Helen Young Hayes' declaration last week she is leaving her position as managing director of investments at Janus Capital could disturb the ailing fund giant's attempt to remake itself from a growth shop in order to retain assets. It could also signal the end of an electrifying era for the firm.

While Janus has lost some key talent since the market turned on its aggressive investment style, other executives could follow in Hayes' footsteps. Word on the street is that several other higher-ups in major operating areas within the firm have explored employment opportunities elsewhere recently.

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