If advisers needed a go-go growth fund in the late 1990s, they probably turned to Janus Capital Group. Yet the aggressive strategy that Janus used to manage most of its funds ultimately backfired. After the tech bubble burst, the Janus name became a synonym for corporate management turmoil, manager exodus and vast fund outflows.

And all of this appalling news was before New York Attorney General Eliot Spitzer's allegations describing how Janus, along with a growing list of mutual fund companies, had engaged in abusive trading practices. And the fallout from the ongoing scandal has sucked considerable money out of Janus at a time when most fund companies were enjoying a rebound in the markets. Through November of last year, investors pulled $12.2 billion out of the Denver-based company's mutual funds, a drop of 15% from the start of the year, according to Financial Research Corp.

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