Janus Parent Says Assets Are Below $200 Billion

Janus Capital, which tripled its assets in the late 1990s as investors poured money into its technology-heavy stock mutual funds, is shrinking almost as fast.

Janus’ parent, Stilwell Financial (SV), said its assets fell to $195 billion Aug. 31, the first time they’ve been below $200 billion since the firm was spun off from Kansas City Southern Industries (KSU) in July of last year. Stilwell assets--most of which come from Janus--have plunged 41% in the last 12 months.

Denver-based Janus has seen investors withdraw almost $6 billion from its retail funds this year as sliding equity markets have caused its stock funds to lose a quarter of their value on average. Those were the worst outflows among the 25 biggest fund firms. Some of Janus’ larger funds, such as the $15.6-billion Janus Twenty Fund, are down more than 30% this year.

Assets at Janus first crossed the $200-billion mark in November 1999, rising to $248.8 billion at the end of that year during the height of the dot-com and technology stock mania.