Janus Capital Group lost $314 million in assets between August and September as the result of accusations from New York State Attorney General Eliot Spitzer that the company allowed some investors to engage in market timing, Reuters reports.
Also, the fund complex said that institutional investors have pulled out $4.4 billion net from funds, $1 billion from money market funds and $3.4 billion from other funds.
Managed assets dropped from $152 billion at the end of August to $146.5 billion at the end of September. Roughly $1.1 billion, or 20% of that asset decline, came from market depreciation, the company said. Recently, assets have risen with market gains, reaching $152.1 billion at the end of Tuesday.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.