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Money Management Executive

Janus Places Top-Level Exec on Leave Amid Timing Probe

April 06, 2004, 1:00 a.m. EDT 1 Min Read

Lars Soderberg, executive vice president of institutional services and member of the management committee at Janus Capital, has agreed to take a leave of absence from the company, during which time Janus said it "will continue to evaluate Soderberg’s future role with the company, in light of the ongoing investigation of the mutual fund industry and related regulatory matters."

Despite its admission that his leave of absence is related to the scandal, Janus maintained that the move is unrelated to the "smoking gun" memo about a market-timing study commissioned by CEO Mark Whiston.

Soderberg’s responsibilities at Janus included the overseeing of all institutional investor sales. The management committee he served on is the company’s biggest committee.

Janus, which has been involved in the mutual fund scandal since its onset, has already agreed to repay $31.5 million to shareholders for improper trades, and settlement talks are ongoing with both New York Attorney General Eliot Spitzer and the Securities and Exchange Commission.

 

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Money Management Executive
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