Janus Capital confirmed last week that its trustees have approved a new compensation plan that ties portfolio manager pay more closely to the performance of its mutual funds, advancing the interests of its shareholders and providing further proof of its nascent recovery.

The move follows through on a pledge made by Janus' new CIO Gary Black that the company would place greater emphasis on investor returns and less on revenue and assets under management. Known for having some of the highest-paid portfolio managers in the fund business, Denver-based Janus was vilified when pay levels remained high despite poor performance at its funds.

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