The revolving door at Janus has led Morningstar to lower the Denver-based fund firm's culture grade. In his Fund Spy column, Morningstar's Russell Kinnel wrote that Janus' grade has gone down a notch from C to D. While Morningstar is pleased to see the strong performance at some Janus funds, the Chicago-based fund rating firm expressed concern over the turnover among the fund company's managers. "We view management stability as a key gauge of culture, and unfortunately too many analysts and managers at Janus are voting with their feet," Kinnel wrote, adding that Janus has also seen the departure of some top executives, such as its chief financial officer and general counsel.  

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