he continued market selloff is creating rumors that Janus
is selling stocks to meet funds shareholder redemptions, reports Dow Jones
. The paper also reports that Janus is denying that the firm is selling stocks to meet redemptions.
"That is absolutely not the case," the news service quotes a Janus spokesperson as saying.
The rumors come as the major stock indices have fallen each of the past three days. Both the Nasdaq and the S&P 500 indices have reached five-year lows during the sell-off.
That Janus is the center of rumors is not surprising. The firm is known for holding just a few stocks in many of its funds.
Janus lost 48 percent or $105 billion of its $219 billion of fund assets under management from the March 2000 peak of the bull market though the end of May, 2002, according to Financial Research Corp
. That decline in assets pushed Janus to the 13th largest fund complex from its spot as number five.
Also mauled by the bear is Putnam Investments
. The Boston fund firm has sign its fund asset base shrink by 34 percent to $174 billion from $264 billion 26 months ago.
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