Janus Capital Group has reversed the loss made in the third quarter of 2002 to return a net profit in the three months to the end of September despite setting aside $9m (€7.7m) to cover the costs related to the US investigation into improper mutual fund trading.

In the third quarter of 2003, the Denver-based firm made a net profit of $50.9m up by nearly 7% from $47.5 in the second quarter of the year. In the third quarter of last year the firm reported a net loss of $131.2m partly due to a corporate restructuring charge of $59.4mand a non-cash deferred income tax charge of $107.8m.