California-based firm Litman/Gregory Advisors has decided to ax Janus Capital’s Helen Young Hayes, a well-known fund manager that helped oversee its Masters’ Select International Fund as it nose-dived into double-digit losses this year, Reuters reported this morning.

Hayes co-managed the fund with five other managers. Reuters cites a letter from Litman/Gregory to its shareholders that says "We believe the fund is more in balance with the remaining four managers than it was with Hayes included as a fifth manager."

The firm is not expected to replace Hayes at this time. The remaining managers are David Herro, Dan Jaworski, Theodore Tyson and Mark Yockey.

The fund, with $248 million in assets under management, posted losses of more than 19% this year, Reuters reported. In 1999 the fund sky-rocketed to returns of 75%.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.