Responding to declines in its direct mutual fund business, Janus said it has cut 222 jobs in its Denver retail shareholder servicing department. None of the firm’s investment management staff were affected by the cuts.

The firm said that it was reacting to an overall trend in the industry where investors are increasingly turning to intermediaries for advice about what mutual funds they should buy. As a result, the Denver-based company said activity in its direct channel had declined markedly.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.