JNS » Topics » INTECH

These excerpts taken from the JNS 10-K filed Feb 24, 2010.

INTECH

INTECH has managed institutional portfolios since 1987, establishing one of the industry's longest continuous performance records of mathematical equity investment strategies. INTECH's unique investment process is based on a mathematical theorem that seeks to add value for clients by capitalizing on the volatility in stock price movements. INTECH's goal is to achieve long-term returns that outperform a specified benchmark index while controlling risks and trading costs. At December 31, 2009, INTECH managed $48.0 billion, or 30% of total Company assets under management.

INTECH's relative performance was weak in the short- and intermediate- term, with 0%, 50% and 67% of strategies surpassing their respective benchmarks, net of fees, over the one-, three- and five-year periods ended December 31, 2009. However, from their respective inception dates through December 31, 2009, 83% of INTECH's primary investment strategies have outperformed their respective benchmarks, on a net of fees and on a gross fees basis.

INTECH

JCG increased its ownership of INTECH with the following purchases (in millions, except ownership %):

 
   
   
  Purchase Price Allocation  
Acquisition Date
  Interest Acquired   Purchase Price   Goodwill   Intangible Assets  

February 19, 2010

    3 % $ 31.4   $   $  

April 30, 2009

    3 % $ 25.3   $   $  

March 31, 2008

    3 % $ 60.7   $ 37.0   $ 23.7  

As a result of the new accounting guidance related to redeemable noncontrolling interests effective January 1, 2009, the additional interest in INTECH acquired in 2009 resulted in a reduction of redeemable noncontrolling interests on the Consolidated Balance Sheets in an amount equal to the purchase price. No assets were recognized as a result of the April 2009 acquisition of an additional interest in INTECH or will be recognized on future acquisitions of noncontrolling interests. The pro forma results of operations have not been presented as they would not have been materially different from reported amounts. Intangible assets acquired in 2008 represent customer relationships that are being amortized over 12 years.

INTECH

Pursuant to contractual obligations, on February 19, 2010, JCG acquired an additional interest in INTECH for $31.4 million, reducing the two founders' aggregate ownership interest to approximately 2% of INTECH. Each founder is entitled to retain his remaining INTECH shares outstanding until his death unless he is terminated for cause or leaves voluntarily while not in good standing. An INTECH founder will be considered to be in good standing if he voluntarily leaves after providing 12 months' prior notice and cooperating with the transition. Each of the two INTECH founding members has the option to require JCG to purchase from him his remaining ownership interest of INTECH at fair value. Total INTECH interests held by the two founders have an estimated value of approximately $52.3 million as of December 31, 2009.

Interests held by other INTECH employees subject to put rights have an estimated value of approximately $4.0 million as of December 31, 2009.

This excerpt taken from the JNS 8-K filed Jul 14, 2009.

INTECH

Each fiscal year through 2012, each of the two INTECH founding members has the option to require JCG to purchase from him an ownership interest up to approximately 1.5% of INTECH at fair value. At December 31, 2008, the two founders have an aggregate ownership interest of approximately 8% in INTECH. In the event that either INTECH founder does not fully exercise his annual voluntary sale option in a given year, JCG has the option to require the INTECH founder to sell the remaining balance of the Annual Option Shares for that year at fair value.

In addition, the founders can require JCG to purchase their INTECH interests when the founder's employment is terminated. The purchase price of the departing founder's INTECH interests will be based on fair value. Each founder is entitled to retain approximately 1% of INTECH's shares then outstanding after employment until his death unless he is terminated for cause or leaves voluntarily while not in good standing. An INTECH founder will be deemed to be in good standing if he voluntarily leaves on or after January 1, 2009, after providing 12 months' prior notice and cooperation with the transition. Total INTECH interests held by the two founders are valued at approximately $67.5 million and $222.3 million as of December 31, 2008 and 2007, respectively.

Interests held by other INTECH employees subject to put rights are valued at $3.2 million and $15.0 million as of December 31, 2008 and 2007, respectively.

This excerpt taken from the JNS 10-Q filed May 11, 2009.

INTECH

 

Each fiscal year through 2012, each of the two INTECH founding members has the option to require JCG to purchase from him an ownership interest up to approximately 1.5% of INTECH at fair value.  At March 31, 2009, the two founders have an aggregate ownership interest of approximately 8% in INTECH.  Subsequent to the April 30, 2009 sale to JCG, the founders have an aggregate ownership of approximately 5%.  In the event that either INTECH founder does not fully exercise his annual voluntary sale option in a given year, JCG has the option to require the INTECH founder to sell the remaining balance of the Annual Option Shares for that year at fair value.

 

In addition, the founders can require JCG to purchase their INTECH interests when the founder’s employment is terminated.  The purchase price of the departing founder’s INTECH interests will be based on fair value.  Each founder is entitled to retain approximately 1% of INTECH’s shares then outstanding after employment until his death unless he is terminated for cause or leaves voluntarily while not in good standing.  An INTECH founder will be deemed to be in good standing if he voluntarily leaves on or after January 1, 2009, after providing 12 months’ prior notice and cooperation with the transition.  Total INTECH interests held by the two founders are currently valued at approximately $67.5 million.

 

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Interests held by other INTECH employees subject to put rights are valued at $3.2 million as of March 31, 2009.

 

These excerpts taken from the JNS 10-K filed Feb 26, 2009.

INTECH

INTECH's unique investment process is based on a mathematical theorem that attempts to capitalize on the volatility in stock price movements. The goal is to achieve long-term returns that outperform the benchmark index while controlling risks and trading costs. At December 31, 2008, INTECH managed $42.4 billion, or 34% of total Company assets under management.

INTECH has managed institutional portfolios since 1987, establishing one of the industry's longest continuous performance records of mathematically driven equity investing strategies. From inception through December 31, 2008, 11 out of 12 INTECH investment strategies have outperformed their respective benchmarks, net of fees and on a gross fee basis. Additionally, INTECH's short-term relative investment performance rebounded from underperformance in 2007, while longer-term performance remained strong with 83%, 56%, 100% and 100% of strategies outperforming their respective benchmarks over the one-,three-,five- and 10-year periods ended December 31, 2008.

INTECH



INTECH's unique investment process is based on a mathematical theorem that attempts to capitalize on the volatility in stock price movements. The
goal is to achieve long-term returns that outperform the benchmark index while controlling risks and trading costs. At December 31, 2008, INTECH managed $42.4 billion, or 34%
of total Company assets under management.



INTECH
has managed institutional portfolios since 1987, establishing one of the industry's longest continuous performance records of mathematically driven equity investing strategies. From inception
through December 31, 2008, 11 out of 12 INTECH investment strategies have outperformed their respective benchmarks, net of fees and on a gross fee basis. Additionally, INTECH's
short-term relative investment performance rebounded from underperformance in 2007, while longer-term performance remained strong with 83%, 56%, 100% and 100% of strategies
outperforming their respective benchmarks over the one-,three-,five- and 10-year periods ended December 31, 2008.



INTECH

Each fiscal year through 2012, each of the two INTECH founding members has the option to require JCG to purchase from him an ownership interest of up to approximately 1.5% of INTECH ("Annual Option Shares") at fair value. At December 31, 2008, the two founders have an aggregate ownership interest of approximately 8% in INTECH. In the event that either INTECH founder does not fully exercise his annual voluntary sale option in a given year, JCG has the option to require the INTECH founder to sell the remaining balance of the Annual Option Shares for that year at fair value.

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In addition, the founders can require JCG to purchase their INTECH interests if the founder's employment is terminated. The purchase price of the departing founder's INTECH interests will be based on fair value. Each founder is entitled to retain approximately 1% of INTECH's shares then outstanding after employment until his death unless he is terminated for cause or leaves voluntarily while not in good standing. An INTECH founder will be deemed to be in good standing if he voluntarily leaves on or after January 1, 2009, after providing 12 months' prior notice and cooperation with the transition.

The long-term commitments schedule above does not include any estimate for the purchase of the outstanding INTECH interests due to the uncertainty of this obligation and the price at which it may occur. Total INTECH interests held by the two founders would be valued at approximately $128.0 million, based on the last determination of fair value.

INTECH



Each fiscal year through 2012, each of the two INTECH founding members has the option to require JCG to purchase from him an ownership interest of up
to approximately 1.5% of INTECH ("Annual Option Shares") at fair value. At December 31, 2008, the two founders have an aggregate ownership interest of approximately 8% in INTECH. In the event
that either INTECH founder does not fully exercise his annual voluntary sale option in a given year, JCG has the option to require the INTECH founder to sell the remaining balance of the Annual Option
Shares for that year at fair value.



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In addition, the founders can require JCG to purchase their INTECH interests if the founder's employment is terminated. The purchase price of the departing founder's INTECH
interests will be based on fair value. Each founder is entitled to retain approximately 1% of INTECH's shares then outstanding after employment until his death unless he is terminated for cause or
leaves voluntarily while not in good standing. An INTECH founder will be deemed to be in good standing if he voluntarily leaves on or after January 1, 2009, after providing 12 months'
prior notice and cooperation with the transition.



The
long-term commitments schedule above does not include any estimate for the purchase of the outstanding INTECH interests due to the uncertainty of this obligation and the price at which
it may occur. Total INTECH interests held by the two founders would be valued at approximately $128.0 million, based on the last determination of fair value.



INTECH

JCG increased its ownership of INTECH with the following purchases (in millions, except ownership %):

 
   
   
  Purchase Price Allocation  
Acquisition Date
  Interest Acquired   Purchase Price   Goodwill   Intangible Assets  

March 31, 2008

    3 % $ 60.7   $ 37.0   $ 23.7  

March 30, 2007

    4 % $ 81.0   $ 49.3   $ 31.7  

The pro forma results of operations have not been presented as they would not have been materially different from reported amounts. Intangible assets acquired represent customer relationships that are amortized over 12 years. The March 31, 2008 purchase price allocation is preliminary and will be finalized in the first quarter 2009.

INTECH



JCG increased its ownership of INTECH with the following purchases (in millions, except ownership %):












































































 
  
  
 Purchase Price Allocation  
Acquisition Date



 Interest Acquired  Purchase Price  Goodwill  Intangible Assets  

March 31, 2008

  3%$60.7 $37.0 $23.7 

March 30, 2007

  4%$81.0 $49.3 $31.7 




The
pro forma results of operations have not been presented as they would not have been materially different from reported amounts. Intangible assets acquired represent customer relationships that are
amortized over 12 years. The March 31, 2008 purchase price allocation is preliminary and will be finalized in the first quarter 2009.



This excerpt taken from the JNS 10-Q filed Oct 23, 2008.

INTECH

 

Each fiscal year through 2012, each of the two INTECH founding members has the option to require Janus to purchase from him an ownership interest of up to approximately 1.5% of INTECH (“Annual Option Shares”) at fair market value.  Subsequent to the March 31, 2008 sale of a 3% interest in INTECH to Janus by the founders, the two founders have an aggregate ownership interest of approximately 8% in INTECH.  In the event that either INTECH founder does not fully exercise his annual voluntary sale option in a given year, Janus has the option to require the INTECH founder to sell the remaining balance of the Annual Option Shares for that year at fair market value.

 

In addition, the founders can require Janus to purchase their INTECH interests when the founder’s employment is terminated.  The purchase price of the departing founder’s INTECH interests will be based on fair market value.  Each founder is entitled to retain approximately one percent of INTECH’s shares then outstanding after employment until his death unless he is terminated for cause or leaves voluntarily while not in good standing.  An INTECH founder will be deemed to be in good standing if he voluntarily leaves on or after January 1, 2009, after providing 12 months’ prior notice and cooperation with the transition.  Janus has not recorded a liability for the purchase of the outstanding INTECH interests due to the uncertainty of this obligation and the price at which it may occur.  Total INTECH interests held by the two founders would be valued at approximately $128.0 million, based on the most recent determination of fair market value.

 

This excerpt taken from the JNS 10-Q filed Jul 24, 2008.

INTECH

 

Each fiscal year through 2012, each of the two INTECH founding members has the option to require Janus to purchase from him an ownership interest of up to approximately 1.5% of INTECH (“Annual Option Shares”) at fair market value.  Subsequent to the March 31, 2008 sale of a 3% interest in INTECH to Janus by the founders, the two founders own an aggregate ownership interest of approximately 8% in INTECH.  In the event that either INTECH founder does not fully exercise his annual voluntary sale option in a given year, Janus has the option to require the INTECH founder to sell the remaining balance of the Annual Option Shares for that year at fair market value.

 

In addition, the founders can require Janus to purchase their INTECH interests when the founder’s employment is terminated.  The purchase price of the departing founder’s INTECH interests will be based on fair market value.  Each founder is entitled to retain approximately one percent of INTECH’s shares then outstanding after employment until his death unless he is terminated for cause or leaves voluntarily while not in good standing.  An INTECH founder will be deemed to be in good standing if he voluntarily leaves on or after January 1, 2009, after providing 12 months’ prior notice and cooperation with the transition.  Janus has not recorded a liability for the purchase of the outstanding INTECH interests due to the uncertainty of this obligation and the price at which it may occur.  Total INTECH interests held by the two founders would currently be valued at approximately $147.0 million, based on the most recent determination of fair market value.

 

This excerpt taken from the JNS 10-Q filed Apr 24, 2008.

INTECH

 

Each fiscal year through 2012, each of the two INTECH founding members has the option to require Janus to purchase up to approximately 1.5% of INTECH shares (“Annual Option Shares”) at the fair market value.  Subsequent to the March 31, 2008 sale of 3% of INTECH to Janus, the two founders own an aggregate of approximately 8% of INTECH.  In the event that either INTECH founder does not fully exercise his annual voluntary sale option in a given year, Janus has the option to require the INTECH founder to sell the remaining balance of the Annual Option Shares for that year at fair market value.

 

In addition, the founders can require Janus to purchase their INTECH interests when the founder’s employment is terminated.  The purchase price of the departing founder’s INTECH interests will be based on the fair market value.  Each founder is entitled to retain approximately one percent of INTECH’s shares then outstanding after employment until his death unless he is terminated for cause or leaves voluntarily while not in good standing.  An INTECH founder will be deemed to be in good standing if he voluntarily leaves on or after January 1, 2009, after providing 12 months’ prior notice and provided he cooperates with the transition.  Janus has not recorded a liability for the purchase of the outstanding INTECH interests due to the uncertainty of this obligation and the price at which it may occur.  INTECH interests held by the founders in the aggregate would currently be valued at approximately $147.0 million, based on the most recent determination of fair market value.

 

These excerpts taken from the JNS 10-K filed Feb 28, 2008.

INTECH

INTECH's unique investment process is based on a mathematical theorem that attempts to capitalize on the volatility in stock price movements. The goal is to achieve long-term returns that outperform the benchmark index while controlling risks and trading costs. Acquired by Janus in 2002, INTECH has managed institutional portfolios since 1987, establishing one of the industry's longest continuous performance records of mathematically driven equity investing strategies. INTECH assets under management have grown from approximately $6.0 billion when Janus acquired it in 2002 to $69.7 billion at the end of 2007. Risk-managed products have primarily been sold through the institutional channel, which generally has lower management fees than products sold through the intermediary, international or retail channels.

Since inception, twelve out of thirteen INTECH investment strategies as of December 31, 2007, have outperformed their respective benchmarks, net of fees and on a gross fee basis. Additionally, all of INTECH's investment strategies rank in the top 2 quartiles of their corresponding universes for alpha and information ratio, from inception through December 31, 2007, based on Callan Risk-Return Rankings that provide industry measurements of risk and reward.

INTECH



INTECH's unique investment process is based on a mathematical theorem that attempts to capitalize on the volatility in stock price movements. The goal is to achieve
long-term returns that outperform the benchmark index while controlling risks and trading costs. Acquired by Janus in 2002, INTECH has managed institutional portfolios since 1987,
establishing one of the industry's longest continuous performance records of mathematically driven equity investing strategies. INTECH assets under management have grown from approximately
$6.0 billion when Janus acquired it in 2002 to $69.7 billion at the end of 2007. Risk-managed products have primarily been sold through the institutional channel, which
generally has lower management fees than products sold through the intermediary, international or retail channels.



Since
inception, twelve out of thirteen INTECH investment strategies as of December 31, 2007, have outperformed their respective benchmarks, net of fees and on a gross fee basis. Additionally,
all of INTECH's investment strategies rank in the top 2 quartiles of their corresponding universes for alpha and information ratio, from inception through December 31, 2007, based on Callan
Risk-Return Rankings that provide industry measurements of risk and reward.



This excerpt taken from the JNS 10-K filed Feb 26, 2007.

INTECH

INTECH’s unique investment process is based on a mathematical theorem that attempts to capitalize on the volatility in stock price movements. The goal is to achieve long-term returns that outperform the benchmark index, while controlling risks and trading costs. Acquired by Janus in 2002, INTECH has managed institutional portfolios since 1987, establishing one of the industry’s longest continuous records of mathematically driven equity investing strategies. Risk-managed assets at INTECH have grown from approximately $6.0 billion at acquisition in 2002 to $62.3 billion at the end of 2006. Risk-managed products have primarily been sold through the institutional channel, which generally has lower management fees than products sold through the intermediary, international or retail channels. In 2007, Janus intends to leverage the success of INTECH’s risk-managed process with the launch of several new products in different strategies, including global, international and long/short.

Eight out of nine INTECH strategies have outperformed their respective benchmarks, net of fees, since inception and all strategies have outperformed on a gross fees basis. Additionally, all of INTECH’s investment strategies rank in the top 2 quartiles of their corresponding universes for alpha and information ratio, industry measurements of risk and reward, from inception through December 31, 2006.

This excerpt taken from the JNS 10-K filed Mar 3, 2006.

INTECH

 INTECH's unique investment process is based on a mathematical theorem that attempts to capitalize on the volatility in stock price movements. The goal is to achieve long-term returns that outperform the benchmark index, while controlling risks and trading costs. Acquired by Janus in 2002, INTECH has managed institutional portfolios since 1987 — establishing one of the industry's longest continuous records of mathematically driven equity investing strategies. Risk-managed assets at INTECH have grown from approximately $6.0 billion at acquisition to $44.7 billion at the end of 2005. Risk-managed products have primarily been sold through the institutional channel, which generally has lower management fees than products sold through the intermediary or retail channels. In 2006, Janus intends to leverage the success of INTECH's risk-managed process with the launch of several new products in different strategies, including global, international and long-short.

 All of INTECH's strategies have outperformed their respective benchmarks, net of fees, since inception. Additionally, seven out of eight of INTECH's investment strategies rank in the top quartile of their corresponding PSN universe for alpha and information ratio, an industry measurement of risk and reward, over three and five years, or since inception for the period ended December 31, 2005.

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