Janus Capital Group has shut down its Bay Isle Financial office in Oakland, Calif., and cut nearly its entire institutional money management team, including co-founder and Chief Executive Officer Bill Schaff, leaving the future of the subsidiary hanging in the balance.

Schaff, the lead portfolio manager for its equity REIT portfolio and value funds, Steve Block, a senior analyst who oversaw a small number of value-based separate accounts, and James Murray, senior REIT analyst, are among "a handful" of Bay Isle employees that "are no longer with the firm," the company confirmed last week.

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