Janus has axed the CEO of its Bay Isle unit, according to industry sources. Bill Schaff, CEO of the institutional money manager was let go last week, according to the source.

Schaff's name was removed from the Janus Web site last Friday as were references to the Bay Isle Funds and Steve Block, a senior analyst.

Bay Isle was acquired by Janus as part of its purchase of the Berger Funds in 2002. At the time, Janus' top management appeared set on a course of diversifying its product line. As a value specialist, Bay Isle was seen as a complement to Janus' strengths in growth investing. However, Janus has changed its senior management team and focus.

Janus sold Bay Isle's private client division to First Republic Bank in an $8 million deal last July.

Meanwhile, Jakob Holm remains at Bay Isle as a portfolio manager of two Janus funds (Adviser Small Company Fund and Aspen Series Small Company Value Portfolio).  

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