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.

"This wasn’t an easy decision," Janus service company president Tim Hudner said in a statement. "But it makes sense given the reduced demand we’re seeing in the direct retail part of the mutual fund industry. Given the stock market’s recent turbulence, more individual investors are seeking help form financial professionals – and our direct retail business reflects that trend."

In addition, Hudner said that lower call volumes at the firm’s service center may be the result of an increasing number of Janus funds that have closed to new investors as well as shareholders’ increasing use of Web technology to service their accounts.

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.