Tom Bailey, who founded mutual fund giant Janus of Denver more than three decades ago and since has gradually given up control over the firm, will step down as president and CEO of the company July 1, the company said last week.

Bailey, known for his work as the portfolio manager of the Janus Fund, which he founded with $500,000 in assets in 1969 with 30 shareholders, grew Janus into the nation's sixth-largest mutual fund company. Today, Janus has more than four million shareholders and roughly $159 billion in assets under management as of May 31 of this year, according to the firm.

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