Janus Capital Group's Intech Investment Management unit said on Friday that Chief Executive Jennifer Young has stepped down and will be replaced by Adrian Banner, who will also continue as chief investment officer.
Intech, a quantitative investing specialist based in Florida, announced the change in a statement but gave no reason. A Janus executive referred questions to Intech, where executives did not respond.
Janus shares were down 2 percent to $8.15 in afternoon trade.
With $41.9 billion under management as of September 30, Intech accounted for about a quarter of the $158.2 billion in assets under management at Denver-based Janus (JNS.N).
Returns at Intech have been among the stronger results reported by Janus, which is best known for its equity funds and describes Intech as offering "mathematical equity strategies." But through June 30, Intech had reported at least four quarters of net outflows, according to Janus's most recent investor presentation. Intech reported a net inflow of investor cash for the three months ended September 30.
Stifel Nicolaus analyst Jeffrey Hopson attributed the decline in Janus shares to Young's departure, but said he is not concerned about the change because of the performance at Intech.
Young joined Intech in 1999 and was named co-CEO in 2009, running the business with co-founder Robert Garvy. Young became chairman and sole CEO at the start of this year, according to a company biography. Banner joined Intech in 2002 and was named co-chief investment officer in 2009.
In its statement, Intech said Young "will serve as a consultant to Intech in the coming months to ensure a smooth transition of responsibilities."
(Reporting By Ross Kerber; editing by Gunna Dickson and Leslie Adler)