MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, July 14, 2009 Black Packs, Janus Puts on its Armour Gary Black has stepped down as Janus CEO effective July 13. The Denver fund firm named Tim Armour as interim chief. News of Black's departure comes as Janus reported a 75.9 percent drop in second quarter net income.
Black succeeded Scheid as CEO in January 2006. "The firm is in a much stronger place than when I joined, and the time is right for a change,” Black said. "Long-term performance is strong, flows have rebounded, we have a broad diversified product platform, and we’ve built a global distribution footprint across both the intermediary and institutional channels that is gaining market share." In the second quarter, Janus posted net income of $15.8 million, down from $65.6 million a year ago. Also on Tuesday, Janus announced plans to raise capital through a public offering of common stock and convertible debt. Armour, 60, a former Morningstar executive who was a key figure in the Chicago firm's evolution from a startup to a publicly traded company, joined Janus' board in March of last year. He earlier served as president of Stein Roe Farnham's mutual fund division. At Morningstar, he played a key role in the development of its managed accounts service and more recently, opened doors for the firm into the brokerage industry. He left Morningstar in January of last year. Printed from: MFWire.com/story.asp?s=22061 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |
