(Reuters) - Shares in asset manager Janus Capital Group JNS.N were down 4 percent on Monday after a Goldman Sachs analyst cut his rating on the stock to “sell.”
In a note to investors on Monday, analyst Marc Irizarry said he expects Janus shares to underperform, citing pressures such as the company’s mixed fund performance and the leadership change at its Intech quantitative-investing unit, announced on Friday.
Irizarry also cited the completion of purchases of Janus shares by Japanese life insurer Dai-ichi Life (8750.T), which agreed in August to buy up to 20 percent of Denver-based Janus.
Janus shares were down 30 cents to $7.91 in midday trading.
Reporting By Ross Kerber; editing by John Wallace