MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, August 3, 2006 Janus Loses $2.5 Billion Sub Mandate Janus' struggles to retain its asset base are not done. In a little-noticed section of its quarterly filing the Denver-based fund admitted that it lost a relationship worth $2.5 billion in late July. Which relationship the fund firm lost was not detailed in the filing, which cryptically referred to the account as a "subadvised relationship." Industry sources contacted by the MFWire would not speculate on which relationship Janus lost (if you know, drop us a line at editors@investmentwires.com to let us know). One possible reason for the lack of gossip about the loss is that the subadvisory relationship could have been taken in house by the unnamed party. Janus officials did reveal in the filing that the funds are likely to be pulled "before the end of the year." Oh yes, they are also taking a charge of $8.0 million in the third quarter because of the lost relationship. That figure reflects the "unamortized value of the intangible asset." Printed from: MFWire.com/story.asp?s=12419 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |