Nov 30 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
With $41.9 billion under management as of Sept. 30, Intech
accounted for about a quarter of the $158.2 billion in assets
under management at Denver-based Janus.
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 Sept. 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."