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

And then there are some opportunities with institutional clients that are not so focused on consultant recommendations, the Soros investment was clearly one such and there should be opportunities to capture excess with some folks who are perhaps less driven by the slower moving consultants, and so we’ll be focusing particularly on those. And lastly, it depends, of course, on the appetite for the strategy itself, the global unconstrained bond strategy, which is a particular strategy, which you know like all others, has varying levels of sort of investor demand through time depending on anticipated rate movements among other things. And so, the intersection of all those things is just darn hard to predict. And we have stayed away from predicting and will continue to do so, but we are working really hard at those things and we’ll continue to do so.

Michael Kim – Sandler O’Neill

Okay that’s helpful And then, second question, now that we are approaching the three-year anniversary of Daiichi’s investment, just wondering if you could walk through any potential changes to the structure of the investment as it relates to holding requirements and/or the standstill agreement.

Dick Weil – Chief Executive Officer

I think it’s fair to say that this investment has been very successful not only for us, but as they communicate to us, for them as well. It has benefited from some strong improvement in performance at Janus; it’s also benefited candidly from currency movements in their favor since they made an investment. So, for a lot of reasons, from the relationships to the financial results they have indicated a lot of confidence and satisfaction with the way the relationship is working. And certainly, we’ve made no secret that we are equally thrilled with that. The contract that we have with them provides periodic review points where we can get together and talk about whether things need to change. I think one of those comes up towards the end of 2015. At this point, we don’t anticipate that there would be any changes or anything significant that would be altered.

But it’s fair to say that if you go back and look at those contracts, there are periodic review points and we will come up on one towards the end of the year. But the main message is, I think this is a relationship that’s working very well both from our perspective and from Daiichi Life’s perspective and we don’t anticipate anything significant that needs to change.

Michael Kim – Sandler O’Neill

Okay fair enough. That’s for taking my questions.

Operator

We will go next to Michael Carrier from Bank of America.