SYDNEY (Reuters) – Fund manager Janus Henderson is closing down its three Australian equities funds due to tough fund-raising conditions, and will return nearly A$490 million ($352.65 million) to investors, a company spokeswoman said on Wednesday.
The dual-listed fund manager has closed the three funds from its Australian equities investment desk, including its flagship fund, which was launched in 1994 under a different brand. The funds are scheduled to be liquidated within four to six weeks, she added.
“Janus Henderson Investors … has commenced the process of closing the Australian Equity (AEQ) investment desk and associated fund ranges,” the spokesman said.
“Over the past 18 months, the AEQ investment desk has found it challenging to meaningfully grow and diversify AUM (assets under management) and to develop long-term growth prospects,” the spokeswoman said.
The company, which is also listed in the New York Stock Exchange, remains committed to the Australian market through its other investment desks – fixed income, global natural resources, and diversified alternatives, she added.
Janus Henderson is a global active asset manager with a significant footprint across the United States and Europe, resulting from the 2016 merger between Janus Capital Group and Henderson Group.
About 7.8 percent of its global $378 billion assets under management are in Australia.
Reporting by Paulina Duran; Editing by Sherry Jacob-Phillips