Janus Henderson Group plc (NYSE:JHG) Q2 2023 Earnings Call Transcript

Roger Thompson: Yes. But the ASX listing has been a long and valued part of our ownership structure for many years. But yes, I think it’s currently at a low point. But as I said, it’s been a very valuable holding for a long period of time.

Anthony Henning: Okay. Thank you.

Operator: Our next question comes from Marcus Barnard from Bell Potter. Marcus, your line is now open. Please go ahead.

Marcus Barnard: Yes. Thank you. And congratulations on our upbeat, set of figures and an upbeat performance. I’m going to ask about your levels of cash on the balance sheet if I may, which looking at Slide 10 have reached $966 million. I suppose the question is, what’s the right level of cash for your business? I think you’ve talked about acquisitions in response to John’s question and perhaps we’re expecting some small bolt-on acquisitions in the future. But where do we think that cash level will get to? And as a follow-on, when do you expect to start to increase dividend or reinstate the buyback? Thanks.

Roger Thompson: Thanks, Marcus. Yes. I mean, the first thing is, yes, we have a strong balance sheet and we don’t make any excuse for that. It’s something that positions us well to do some of those activities that Ali’s talked about. They are things we want to do. And the Board and the company’s capital philosophy, hasn’t changed at all. We’ve taken an active disciplined approach to the management of cash. Obviously, — we obviously, we’re earning more on that cash now as well. But we have a hierarchy of needs in terms of the regulatory needs of the business, the working cap of the business and then how we invest both organically and inorganically in the business. And that’s where we think there could potentially be opportunities for now, as Ali has talked about.

So, the dividend we would still say is, it’s a healthy dividend. But what we will continue to do is manage the balance sheet prudently, but in the same way as we always have we’re not here to hold cash. If we don’t have a better use of it, we will think about returning it. But at the moment, we see real opportunities to invest in the business as I say both, organically and inorganically and we’ll support that with a strong healthy quarterly dividend.

Marcus Barnard: Excellent. Thank you very much

Operator: And there are no further questions. I will hand back to the management team for any closing remarks.

Ali Dibadj: Well, thank you, operator. Thanks Sam, and thanks everybody for joining today. Janus Henderson is clearly gifted, with a solid foundation. Our core team is nearly fully in place. The plan is in motion and hopefully, this is another quarter where you’re seeing some of our clear progress based on those factors. Thanks, for joining and we’ll talk to you a little bit.

Operator: This concludes today’s call. Thank you for joining. You may now disconnect your lines.