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Portfolio > Mutual Funds

Janus in Talks to Sell DST Stake

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April 30, 2003 — Janus Capital Group (JNS) and DST Systems (DST) said yesterday that they are in talks that could result in DST buying some or all of Janus’s stake in the company.

Janus, a mutual fund company, and DST, which provides data processing and software services for financial services companies, said they are discussing potential transactions, including a tax-free reorganization under which DST would acquire all or a portion of the 39.7 million shares of DST common stock owned by Janus. The stake represents about 33% of DST’s stock.

The discussions are preliminary and no agreement has been reached, the companies said.

Separately, Janus said John Schreiber, who had managed the Janus 2 fund before it was merged out of existence this year, has left the company to join former Janus portfolio manager Warren Lammert in his as-yet undisclosed money management venture.

Schreiber was working as an analyst before he stepped down, a Janus spokeswoman said. The Janus 2 fund was merged into Janus Fund (JANSX) in February.

Lammert, who had managed the Janus Mercury Fund (JAMRX) since 1993, resigned in February. The company said at that time that he left to “pursue an investment management opportunity outside the mutual fund industry.”


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