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Thursday, November 20, 2003

Janus Expects to Bring on CIO Shortly

by: Sean Hanna, Editor in Chief

Girard Miller, chief operating officer of the Janus Capital Group, said Wednesday that the Denver-based fund firm should have a new chief investment officer on board by the end of the first quarter. He also confirmed that the firm hired Ernst & Young to research accusations of insider trading at the firm and that the auditor should be able to estimate losses from the scandal shortly, according to wire reports.

Janus has been searching for a CIO since the unexpected resignation of Helen Young Hayes last spring. The Spitzer allegations have undoubtedly increased the difficulty of finding the right executive to take over the duties.

Miller was speaking at the Merrill Lynch Banking and Financial Services Investor Conference in New York City when he made his comments. He joined the fund firm in July, prior to the allegations raised by New York Attorney General Eliot Spitzer but after the alleged improper trading had been put to a halt.

Miller said that there are "a number of actively interested candidates" for the CIO post, according to Dow Jones Newswires.

Miller also told attendees that none of the 12 market timing agreements Janus made with investors were authorized or monitored by senior management, according to the Associated Press. Trades were made through only four of the arrangements. 

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