Janus Capital Group has finalized plans to shutter its Westport, Conn., office and relocate the employees to nearby facilities in New York, Knight Ridder Tribune Business News reports.
The closing of Janus' Connecticut office reportedly affects only a handful of workers. The facility at 247 Riverside Ave mainly housed international and domestic sales operations.
Janus, which paid hefty fines and lost a significant amount of business as a result of its role in the far-reaching mutual fund scandals, is looking to rebuild its balance sheet by jettisoning non-core assets and containing costs. This summer, Janus liquidated the last of its shares in DST Systems, a back-office services provider.
Janus' sales last quarter were up significantly from the same period last year, but the firm is still struggling to shoulder the expenses of fines paid out to regulators and severance costs of employees who were dismissed after the scandal. Severance costs alone amounted to $21 million. Richard Garland, who stepped down in November as chief executive officer of Janus' international division without explanation, also worked in the Westport office.