ING Partners, Inc.s board of directors announced that it is removing Janus Capital funds in the subaccounts of variable products offered by ING companies.
The announcement follows a statement from Janus Capital Group, Denver, on July 29 that a client intended to redeem approximately $5 billion in funds by year-end. No funds have yet been withdrawn, according to a Janus spokesperson.
Janus has about $129 billion of assets under management.
The news came as Janus announced on Aug. 18 that it had reached final settlements with the Securities and Exchange Commission, Attorneys General of New York and Colorado, and the Colorado Division of Securities related to frequent trading arrangements.
Among the reasons for the Hartford, Conn.-based ING boards decision, was a due diligence review, according to filings with the SEC. Filings of ING companies said concerns include changes in fund managers, performance and well-publicized investigations, claims and regulatory actions, and the corresponding negative publicity.