Janus Capital Group, the Denver-based independent fund management company, is attempting to build a more diversified range of products in the face of low quarterly profits caused by plunging assets under management.

The growth house, which saw portfolios balloon on the back of excellent returns through the 1990s, said that first-quarter profits for 2003 had dropped to $38.6m (€35.1m), from $97.2m in the first three months of last year.