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
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
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.