A lower profit result with lots of finger-pointing to AUM - up a...

A lower profit result with lots of finger-pointing to AUM - up a creditable 10%. Demonstrably, there is still demand for managed investment v index funds.

The Janus merger is defensive but worthwhile for the consolidation benefits in managing larger investment pools and a fuller product range.

I can't judge whether the market will mark it lower. It lacks a catalyst to the up-side so it might. The market rarely travels in a straight line.

The juicy dividend limits it from falling too far. Opening bids before open are modestly positive. The share is cheap relative to the rest of the market.

Ash