Aided by a strong tailwind from market appreciation, Janus Capital Group reported an increase in profits in the first quarter as assets under management and revenue rose.

The Denver mutual fund company’s earnings increased 21% to $37.9 million, or 21 cents per share from a year earlier. Revenue was up 7.5% to $265.4 million.

Analysts forecasted earnings of 20 cents per share on $268 million in revenue, according to Thomson Reuters.

Assets under management increased 4.8% from a year earlier and 2.4% from the end of the fourth quarter to $173.5 billion.

The company attributed the growth to stronger market conditions, which were offset by long-term net outflows of $2.7 billion.

Janus also announced Thursday that its chief financial officer, Greg Frost, will leave the firm on or around Aug. 1 and will be replaced by Bruce Koepfgen, who will join the firm in the beginning of June and succeed Frost in early August.

Koepfgen and Frost, who has worked at Janus for 14 years, will work together over the summer to ensure a smooth transition, the company said.

Koepfgen, 58, has over 35 years of financial and asset management experience. From 2003 to 2009, he worked for Allianz Global Investors, during which he was CEO of Oppenheimer Capital, an Allianz subsidiary, and chairman of Allianz Global Investors Fund Management. Before working at Allianz, he spent 23 years at Salomon Brothers.

Koepfgen worked with Richard M. Weil, Janus' CEO, when both were members of Allianz Global Investors’ executive committee. Weil became CEO of Janus in February 2010.

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