Two multi-billion-dollar Janus [see profile]
face bad news on the distribution front. Bloomberg
's Christopher Condon
that, according to
two anonymous sources, last month Bank of America Merrill Lynch
the Janus Twenty Fund
and the Janus Forty Fund
out of a model
portfolio for $100,000-minimum retail separate account clients.
The move, Bloomberg notes, comes as the two funds suffered $586 million in
outflows in April alone, out of $770 million in total Janus mutual fund
outflows, and after both had a tough 2010 in terms of performance. According to the wire service, Janus Twenty trailed 99 percent of its peers last year, while Janus Forty trailed 98 percent.
A Janus spokesman declined to comment to Bloomberg on the move, while a BofA
spokeswoman merely confirmed that they do "regularly review ... portfolios and
make adjustments based on portfolio objectives and market conditions."
Neil Anderson, Managing Editor
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