Janus issued a release Friday saying it expects institutions to withdraw $4.5 billion from its funds in the first quarter. The figure is on top of $1.8 billion in institutional money that walked out the door in the three months through February.

Approximately 80% of these redemptions are expected in the sub-advised channel, and nearly half of these withdrawals will come from a single client, which is moving assets in-house, Janus said, declining to name the client.

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