Embattled fund manager Janus Capital Group announced Monday that Gary Black, chief investment officer for Goldman Sachs Asset Management ’s global equity business, has been named president and CIO of Janus.

Black’s appointment ends an extensive search for a replacement for former president Richard Garland, who was forced out for his involvement in the initial market timing and late trading charges related to the Canary Capital case.

Janus called Black a "natural fit" for a research-oriented firm, citing his strong research background and accolades for being one of the best analysts on Wall Street. Black was the No. 1-rated analyst for six consecutive years in Institutional Investor magazine. Black, 43, will report directly to CEO Mark Whiston.

"Given his blend of investment acumen and leadership skills, Gary was well worth the wait," Whiston said. "I know his insights and focus on delivering for shareholders will help us build on the steps we’ve taken to deliver strong fund performance."

In his new role, Black will be responsible for the performance of all Janus products and investment management activities including overseeing portfolio managers, analysts and traders. Additionally, he’ll work with Janus subsidiaries such as INTECH and Wolf and McDonnell on product development and investment performance. He will also be tasked with broadening the company’s product lineup and leveraging its global distribution network.

At Goldman, Black managed all GSAM CIOs, portfolio managers and analysts specializing in value, growth, blended and international equities. And during his tenure, GSAM doubled its value assets, tripled its REITs business and posted record flows in its growth equity portfolios.

Black is also credited with helping marry Goldman’s institutional and private client businesses into a single entity. Prior to working at Goldman, Black was a top-rated tobacco analyst at Alliance Bernstein, formerly Sanford Bernstein.

Janus has yet to be formally charged in the mutual fund trading scandal despite being one of the first four firms implicated. Meanwhile, Bank of America and FleetBoston have agreed to a $675 settlement with the SEC and New York Attorney General Eliot Spitzer.

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