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Rating:Hayes to Leave Janus Not Rated 2.3 Email Routing List Email & Route  Print Print
Thursday, April 17, 2003

Hayes to Leave Janus

by: Sean Hanna, Editor in Chief

Janus Capital Management is seeking a new head investment officer. The search is in response to the retirement of Helen Young Hayes. Hayes' surprise decision marks the second time since the stock market crested in 2000 that Janus has lost its investment chief to retirement. While the firm named to portfolio managers to take over Hayes' funds when she leaves on June 16, it added that it is starting a search for a new chief investment officer.

Although she is retiring in June, Hayes will continue to work with Janus on the transition until the end of the year. At that time she said she will leaving the asset management business entirely. Hayes had spent nearly her entire career at Janus after starting in the industry at Fred Alger. Although she is only 40 years old, she spent 16 years at Janus and 19 in the fund industry. Her influence at Janus grew large enough that some had mentioned her as a possible CEO before Mark Whiston was tapped for the job last year.

Hayes took over the investment team in February of 2002, more than a year after the retirement of James Craig said he was retiring in August of 2000. At the same time Janus promoted Hayes it also moved Jim Goff to be her direct report as director of Research. The company made no mention of Goff in its announcement today.

Whiston said that Craig, who remains a Janus board member and Andrew Cox, also a board member and a veteran of Founders funds, would spearhead the search for the new CIO.

Even after Hayes took the CIO duties, she continued to act as portfolio manager on two funds and to run a number of separate accounts for Janus clients. Upon her retirement Laurence Chang will take over the Janus Worldwide Fund, and Brent Lynn will pick up the Janus Overseas Fund. Both Chang and Lynn had been co-managers on their fund with Hayes.

"Laurence and Brent are two seasoned and highly skilled portfolio managers who've made significant contributions to these funds," said Whiston. "We're fortunate to be able to leverage their experience and ensure continuity in our international franchise."

Two other members of Janus' 10-person international investment team -- Doug Kirkpatrick and Garth Yettick -- will assist Chang and Lynn in managing the funds.

"During my 16 years at Janus, I've always taken great pride in our people, culture and passion for bottom-up stockpicking," Hayes said. "In the last two years, we've made tremendous strides in strengthening the investment team as well as the overall company. After working closely with Laurence and Brent on every aspect of fund management for more than a decade, I know they're ready to assume the reins. With a strong board of directors, a talented new leader in Mark Whiston and a sharpened focus, the company is well positioned for success. That's why I feel that now is the right time for me to retire."  

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