Janus Henderson Group PLC Q2 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Elizabeth Miliatis - Jarden Limited, Research Division - Analyst : The first one is just on the potential for inorganic additions. In terms of potential size and your capacity there, would you sort of be more focusing on smaller bolt-on acquisitions to perfectly fit within the existing franchise or would you be looking for something potentially larger that would hopefully also fit in? And then also in terms of capacity, obviously, there's a decent amount of available cash on the balance sheet at the moment. But would there be any appetite potentially to raise to fund any sort of larger acquisitions as well?

Question: Elizabeth Miliatis - Jarden Limited, Research Division - Analyst : Okay. Great. And then just another question in terms of your cost base. Obviously, you pulled back on the non-comp growth rates, which is fairly sensible given where markets are today. But in the event that it's still quite challenging for the next perhaps year or 2. And obviously, you've just come on board and you want to do -- make some changes within the business. In terms of finding that capacity to make the investment within the teams and across the business, how should we think about sort of the growth rate if markets sort of remain challenging, but you're obviously wanting to spend a bit more to improve the team? Would it be sort of a reshuffling of the existing costs or potentially some cost growth in, in the next few years?