Janus Says Client Plans to Pull Out $5 Billion
From Times Staff and Wire Reports
Janus Capital Group Inc. said one of its clients plans to pull about $5 billion from the firm’s mutual funds by the end of the year, a sum that represents 3.7% of Janus’ assets under management.
Denver-based Janus is one of a number of fund giants that have suffered blows to their images since September because of allegations that they allowed favored clients to engage in abusive trading of fund shares.
Janus did not identify the investor planning to withdraw the $5 billion, citing the client’s wishes, or say why the decision was made.
The company had $135.4 billion in assets on June 30, down from $151.5 billion Jan. 1.
Janus shares fell 24 cents to $13.89 on the New York Stock Exchange before the announcement.
