June 12, 2002 -- Tom Bailey will step down as CEO of Janus Capital Management on July 1, according to a joint statement from Janus and Stilwell Financial (SV). Bailey continues as chairman of Janus Funds.
The joint statement said Janus and Stilwell "will work together to identify a new chief executive officer." Janus' management committee will oversee the firm's day-to-day operations, the statement said.
Bailey founded Janus Capital in 1969. As of May 31, the organization had total net assets under management of $159 billion and managed 25 retail funds. Bailey ran Janus Fund (JANSX) from its inception in 1970 until 1986. For the ten-year period through May, Janus Fund rose an annualized 10.3%, while the average large-cap growth fund gained 9.4%.
Seven Janus funds were rated four or five stars, as of May 31, and 21 Janus funds carried four- or five-star ratings, as of December 31, 1999.
Stilwell Financial owns about 92% of Janus Capital Management.