Michael Buchanan, the Janus High-Yield Fund portfolio manager, said he is quitting after a mere five months on the job. Originally Buchanan came to Janus Capital from New York-based investment firm BlackRock Inc. to replace Sandy Rufenacht as manager of the fund. Buchanan will leave the firm Dec. 19 and will be replaced by Gibson Smith, manager of Janus' short-term bond products and assistant portfolio manager of the Janus Flexible Income Fund. Smith will continue to run the Janus Short-Term Bond portfolios.
Janus High-Yield fund is one of the funds the firm said allowed timing in the past, but a Janus spokesman told Reuters that Buchanans departure has nothing to do with the ongoing investigation by New Yorks Attorney General Eliot Spitzer.
The Denver-based firm also said that Minyoung Sohn, assistant portfolio manager of the Janus Growth and Income funds and Janus Mercury Fund will replace David Corkins as the portfolio manager of the Janus Growth and Income funds, effective Jan. 1. Corkins will remain manager of the Janus Mercury Fund.