The upper-management shuffle at Janus Capital continued on Tuesday, as veteran portfolio manager Karen L. Reidy will move from the helm of the Janus Balanced Fund and into a strategic capacity for Janus CEO Steve Scheid.

Marc Pinto and Gibson Smith will assume co-management of the Janus Balanced Fund. Pinto brings 20 years of investment management experience, and Smith most recently served as head of the Denver firm's $6 billion fixed income department.

In a related move, seven-year veteran Minyoung Sohn will take over the Janus Core Equity Fund.

Reidy's departure from money management is not related to fund performance, a Janus spokeswoman told Reuters. In fact, Morningstar analysts have applauded Reidy's recent asset allocation moves.

"This decision is about a desire for change in my life, both personally and professionally," Reidy said in an April 12 letter to shareholders. Reidy added that her new role is yet to be defined, but said it would remain centered on financial analysis but go beyond stock and bond picking. The appointments are effective May 1, the firm said.

In other Janus news, the company reported on Monday that assets under management had fallen 1.6% in March to $132.2 billion. Company officials said in a statement that the slide "reflects March's challenging market environment" and mirror declines in the Nasdaq and S&P 500.

The firm also reported that it is in the final phase of a previously disclosed ING redemption, which is estimated to be $2.2 billion. The Dutch financial services provider announced last year that it would pull $5 billion from the firm after Janus reached a settlement with regulators over improper mutual fund trading.

Janus, which has been reshaping itself after the scandal and bear market, added $1.6 billion in inflows last year to bring its total assets to $139 billion. At its peak in the 1990s, Janus managed $330 billion in assets.

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