By Ross Kerber
May 13 Janus Capital Group is losing three
portfolio managers, two who have been overseeing top-performing
funds and one who has been overseeing two underperforming funds.
Janus said on Monday that Chad Meade and Brian
Schaub, co-managers of Janus Venture Fund and Janus
Triton Fund, will leave in coming weeks after handing
off the portfolios.
Both funds are among Janus' best performers, beating 92 and
91 percent of peers over the three-year period ended April 30,
according to data from Thomson Reuters' Lipper unit.
Janus also said Ron Sachs, head of its Janus Twenty
Fund and the Janus Forty Fund, will depart
at the end of May.
Those two funds have among the poorest records in Janus'
lineup, trailing 94 and 90 percent of peers, respectively,
during the same three-year period, Lipper data show. Both funds
did better in the 12 months ended April 30.
Janus did not give reasons for the departures in a press
release. None of the three departing fund managers returned
messages, and a spokeswoman for the company said executives were
not available for interviews, including Chief Executive Richard
The changes come at a time of transition for the
Denver-based asset manager. Janus is best known for its actively
managed funds, but has reported quarterly outflows for years as
customers pull money from portfolios with mixed performance
Since taking over Janus in 2010, Weil has focused on adding
new products and personnel. He has not made many dramatic moves
among fund managers to date.
Sachs' portfolios took concentrated positions. At the end of
March, Twenty Fund had $8.5 billion in assets under management,
and Forty Fund had $3.6 billion.
The two funds that Meade and Schaub oversaw both invested in
smaller companies. Triton Fund had $4.8 billion under management
at the end of March, and Venture Fund had $2.2 billion.
Janus said it had hired Doug Rao, a former Marsico Capital
Management portfolio manager, to replace Sachs on the Forty
Fund. It is filling the other positions internally, the company