Janus Capital Group chief executive Gary Black resigned and director Tim Armour was named interim chief executive as the asset manager reported second quarter profit sank 76% on lower revenue.

Shares fell 1.5% to $10 in after hours trading as the company also said it would sell $150m (€106.7m) in stock and $150m in convertible notes. Proceeds of the sales will be used to repurchase up to $400m in outstanding debt in a tender offer.