May 13 Three well-known portfolio managers will leave Janus Capital Group Inc, the Denver asset management firm said on Monday.
The company said Ron Sachs, head of its Janus Twenty Fund and the Janus Forty Fund, would depart at the end of May. Also leaving, Janus said, are Chad Meade and Brian Schaub, co-managers of Janus Triton Fund and the Janus Venture Fund.
Janus did not give reasons for the departures in a press release, and a spokeswoman for the company said executives were not available for interviews.
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 said.
Janus is best known for its actively managed funds, but many of them have had mixed performance records in recent years, leading to net withdrawals of customer cash. Named to lead the company at the start of 2010, Chief Executive Officer Richard Weil has been emphasizing new products.