Janus Capital Group announced a major pruning of its mutual-fund family tree Monday, including closing its no- load funds to new investors.
Denver’s largest money manager plans to fold the mutual funds sold through investment advisers and institutional sources into those marketed to self-directed investors by July 6.
The newer Janus Adviser Series Fund trust, which represents commission-based funds, will fold into the Janus Investment Fund trust, the older line of no-load mutual funds.
The no-load option will become a separate class available only to existing investors and their family members. The Adviser name will go away.
“You have two different pools of assets with different cash flows and asset sizes run by the same person with the same strategy. We are putting those asset bases together,” said Drew Elder, a senior vice president of product strategy and development with Janus.
Managing two separate pools was more complicated and resulted in slightly higher costs, Elder said.
The split between the pools was 18 percent adviser to 82 percent no-load, reflecting Janus’ origins as a no-load investment shop. But since the 2000-02 bear market, advisers had provided most of the gains.
The restructuring will create 10 new classes of shares not available now to no-load investors.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
