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Wednesday, May 18, 2011

Did Merrill Partially Cut Off Two Janus Funds?

News summary by MFWire's editors

Two multi-billion-dollar Janus [see profile] funds may face bad news on the distribution front. Bloomberg's Christopher Condon reports that, according to two anonymous sources, last month Bank of America Merrill Lynch pulled 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." 

Edited by: Neil Anderson, Managing Editor

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