Helen Young Hayes has stepped down from her post for the Masters' Select International Fund (MSLIX). Hayes was employed by Janus Capital Corp. and co-managed, with four other managers, the fund for Litman/Gregory.

"After ongoing discussions with Ms. Hayes we have agreed that she is unable to maintain the commitment that we both expected when she was originally hired at the fund's launch almost four years ago," the management at Litman/Gregory told its shareholders in a letter. "We believe the fund is more in balance with the remaining four managers than it was with Hayes included as a fifth manager."

There are no immediate plans to replace Hayes at the fund. 

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