JANUS LOSES 2.5 BIL CLIENT
This is significant news regarding EBAY's biggest institutional holder. You can bet that EBAY will be one of the stocks that will be sold from now until Nov. 11th when American Skandia withdraws their funds.
siliconvalley.com
Posted on Fri, Sep. 27, 2002
Janus Loses One of Its Bigger Customers
BY MARTHA GRAYBOW
Reuters
NEW YORK - The Janus mutual fund firm, already suffering from portfolio declines and falling assets, lost one of its biggest customers on Friday as American Skandia said it was dumping the firm because of poor performance.
American Skandia, a unit of Sweden's Skandia Insurance Co. (SDIA.ST) that sells variable annuities and mutual fund portfolios run by outside money managers, said it had hired two other investment firms to manage about $2.5 billion in assets currently overseen by Janus Capital Corp.
"The performances of the Janus portfolios, particularly on a risk-adjusted basis, had deteriorated to a point where we wanted to look at some other options," Michael Murray, chairman of American Skandia's investment committee, told Reuters.
American Skandia, based in Shelton, Connecticut, said it chose Goldman Sachs Asset Management to run about $1.98 billion in U.S. stock portfolios currently run by Janus. William Blair & Co. will oversee the international growth portfolios currently handled by Janus, with assets of about $523 million.
The transfer is effective Nov. 11. |
