July 10, 2003 — Janus Funds, which lost two prominent stock pickers earlier this year, is now losing the manager of its big high-yield bond fund.
Sandy Rufenacht, who oversees the $1.1 billion Janus High Yield Fund (JAHYX), will leave Janus next week to start his own investment firm, the fund complex said.
Former BlackRock Inc`A` (BLK) bond fund manager Michael Buchanan will replace Rufenacht on the High Yield fund, starting Monday.
Rufenacht plans to start a money-management firm that will offer high-yield products aimed primarily at wealthy investors, Janus said. “This is something that Sandy has wanted to do,” said Janus spokeswoman Jane Ingalls.
Rufenacht joined the Denver-based company in 1990. The High Yield fund, which he has run since its inception in 1996, has lagged similar funds recently but has outpaced them over the long term.