Janus has won a major mandate issued by the $7.7 billion Dutch pension system. The Denver-based fund firm said Wednesday that it won a spot in the Folkebørsen
platform that will open to investors on January 3. The
The win is a significant milestone for the fund manager that earlier this year settled allegations that it had allowed a hedge fund to market-time its funds. Those allegations eventually led to the resignation of its CEO and the hiring of a new senior management team. That the Danish government selected Janus may signal other investors that it has put its troubles into the past.
is part of the Special Pension Savings Scheme (Særlig Pensionsopsparing) created by the Dutch government as part of a reform of its national pension system. The new system will allow 3.3 million Dutch citizens to hold individual accounts and decide how those accounts are invested. Under the current pension system the assets are invested by a government agency.
Janus will offer 12 Janus World Funds when the SPSS goes live in 2005. Those funds will compete for Dutch workers assets with about 200 other investment options on the platform. The dozen funds invest in a broad range of assets and are based on a series of Dublin-based mutual funds Janus International introduced in 1998. Each of the 12 JWF funds will be available in either a US dollar-denominated or a fully hedged euro share class, giving investors an initial choice of 24 investment options.
Managers had until last June to reply to the RFP issued by the Dutch government.
"We see great potential for our funds in Denmark as investors look for greater exposure to global and US markets," said Henrik Rox Hansen, Janus regional director for Northern Europe. "The US market, representing half the world’s stock market capitalization, is too big for Danish investors to ignore."
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