could provide any additional color on sort of how you are planning on more fully penetrating the institutional fixed income channel, both from a strategic standpoint, as well as sort of from a marketing perspective.

Dick Weil – Chief Executive Officer

Sure Happy to do that. Thanks for the question, Institutional fixed income, in many places, is driven by consultants. The consultants are famously slow to adopt new things. And so, the efforts to get them to adopt a new global unconstrained fund managed by Mr. Gross are sort of a balance between his obvious and long-term excellence and huge reputation and their discomfort with new things. And so, candidly that’s a daily battle we fight. And they drive us crazy, we probably drive them crazy, but that’s the balance. And so, what we need to do is to continue to work with those folks to try and gain their comfort to gain more placements in global concentrate in institutional space, domestically and abroad.